Campfire

[Bethers]

The work campers have been found out. The NBC 6:00 news was at Dolly Wood and interviewed a couple that were working there and living in their RV. They were calling them migrant workers. lol

Martha

They must be the folks who came to Amazon one year. We were called migrant workers, too.

[MandysMom]

We saw the segment. They spoke to a couple who had been,executives and gave it up to live in their RV and work camp, which was one term they used on the segment. They have a nice Allegro.
If only they knew how large and growing this segment of society actually is. They did briefly take to a young couple with children who work camp as well.
Velda

[Liz]

Well their interviews did make it clear that these people chose this lifestyle, and were not hard up or doing it because they had no other choices.

[avalen]

Oh lordy, vertigo again for two days, I hate this, but I'm feeling
normal again and really hope that normalcy continues through
the night. It certainly makes me nauseous. I had it once be for a
couple years ago but not this severe. I won't go into any details.
But honestly, I'm not accustomed to feeling sick for any length
of time.
I'm still doing research on my retirement, trying to figure out this
last glitch. Might have to consult an expert in the financial matters.
Long story short, if I take the 3 year lump to buy the motorhome,
its considered income and social sec will penalize me, taking back
a majority of what they paid me. So thinking on this in my very
analytical and problem solving personality,,,,put the 3 year lump
into something of an ira or whatever to access a year later but
still enjoy retirement. I'm checking into that, but of course it means
buying the RV is put off for a year, maybe. Unless I buy property
and put the fifth wheel on it and then can use the property as
collateral so to speak. Venting here and writing this out in the
open also helps me analyze. Bottom line, I want the property cause
it will be less monthly payment than space rent, I want the little
used motorhome for my pleasure and I want a jeep wrangler, also
for my pleasure but also will need a dependable vehicle as my Kia
is getting old. Ok, there if is, my mental shit in a nutshell! Lol

[BarbaraRose]

That vertigo sucks! When it gets bad enough it can make you nauseous. No fun!

Sorry to hear about the glitch in your retirement plans. Where there is a will, there is a way. You will figure something out.

[snowball]

once you mentioned possibly bringing the 5th wheel to Q and putting it on some property you might do some research on that while here for the
gtg...also there are other communities in the area like Brenda Bouse and Salome
sheila

[Redetotry]

Oh lordy, vertigo again for two days, I hate this, but I'm feeling
normal again and really hope that normalcy continues through
the night. It certainly makes me nauseous. I had it once be for a
couple years ago but not this severe. I won't go into any details.
But honestly, I'm not accustomed to feeling sick for any length
of time.
I'm still doing research on my retirement, trying to figure out this
last glitch. Might have to consult an expert in the financial matters.
Long story short, if I take the 3 year lump to buy the motorhome,
its considered income and social sec will penalize me, taking back
a majority of what they paid me. So thinking on this in my very
analytical and problem solving personality,,,,put the 3 year lump
into something of an ira or whatever to access a year later but
still enjoy retirement. I'm checking into that, but of course it means
buying the RV is put off for a year, maybe. Unless I buy property
and put the fifth wheel on it and then can use the property as
collateral so to speak. Venting here and writing this out in the
open also helps me analyze. Bottom line, I want the property cause
it will be less monthly payment than space rent, I want the little
used motorhome for my pleasure and I want a jeep wrangler, also
for my pleasure but also will need a dependable vehicle as my Kia
is getting old. Ok, there if is, my mental shit in a nutshell! Lol

I'm so sorry you are having vertigo Ava. Is is maybe caused by anxiety? I think a trip to a financial or tax advisor (maybe both) would be a good idea.The way I understand it, if you put that lump sum into an IRA and then withdraw before you are 70 1/2 you will not only have to pay tax, they will penalize you something like 15%. I think you have said you want to pay for the MH out right but ask if making payments and keeping your lump sum to draw interest would be a better way. If you see a financial advisor, go to one who you pay only for his advise, not one who wants to invest your $$ as that is a conflict on interest. He will want to put your money in funds that have a load, which he will receive a part. It used be that to avoid paying taxes on the lump sum the money must be rolled directly from your retirement account into an IRA or Roth, unless they allow you to keep it there until a later date. You may know all of this already but maybe I've mentioned something you hadn't considered. I find aking financial decisions is hard work!! When we retired I had no idea of all the multiple considerations and we definitely should have done our homework ahead of time.
Take care, I hope you feel better soon!!

[avalen]

Thanks BJ, those are good points to consider

[Acadianmom]

Ava is old enough to withdraw from a retirement account without a penalty. You have to pay income tax on what ever you withdraw if it was pre-tax money that was saved. At 70 1/2 you have to start taking money out of retirement accounts. I think the IRS has a chart that goes by the amount you have and your age. My investment account tells me the minimum amount I have to withdraw or I will be penalized for not taking it out. The government wants the tax.

You can roll money from an IRA into a Roth IRA and pay the income tax. Money doesn't have to be withdrawn from a Roth IRA. If you are in a low income bracket and think it would be to your advantage to pay the tax sooner than later.

Martha

[chalet05]

Ava is old enough to withdraw from a retirement account without a penalty.
Martha

Confused! Don't you have to be 70 1/2 to draw without a penalty?

[Olive6001]

Once you turn age 59 1/2, you can withdraw any amount from your IRA without having to pay the 10 percent penalty. But regular income tax will still be due on each withdrawal. IRA distributions are not required until after age 70 1/2.Sep 23, 2013

If you are retired, and terminated employment after reaching age 55, if your funds are still in the 401(k) plan, you can access them at age 59 1/2 and pay no early withdrawal penalty tax. If you have rolled your 401(k) funds to an IRA, the rules are the same - age 59 1/2 is the earliest you can withdraw funds from an IRA account and pay no early withdrawal penalty tax.

Mandatory withdrawals on both accounts at age 70 1/2.

If you're still working after age 59 1/2, there are other rules for 401K accounts. Some 401K accounts allow earlier withdrawal without penalty.

[Colliemom]

Ava, if you decide to seek a Financial Advisor, I would suggest Edward Jones Investments. They are a more conservative company. I've been with them for 20 years and my advisor is great. They will go over your finances with you and suggest ways to help balance things out. It's up to you to decide how you want to proceed ascthey don't pressure you not anything, but can suggest quality investments to help your finances grow, give you added interest income or whatever. Check em out.

[avalen]

Thank you Sue

[Acadianmom]

In 2014 our CPA wanted me to combine my retirement accounts so it would be easier to keep up with. I had 2 401K's and IRA's in 2 banks. I went with Edward Jones because some friends were with them. I have been kicking myself ever since. I lost $14,000 in commissions right off the bat. My 401K's were doing great, probably because I was invested in more risky things that I picked 25 years ago. Edward Jones has me in more conservative investments. What gets me is how much my account goes up and down. In October it was down $6,000 when the stock market was at record highs.

Martha

[Colliemom]

You can't judge the value of your investments on what the stock market does. Individual investments are going to fluncuate, it's how the game is played. A company, mutual fund or whatever maybe drop when the market rises due to many factors, like low demand for it's product may be down or the foreign market may affect it. On the other hand, it may go soaring and the market drops. A good balanced portfolio will weather the ups and downs. Some of it may go down, while some goes up. Investing for the long term is the key. You have to stay with it regardless of what happens. Keep an eye on your monthly statement, meet with your advisor when you feel it necessary and rebalance where necessary. It doesn't happen overnight.