Re: who is bailing on stocks?
[Re: pittsburghracer]
#2751271
03/12/20 01:55 PM
03/12/20 01:55 PM
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Joined: Feb 2015
Posts: 2,117 CA
crackedback
top fuel
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top fuel
Joined: Feb 2015
Posts: 2,117
CA
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The only part that scares me and I guess it shouldn't is I'm holding and can wait it out. I have a pension and Social Security to get by on. But at 64 if I should pass away I really don't know the rules re-guarding when my kids would have to cash out my account. I have no Wife to worry about and my Sons are now 28 and 31 so between the house, shop, cars, tools, and truck they both will get something from my estate but I would hate to see them have to "cash out" in bad times. Inherited IRA's used to be able to go on a minimum distribution based on the person inherited age, same as the orig owners... No longer... The Secure act changed everything. The SECURE Act dictates that, for accounts inherited after Dec. 31, 2019, non-spouse beneficiaries typically must cash out the account within 10 years of the original owner's death. Some heirs are exempted: those whose age is within a decade of the deceased's; disabled or chronically ill individuals; or minor children. However, these minors must be direct descendants (no grandchildren, in other words) and, once they reach majority age, the 10-year rule kicks in for them too. There's no particular timetable for the withdrawals; they can be taken annually or all at once. So they would have to liquidate the IRA within 10 years. It's one way to pay for those tax cuts by removing money from tax exempt accounts which are inherited.
Last edited by crackedback; 03/12/20 01:57 PM.
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Re: who is bailing on stocks?
[Re: 70sixpkrt]
#2751347
03/12/20 05:28 PM
03/12/20 05:28 PM
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Joined: Feb 2005
Posts: 20,272 PA.
pittsburghracer
"Little"John
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"Little"John
Joined: Feb 2005
Posts: 20,272
PA.
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One good thing about the stock market drop. If you run out of toilet paper you have something to use. lol 😂
1970 Duster Edelbrock headed 408 5.984@112.52 422 Indy headed small block 5.982@112.56 mph 9.38@138.67
Livin and lovin life one day at a time
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Re: who is bailing on stocks?
[Re: TrackPack]
#2751402
03/12/20 09:07 PM
03/12/20 09:07 PM
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Joined: Dec 2007
Posts: 20,328 Puttin' on the foil in Charles...
not_a_charger
Mr. Big Shot Moparts Moderator
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Mr. Big Shot Moparts Moderator
Joined: Dec 2007
Posts: 20,328
Puttin' on the foil in Charles...
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Our stock (PGR) is down quite a bit, but that's temporary. We were making money hand over fist before the market crashed. We are a product that is mandated by law, and guess what? There are fewer people commuting right now, fewer people traveling, fewer people driving to games, recreational activities, school, etc...fewer cars on the road = reduced loss frequency = more profits. Our stock was flying along before this, and it's going to take right back off again as soon as this sort itself out, and maybe earlier than that.
Earning every penny of that moderator paycheck.
DBAP
"They don't think it be like it is, but it do." - Oscar Gamble
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Re: who is bailing on stocks?
[Re: second 70]
#2751640
03/13/20 06:53 PM
03/13/20 06:53 PM
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Joined: Dec 2007
Posts: 2,694 Des Moines IA
Soopernaut
master
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master
Joined: Dec 2007
Posts: 2,694
Des Moines IA
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I opened an account today with TD Ameritrade and wrote the biggest check of my life. We shall see what happens.
1970 Dodge d100/eventually going on a 77 D100 frame
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Re: who is bailing on stocks?
[Re: Soopernaut]
#2751659
03/13/20 07:57 PM
03/13/20 07:57 PM
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Joined: Jan 2003
Posts: 7,521 Minnesota
Hemi_Joel
OP
master
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OP
master
Joined: Jan 2003
Posts: 7,521
Minnesota
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I opened an account today with TD Ameritrade and wrote the biggest check of my life. We shall see what happens. Be careful. This is not Las Vegas! make sure you understand defensive strategies. Stop loss orders, puts, spreads, etc
[img]http://i.imgur.com/boeexFms.jpg[/img]31 Plymouth Coupe, 392 Hemi, T56 magnum RS23J71 RS27J77 RP23J71 RO23J71 WM21J8A I don't regret the things I've done. I only regret the things I didn't do. "Wise men talk because they have something to say; fools because they have to say something. ~ Plato"
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Re: who is bailing on stocks?
[Re: Soopernaut]
#2751708
03/13/20 10:30 PM
03/13/20 10:30 PM
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Joined: Nov 2004
Posts: 25,050 Texas
GoodysGotaCuda
5.7L Hemi, 6spd
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5.7L Hemi, 6spd
Joined: Nov 2004
Posts: 25,050
Texas
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I opened an account today with TD Ameritrade and wrote the biggest check of my life. We shall see what happens. Good luck, it took a few months for the market to find bottom in 2008. It's only been two weeks..
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Re: who is bailing on stocks?
[Re: second 70]
#2751882
03/14/20 03:10 PM
03/14/20 03:10 PM
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Joined: Jan 2003
Posts: 7,521 Minnesota
Hemi_Joel
OP
master
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OP
master
Joined: Jan 2003
Posts: 7,521
Minnesota
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Thankfully, I had a stop loss sell order set at 10.00. It hit on Wednesday, by the time it was executed it sold for about $9.90 a share. So I lost about 20% of what I put in. but I'm really happy that I stopped out when I did! I was expecting some kind of a bounce or upward move in all this volatility that I could play but it never happened. With a massive drop on Thursday, I wish I would have been short. So much for the veracity of my crystal ball. Regardless, I think it's important to pay heed to the old axiom "cut your losses short, let your profits run."
[img]http://i.imgur.com/boeexFms.jpg[/img]31 Plymouth Coupe, 392 Hemi, T56 magnum RS23J71 RS27J77 RP23J71 RO23J71 WM21J8A I don't regret the things I've done. I only regret the things I didn't do. "Wise men talk because they have something to say; fools because they have to say something. ~ Plato"
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Re: who is bailing on stocks?
[Re: Hemi_Joel]
#2751929
03/14/20 05:14 PM
03/14/20 05:14 PM
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Joined: Dec 2007
Posts: 2,694 Des Moines IA
Soopernaut
master
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master
Joined: Dec 2007
Posts: 2,694
Des Moines IA
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I opened an account today with TD Ameritrade and wrote the biggest check of my life. We shall see what happens. Be careful. This is not Las Vegas! make sure you understand defensive strategies. Stop loss orders, puts, spreads, etc I opened a cash account and plan to keep it pretty simple for now, no futures, options or selling short. I may not even use stop losses. If the prices keep falling I'll keep buying. I have 20+ years till retirement age so I have time to ride it out. As long as prices go back up eventually I'll come out ahead and I'm pretty sure once fears of Covid-19 go away things will level off. There is no guarantee stock prices will ever be as high as they were recently, but I'm willing to take some risk. I opened an account today with TD Ameritrade and wrote the biggest check of my life. We shall see what happens. Good luck, it took a few months for the market to find bottom in 2008. It's only been two weeks.. Thanks. I think it is hard for anyone to tell the bottom, even the experienced. They say to never time the market. As long as I'm not buying at the top I think I can eventually come out ahead.
1970 Dodge d100/eventually going on a 77 D100 frame
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