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April 2017 net worth update

April 30th, 2017 at 01:07 pm

Assets:
NT's UK pensions:
AV: 17,967 pounds ($22,459)
SW: 20,398 pounds ($25,497)
FL: 5,534 pounds ($6,917)
NT's 401(k): $52,216
NT's Roth IRA: $18,842
AS's trad. IRA: $17,059
AS's Roth IRA: $37,131
AS's SEP IRA: $15,964
CJ's 401(k): $106,285
CJ's Roth IRA: $22,365
NT's flat: $212,500 (200,000 pounds value x1.25 -15%)
CJ/NT/AS house: $427,281 ($454,554 value -6%)
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Total Assets: $964,516

Debts:
US Mortgage $397,463
Loan from friends (duplex) $9,000
UK Mortgage 1 $35,025
UK Mortgage 2 $7,384
UK Mortgage 3 $7,775
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TOTAL DEBT $456,647

Current Estimated Net Worth: $507,869

February 2017 estimate: $555,321

Change in net worth: -$47,452

Summary: Retirement accounts went up at a nice pace, but I decided to adjust both home values to what seemed like a more accurate estimate, so our assets are below a million again. Darn! Hopefully the next time they get up there, they stay there.

Notes on the numbers above: House value estimates are approximate. (I do have my eye on a comparable listing for the UK flat, but it's been on the market a long time.) UK pension values updated about once a year. UK asset values and debt amounts are calculated figuring $1.25 for every British pound.

5 Responses to “April 2017 net worth update”

  1. LivingAlmostLarge Says:

    Why are you keeping the UK flat and pensions? Not worth it to bring it over here? Or are you moving there?

  2. ceejay74 Says:

    We're thinking about selling the flat, but I've had my eye on an identical property that's been stuck on the market for a year. I actually just chatted with NT yesterday and he thinks we should approach his property manager and ask his opinion about selling. Maybe ours is in better shape than the one on the market, or maybe we could sell if we listed for a bit less than that one. So we'll probably email the property manager next week.

    The pensions...egh, it's just been easier to avoid dealing with them. Not only am I ignorant about the tax questions, but NT is very hard to mobilize, and the customer service hours are all in UK time so it's a chore to get in touch. I did get NT to call and gain online access to them, and he talked to one customer service person who said it would be easy to roll them into one UK fund, so at least it would be easier to keep track of. I'm honestly not sure what the tax implications would be of taking tax-deferred retirement from one country and trying to keep it tax-deferred in another. Not sure that would work, but I haven't looked into it.

  3. ceejay74 Says:

    OK, I did 15 minutes of online research and seem to have found my answer; it's consistently stated on several websites that there is no way to move UK pension funds into a USA retirement account. So the best we'll be able to do is roll them into a single fund to make it easier to keep track of.

    http://www. retirementdictionary.com/articles/foreign-pension-plans-cannot-be-rolled-over-us-ira-or-employer-plan

  4. LivingAlmostLarge Says:

    that makes sense. Is his pension fund like a 401k?

  5. ceejay74 Says:

    I think so, but they may have more laws in place preventing early cashout than US places. Even if not, I wouldn't have NT withdraw early; I'd rather leave it in the UK until retirement age.

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