Got an interesting statement the other day from an investment company. The name of the company isn't important. However, I had never heard of the company and did not recall ever doing any business with them. I later learned that the statement came because I have turned 70 1/2 and can cash in without penalty now. I had never received a statement from them before in the preceding 40+ years.
Enneyhow, the statement said I had a Keogh account with them worth about $1,400.00. Very puzzling since, to the best of my knowledge, I had never opened a Keogh account or done business with this company. I called and learned that in 1969 I had, indeed, opened an account with an initial deposit of $818.00. Curiouser and curiouser.
In 1969 if I/we had a spare $818.00 I'm sure it would have been used to pay bills or buy shoes for the babies.
But, it turned out to be legit. I filled out the forms to cash in. The forms said I would have to pay 20% Federal tax on the $1,400.00 and 10% to the state.
This will leave me with a bonanza of $920.00. I'll let y'all calculate just how fantastic the percentage of earnings were on that $818.00 in 1969.
I used an on-line calculator and learned that for the $818.00 to break even at today's dollar value, it would have to have grown to about $4,500.00.
Now, go figger the loss.
Enneyhow, I'm going to get a net of $920.00 and plan to spend it while I can. Selfishly, I might add. Wifey might get a dinner out if I'm feeling generous.
Plan to look for a used tablesaw and a couple good blades, will buy a decent grinder for my sharpening stone, I'm tired of pretending my wobbly old motor/stone is doing a proper job, some bandsaw blades for the riser I'm putting on the Griz and maybe a portable belt sander.