Investing, Stock Market and Retirement Planning Thread

[NTP66]

They will give me 900

[King Colby]

FWIW, I was referring to a 401k > 401k rollover, not an IRA rollover. That's a whole different topic, and probably not what you want to do. I think that's technically a Roth conversion, but am not certain.

You can move the funds to a rollover IRA that is not roth. And then you can convert those funds to a roth IRA and not be subjected to the $6500 annual roth limit. Anything converted to roth however is taxable income for the year however. So what we did when we converted my wife's recently was split the conversions into two years so that the tax liability was spread.

This is a great way to get around roth limits.

[dodint]

Wooo, we're back. Time to punch out of this thing and move it to the money fund I picked out last month (SWVXX). I thought about riding it until the end of the year but I don't think so.

[DigitalGypsy66]

I guess this fits in this thread...

My sister gets a letter from my father's life insurance company, a notice that his policy will be canceled soon for non payment. She calls and lets them know that he passed away in August and that we need to collect on it.

The policy was opened in 1951, back when my dad was 10 or so. It appears to be one of those term life policies that parents took out back then and then convert once he turned 18. He's been paying premiums on that for over 60 years. Customer service wouldn't give my sister any info on what the amount of the policy was until the death certificate was processed, but I wouldn't be surprised if he had been paying all those years on a $10K policy. I hope not, for a variety of reasons.

[robbiestoupe]

I guess this fits in this thread...

My sister gets a letter from my father's life insurance company, a notice that his policy will be canceled soon for non payment. She calls and lets them know that he passed away in August and that we need to collect on it.

The policy was opened in 1951, back when my dad was 10 or so. It appears to be one of those term life policies that parents took out back then and then convert once he turned 18. He's been paying premiums on that for over 60 years. Customer service wouldn't give my sister any info on what the amount of the policy was until the death certificate was processed, but I wouldn't be surprised if he had been paying all those years on a $10K policy. I hope not, for a variety of reasons.

If he was paying $10 a month on it….

My wife and I got one a few years back. 25 years I think which pretty much gets us to retirement. $75 a month and it pays out half a mil for each of us, which would help for a few years.

[NTP66]

My Andrews FCU 7-year CD matured today, and because they wouldn't let me roll that CD into a new one a month or so ago when they had a special, I pulled all but the minimum $5 out of it and into Marcus. I'll keep the account open in case they have an attracting CD offer in the future, but they have lagged behind for a while now, so I don't expect much.

Honestly, it kind of works out nicely now. This CD will cover the balance of our solar panels with cash to spare.

[NTP66]

Depends on the wealth management company. Some advisors are salaried and get supplemented with fees and commissions, others are primarily commission based. Regardless, you're typically charged a flat fee based upon your investment total. They'll model an investment portfolio based upon your age and goals, putting your money into funds that also charge fees. Depending on the type of investments being made you might get added benefits like managed tax loss selling, but that's typically getting into the world of Separately Managed Account for high net worth people. If you're in a situation where you are looking to establish and manage trusts and estates, I'd recommend financial advisors and wealth management firms until I'm blue in the face. If you're just looking for someone to manage your path to retirement, it's probably not worth the added expense of paying someone to fund pick for you as there options aren't going to be much different than yours (if at all) and you're not personally tempted by the swarmy sales guy who takes you to Oakmont once a year. We had severely underperforming accounts survive for YEARS because the FA loved our sales guy. 10ish years out from retirement my opinion on all that changes. Your investment structure should evolve, you need to start being more prepared for expenses and planning once your income dries up, and dealing with required minimum distributions can be a pain in the ass, etc.

My parents are looking into using a financial advisor to help with my the money my mom inherited from her brother, and to plan for retirement, as that's likely coming next year. They guy they're working with is suggesting this:



I'm not entirely sure if he's correct, but my dad says that their fee is $1k annually, and that there's no other management fee. The document that I have makes it seem like there is a 2% asset management fee maximum, so he'll have to sort that out. I'm really just wondering how he's selling this as opposed to simply putting that money into a Vanguard Target Retirement 2020 Fund and letting it ride. Do wealth management companies have any sort of guarantees? If they're going to be paying a 2% asset fee, the returns have to make up for that.

[DigitalGypsy66]

I'd also recommend having both parents speak with an estate planning attorney. That will make the probate process much easier down the line. Trust me on this. My mother in law, who is 76, has everything laid out in her will and estate plan. My aunt (my mother's twin) is doing the same.

[NTP66]

I'd also recommend having both parents speak with an estate planning attorney. That will make the probate process much easier down the line. Trust me on this. My mother in law, who is 76, has everything laid out in her will and estate plan. My aunt (my mother's twin) is doing the same.

It took me over a year to get them to do it, but they just did this a month or two back.

[Dickie Dunn]

Do wealth management companies have guarantees?

[NTP66]

That’s what I was getting at.

[NTP66]

I got out of my ARKK and ARKG positions. I'll write off those losses in my taxes and invest the money into literally anything else. Get **** mikey and Cathy.

[mikey]

Good points imo

[MrKennethTKangaroo]

She was interviewed in the WSJ the other day and said that bitcoin will be worth $650k someday

[mikey]

Now that BTC ETFs are coming out, I think $100k is possible in the next year.

[mikey]

Gapped up here. For the daytraders out there, we could see a pre-Stuff Your ****** Face day dump...down as far as 442 here for SPY. Could be a nice piece of profit if it hits.

[NTP66]

I completely forgot about it, and didn't cash our our second I Bonds when I was supposed to last month. So that's done.

[Beveridge]

Am I correct that even though Ibonds are 5.27% right now, my interest rate isn't that? I bought mine in May 2021, which looks like based on a table I see, I'm only getting 3.94%.

[NTP66]

Something like that: http://eyebonds.info/ibonds/home1000.html

[Beveridge]

Hmm. Seems like it's still worth it to keep mine in then. I'd lose 3 months' worth so I have to keep that in the equation.

[NTP66]

Hmm. Seems like it's still worth it to keep mine in then. I'd lose 3 months' worth so I have to keep that in the equation.

I can't find the link I used before, but it all comes down to when you purchased your I Bonds. Mine were all from 12/21-1/22, so the rate had fallen to below 4%, which I can beat in my Marcus account. This site explains a bit of it, and yeah, you should wait 3 months past the highest rate before redeeming them: https://keilfp.com/blogpodcast/when-to- ... t-i-bonds/

[Beveridge]

That is fantastic, thanks.

Looks like in February, I'll cash out and throw them into my Marcus or find another short-term CD.

[NTP66]

We have a bunch of 10-month CDs open at Marcus, and it looks like they have a few more with really good rates, including some no-penalty CDs. I may throw some money into one of those now that I've checked.

[NTP66]

My credit union actually has a better 12-month CD (5.37% APY) than Marcus, so I'm going to open an account there instead.

[NTP66]

This was an outstanding week for the S&P500, and my entire portfolio.