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qirex posted:Anyone have advice on where to start finding an IRA servicer? I have 2 401Ks from old jobs that I'd like to roll over in an IRA instead of into my current 401k [fund selection isn't great at current employer]. I have accounts at ETRADE, Fidelity and Wells now but I'm open to somewhere new if there's a clearly better option. I guess my main question is what should I look for as far as fund selection, features like auto-rebalancing, etc.? Of course all the big places refuse to publish numbers or comprehensive lists of funds on their websites because they want to get me on the phone instead. I already have non-retirement investments that I manually manage, my goal with this is to be able to stay pretty hands-off and not have to worry about it. Unless your Fidelity account is your current 401k then Vanguard. Otherwise just do Fidelity.
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Sep 12, 2020 02:01
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Anti-Hero posted:Vanguard is the de facto answer. Fidelity is good too if you don't want to open another account. As for as your questions OP, for an IRA it's going to be like your non-retirement accounts. You can put your money into whatever funds you want, there are no limitations that way like you have with a 401k. One thing to consider is that if for instance you go with Fidelity, you're going to be able to get Fidelity funds without transaction fees, but Vanguard funds will have a transaction fee (unless you're buying Vanguard ETFs), and likely vice versa for a Vanguard account and Fidelity funds. Baxate fucked around with this message at 02:07 on Sep 12, 2020 |
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Sep 12, 2020 02:04
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I'm personally using Fidelity's zero fee index funds for my investment. Since I'm relatively early in my retirement savings it's going to pretty much all be index funds and the question is just what the breakdown will be between US and International funds. When I start having to reallocate to lower risk investments as I approach retirement I may switch to vanguard or something like it then so I don't have to constantly figure out what ratios I should have in the less risky investments. Edit: Actually, I bet Fidelity also has a year targeted retirement fund appropriate for me as well so I might just stay there for the whole way. Nitrousoxide fucked around with this message at 02:08 on Sep 12, 2020 |
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Sep 12, 2020 02:04
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Nitrousoxide posted:Edit: Actually, I bet Fidelity also has a year targeted retirement fund appropriate for me as well so I might just stay there for the whole way. Make sure it's their target date "index" fund. They have two and one is a flat rip off.
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Sep 12, 2020 02:58
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So how likely is it in the current landscape for 401(k)s to be able to roll in from an IRA vs. from a previous employer's 401(k)? I'm wondering if I roll on out of my previous employer's Fidelity plan now (to Vanguard where I've got everything else) or just sit on it. The plan is decent, but I'd rather consolidate since I'm not entirely sure I'm actually looking for W2 employment again (may just go right on back to consulting).
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Sep 12, 2020 03:13
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Darkrenown posted:A bank was offering 5% interest in 2020? acidx posted:Quite a few were, although there's terms and conditions. Usually a required amount of debit purchases per month and a limit to the balance that gets the higher interest rate. Worked great for my emergency fund but I have really low expenses. Still quite a few in the 2-4% range. I'd imagine with the fed not planning on raising interest rates any time soon, they're going to continue to drop though. While there are a lot of banks offering high yield savings accounts like this with lots of restrictions and activity requirements, I don't want to have to actively think about my accounts on such a regular basis, and then suffer negative consequences if I don't live my life in a way that satisfies their requirements. So I looked and I compiled a list of all the no-bullshit super high yield savings accounts on there, and I've posted about the a few times before. Essentially, I've found several high yield savings accounts paying 3-5-6% APY on FDIC-insured cash. The only real catch is each account only earns that rate on the first $1,000 or so (and about 0.5% on everything after that). One of the accounts is $1k@6%, six of them are $1k@5%, and one credit union offers both a $500@5% and a $3,000@3%, for a total of $10,500 FDIC-insured cash across 8 banks/credit unions earning ~4.5% interest, for about $480/year. Once set up, these accounts require virtually no maintenance, other than automatic ACH transfers and withdrawing the the interest on occasion. None of these accounts are restricted to any specific state or geographic region. Some people dislike the $10,500 cap and the large number of accounts, some people really like the ability to save up to $10,500 cash, FDIC-insured, that earns equity-like returns. That's up to you. Since you linked that Doctor of Credit page, I'll post the accounts that I've found on there: literally this big posted:I had someone PM me about this so I'll post them here. literally this big posted:Service Credit Union’s Holiday Club savings account ($3k @ 3%).
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Sep 12, 2020 08:28
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), but this is fairly easy to automate away with auto-transfers. Start the month with $990 in the account, auto-transfer in $5 every month, and withdraw $5 + the expected interest by the end of the month. When fully funded, the account seems to earn between $4.13 - 4.19 in interest every month, so I set mine to withdraw $4.20 for the interest. So that's $5 in every month, and $9.20 out every month, automatically. All transfers must be scheduled through your Blue FCU account, which is a slight inconvenience.
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literally this big posted:While there are a lot of banks offering high yield savings accounts like this with lots of restrictions and activity requirements, I don't want to have to actively think about my accounts on such a regular basis, and then suffer negative consequences if I don't live my life in a way that satisfies their requirements. The requirements don't really bother me, but to each their own. I use the debit card for my first 10 purchases of the month at the vending machine at work. After that is satisfied, I use my 2% on everything card for everything until the 1st of the month. Admittedly I did forget to make my 10 purchases one month, but all in all it has been working for me without too much headache.
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Sep 12, 2020 10:00
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H110Hawk posted:Make sure it's their target date "index" fund. They have two and one is a flat rip off. Lol I looked at the other one and it has like 7x the fees and worse performance than the index one.
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Sep 12, 2020 14:46
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acidx posted:The requirements don't really bother me, but to each their own. I use the debit card for my first 10 purchases of the month at the vending machine at work. After that is satisfied, I use my 2% on everything card for everything until the 1st of the month. Admittedly I did forget to make my 10 purchases one month, but all in all it has been working for me without too much headache. I'm sure it's not too difficult to maintain, but I'd rather focus on credit card sign-up bonuses and %cashback when it comes to my spending habits, I wouldn't want my savings account's %APY relying on my spending habits too. What I like about these accounts is that the only requirements are ones that can be satisfied with automated ACH transfers. So I have a dedicated checking account with Ally, with about $100 in it, that just transfers the same $10 back and forth to various accounts every month, and I can forget about it and go on vacation indefinitely and my money will still be earning $40/month. I treat it sort of like a $10k short-term bond fund that pays 5%. I hope these rates don't drop, but these accounts have all had and maintained these rates for years now and none of them have dropped yet or show any sign of dropping, so I'm optimistic. Either way, I'll be riding the Free Money Train for as long as I can and re-investing all the cash it generates.
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Sep 12, 2020 20:57
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Darkrenown posted:A bank was offering 5% interest in 2020? There's always some banks/credit unions that offer crazy good deals. I use Consumer's Credit Union Which offers over 4% APY on checking. I usually only qualify for 2-3% but it's a nice $20 to 30 check to my bank account every month.
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Sep 12, 2020 22:25
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qirex posted:Anyone have advice on where to start finding an IRA servicer? I have 2 401Ks from old jobs that I'd like to roll over in an IRA instead of into my current 401k [fund selection isn't great at current employer]. I have accounts at ETRADE, Fidelity and Wells now but I'm open to somewhere new if there's a clearly better option. I guess my main question is what should I look for as far as fund selection, features like auto-rebalancing, etc.? Of course all the big places refuse to publish numbers or comprehensive lists of funds on their websites because they want to get me on the phone instead. I already have non-retirement investments that I manually manage, my goal with this is to be able to stay pretty hands-off and not have to worry about it. any reason you wouldn't use fidelity? i never minded their systems and i hate having too many accounts open cuz im scatterbrained as gently caress so
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Sep 14, 2020 15:39
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Nitrousoxide posted:Lol I looked at the other one and it has like 7x the fees and worse performance than the index one. I was in the other one for like a god damned decade without realizing it.
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Sep 17, 2020 04:21
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What are the fund names? The lovely ones vs the better ones? Last I checked the target retirement fund was like a .7% ER. Or is it something worse than that?
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Sep 17, 2020 05:21
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Minty Swagger posted:What are the fund names? The lovely ones vs the better ones? Last I checked the target retirement fund was like a .7% ER. Or is it something worse than that? Wrong one. It has the word index in it. Minty Swagger posted:What are the fund names? The lovely ones vs the better ones? Last I checked the target retirement fund was like a .7% ER. Or is it something worse than that? 
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Sep 17, 2020 06:34
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H110Hawk posted:Wrong one. It has the word index in it. Two different responses to quoting the same post twice, I see. Get your story straight, buster!
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Sep 17, 2020 07:32
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MJP posted:Personal Capital seems to have poo poo the bed with Vanguard - they've been having issues getting data from them for months now. I've basically given up hope and I'm just checking Vanguard separately. I personally love Quicken
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Sep 17, 2020 12:34
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Can I get a confirmation on a backdoor ira question: We are under the limit this year My wife has a 401(k) at her old job. Currently she isn't working Can we roll that money into a traditional ira then convert to Roth? I noticed that since she quit they're charging some pretty big admin fees. I'd like to keep the backdoor ira possible for future years for if we go over the limit (ex she goes back to work) I'm mostly not sure due to it being a rollover not earned income.
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Sep 17, 2020 13:49
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You can roll the 401k into an IRA and convert the money to Roth, but you will owe taxes on the conversion. Whether this is worth it is a very complex question.
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Sep 17, 2020 14:25
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SpelledBackwards posted:Two different responses to quoting the same post twice, I see. Get your story straight, buster!  Look here buddy copy and paste on mobile is hard 2 margaritas deep.Jows posted:I was in the other one for like a god damned decade without realizing it.
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Sep 17, 2020 17:43
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H110Hawk posted:
I just checked - apparently when I first opened my Roth with them (2008) the Index Target Date Fund didn't exist. They started that one in 2009, so I guess I have an excuse. I was helping my sister-in-law set her stuff up a few years ago when I saw the index fund one.
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Sep 17, 2020 17:59
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Kylaer posted:You can roll the 401k into an IRA and convert the money to Roth, but you will owe taxes on the conversion. Whether this is worth it is a very complex question. Maybe we leave it alone then.
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Sep 17, 2020 18:29
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Xguard86 posted:Mine is working. Have to tried deleting the account and re-adding? Multiple times, no luck. Each time Personal Capital support says they're working on it. FateFree posted:I had mint for years, tried personal capital, some accounts didn't work, went back to mint. Just tried setting up a Mint account and they're having issues connecting to Vanguard, too. Does anything work for a single pane of glass or are we just condemned to wander hopeless in a world without how Google Finance just let you put in freaking stock transactions and tracked your totals? At this point I don't mind shelling out $X per year if it works.
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Sep 17, 2020 20:44
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Seriously just keep a running spreadsheet and update it yourself each month. It takes me like half an hour of work once per month, costs nothing, and gives me quick and easy control over how i present the information to myself. Something like this (numbers and allocations made up)  The one I actually use even has pretty colors - red for stocks (high risk), yellow for bonds (medium risk), and green for cash, and outlines around each institution / account. You do the formatting once and it's done. If you have like hundreds of individual investments then I don't know what to tell you, you could lump them into arbitrary categories or just into stocks and bonds, you could add them up easily enough within vanguard (using their portfolio analyzer, or exporting as a spreadsheet) and then copy the sums into the categories in the spreadsheet. If you want to update it so often that the work becomes a burden then I dunno, maybe you shouldn't be checking your long term investments on a daily or even weekly basis.
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Sep 17, 2020 21:00
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MJP posted:Just tried setting up a Mint account and they're having issues connecting to Vanguard, too. My Vanguard works, best bet is to just try again the next day. These things may or may not update in real time but they will catch up eventually. The world desperately needs a unified read only API to financial institutions.
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Sep 17, 2020 21:26
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FateFree posted:My Vanguard works, best bet is to just try again the next day. These things may or may not update in real time but they will catch up eventually. The world desperately needs a unified read only API to financial institutions. Mint hasn't connected to my MassMutual 401k in months. I've had to enter it as property and update it here and there just for something to show.
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Sep 18, 2020 12:08
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Xguard86 posted:Can I get a confirmation on a backdoor ira question: thats totally fine to do. conversions don't care about you having earned income or not, only new contributions
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Sep 20, 2020 15:04
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i am getting really disheartened lately because i have a tik tok account and snake oil salesmen have found that app now and are mixing moderately reasonable financial planning advice in with completely absurd nonsense into their videos and scamming a ton of 18-21 year old kids into buying their courses or whatever and its just really a never ending battle
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Sep 20, 2020 15:07
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I just started a new job, and I'm working on setting up the 401k options. I could use your sanity check. I tend to skew HEAVILY towards growth, and am pretty risk tolerant. I like to stick around: 55% large cap 20% mid 20% small 5% international I've chosen (note the %'s have moved slightly already as the market has moved)  My full fund options are    Does it look like I've made reasonable choices?
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Sep 20, 2020 15:07
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the choices given the percentages you want are fine, but you are very heavy in the small/mid area
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Sep 20, 2020 15:18
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tbp posted:the choices given the percentages you want are fine, but you are very heavy in the small/mid area Too high? Think slanting more large would be wiser?
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Sep 20, 2020 15:23
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tbp posted:i am getting really disheartened lately because i have a tik tok account and snake oil salesmen have found that app now and are mixing moderately reasonable financial planning advice in with completely absurd nonsense into their videos and scamming a ton of 18-21 year old kids into buying their courses or whatever and its just really a never ending battle what, this isn't sound financial advice to you? https://twitter.com/TikTokInvestors/status/1300424544549625862
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Sep 20, 2020 16:27
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People say kids today got no hustle but watching them grift as well as any old genx or boomer piece of poo poo warms my heart  Edit: Hey this isn't the doomsday econ thread. 
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Sep 20, 2020 16:34
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tbp posted:thats totally fine to do. conversions don't care about you having earned income or not, only new contributions As above said, we'd owe taxes after conversion right? (That in itself isn't bad but we're looking to buy a home so would defer to after the big spend to be as liquid as possible for all the money pits of home buying) tbp posted:i am getting really disheartened lately because i have a tik tok account and snake oil salesmen have found that app now and are mixing moderately reasonable financial planning advice in with completely absurd nonsense into their videos and scamming a ton of 18-21 year old kids into buying their courses or whatever and its just really a never ending battle Tiktok to me sounds like when they figured out how to turn coke into crack. I stay off that poo poo.
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Sep 20, 2020 17:04
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Baxate posted:what, this isn't sound financial advice to you? This is the funniest thing I have watched in a while. The thought of a poke store doing a billion a year... amazing. at $15 a bowl each store is selling 182,000 per day. seems reasonable.
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Sep 20, 2020 17:13
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He said “probably”— no lawsuit.
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Sep 20, 2020 17:36
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Pokey God this market can't crash soon enough.
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Sep 20, 2020 17:40
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Seriously let's just merge this and the doomsday thread at this point because I'm giving legit financial advice there and watching memestock tiktok here. 
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Sep 20, 2020 17:54
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You guys know those are characters they are playing, right? (still good)
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Sep 20, 2020 18:11
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They’re caricatures of real people though.
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Sep 20, 2020 18:23
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Boola posted:You guys know those are characters they are playing, right? (still good)
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Sep 20, 2020 18:51
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