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Mu Zeta posted:I wonder if that's why Marcus is offering people a $100 bonus if you add $10,000 in new cash to your account and maintain it for 3 months. They probably need some extra cash for the first quarter to look good? Basically the bank has an internal model for how much capital they need; based on reserve ratios and things, and then a model of what cashflows they expect, and then, based on historical precedents and what not they do promotions like this when they indicate that the cost of overnight, medium, and long-term borrowing would be more costly than this method of seeking new deposits. Then they give a bonus to the vp who set up the promotion.
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Jan 21, 2023 20:54
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Has anyone used savebetter? i signed up for them through for HYSA through Western Alliance Bank. My account is still in the PENDING state but I had already setup routing/account numbers to put money in via my savings account. The weird thing is that I'm not seeing a request on my Savings Account for the amount I want transferred. How can it be pending if they're not requesting the money? Not suspecting them of anything shady just wondering if this is going to go through at all. Edit: lol okay i just checked this right now and it just requested the money
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Jan 21, 2023 21:01
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I hosed up and directed contributions to the wrong Vanguard fund (wrong retirement year). What sort of cost should I expect in shifting the allocation?
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Jan 22, 2023 01:31
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Discendo Vox posted:I hosed up and directed contributions to the wrong Vanguard fund (wrong retirement year). What sort of cost should I expect in shifting the allocation? If it’s in a tax advantaged space like an IRA or 401(k), nothing. If this is in a taxable brokerage account, you shouldn’t be holding TDFs in taxable brokerage accounts.
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Jan 22, 2023 01:33
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KYOON GRIFFEY JR posted:If it’s in a tax advantaged space like an IRA or 401(k), nothing. IRA and yes, TDF. Excellent, I need to call them anyway since the website somehow botched setting up user account information, even though the contributions themselves are set properly. It's remarkable how good their phone service is given how crappy the online materials are.
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Jan 22, 2023 01:45
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Discendo Vox posted:IRA and yes, TDF. Excellent, I need to call them anyway since the website somehow botched setting up user account information, even though the contributions themselves are set properly. It's remarkable how good their phone service is given how crappy the online materials are. You can very possibly do it online without calling. I dont need to call to change what my contributions go to in my employer sponsored plan at Vanguard.
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Jan 22, 2023 01:54
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Vanguard and I have an understanding: I don't want to talk to them and they don't want to talk to me. Worked out great so far and I've been able to do everything online without any human contact.
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Jan 22, 2023 02:08
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drk posted:You can very possibly do it online without calling. I dont need to call to change what my contributions go to in my employer sponsored plan at Vanguard. I would except I don't have a working online login- that's the other thing I need to call about, the setup interface bugged out setting up info after I chose my fund. My experience might be partly because I'm in a SIMPLE IRA, and it seems that part of their site is even more neglected than the rest of the backend.
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Jan 22, 2023 03:48
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drk posted:I certainly read that as "hey we know this might be an illegal securities offering, but we are doing it anyways" Eh... "testing the waters" is a term of art (apologies for the pun) in securities law. There are many other reasons to look askance at MW but that one's not a big deal.
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Jan 22, 2023 21:46
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Agronox posted:Eh... "testing the waters" is a term of art (apologies for the pun) in securities law. There are many other reasons to look askance at MW but that one's not a big deal. Yeah, but they are getting pretty cute by registering a LLC for each piece of art to get a Reg A exemption, which allows companies to avoid registering their securities if they offer less than $20M/$75M (for various degrees of exemption). Not a lawyer - maybe this is pretty common, or maybe I misunderstand their offering. But its real red flaggy to me as an investor.
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Jan 22, 2023 23:19
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Just got my 1099R from Vanguard. My TLH attempts resulted in only $320 in wash sales from that dumpster fire of a year.  I don't have to worry about TLH for a long, long time. 
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Jan 23, 2023 18:39
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Trying to get work on board with Roth matching. should be real simple to implement the change put into law with the secure act 2.0. I doubt we ever get the after tax contribution so this is my best bet for more Roth funds. Wish me luck.
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Jan 23, 2023 19:22
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Does anyone have experience using Vanguards MMA as a savings/quasi-checking account? Currently I have cash sitting in an Ally savings account, with my credit cards set to auto-pay from it, so my spending cash earns a little bit of interest before paying off my balances every month. Given that savings accounts aren't ideal for this situation (though I have less than 6 transfers a month), Vanguard's MMAs pays a higher rate than Ally, and two of my credit cards won't even allow me to set up auto-pay from a savings account, I was thinking about switching over to a Vanguard fund like VMRXX. Is there a minimum investment amount on these if I'm also using it as my settlement fund? Do they function like checking accounts? Would this work to keep a bit of cash in there, have $1-2k withdrawn every month for bills, and then replenish them when I get my next paycheck?
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Jan 23, 2023 20:09
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literally this big posted:Does anyone have experience using Vanguards MMA as a savings/quasi-checking account? I dont think you can do ACH transfers to arbitrary accounts from a money market fund (such as to electronically pay a credit card bill), but you may be able to set up checkwriting. It is definitely *not* a checking account, though. Honestly it sounds like a hassle, and if your monthly bills are only $1-2k, just leave that amount in a normal checking account and dont stress about the $1/month of interest you could theoretically earn by keeping it in a higher yielding account.
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Jan 23, 2023 21:00
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How do folks feel about HSA plans? I was laid off last week and need to consider plans from the marketplace. I'd always gone with low deductable plans from work because I want my insurance to reduce my risk. But now that I don't have access to a 401(k) and I'm going to be doing some hourly work to keep my income coming in, I wanted a mechanism to keep my retirement saving moving. Anyone feel like the HSA plans are still useful for being actual insurance, even apart from the investment aspect?
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Jan 23, 2023 21:10
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My hdhp is great. We hit out of pocket max every year on healthcare for various reasons, so adding up the total OOP max and premiums between my plan options we save a couple grand a year on the high deductible plan.
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Jan 23, 2023 21:16
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Nitrousoxide posted:How do folks feel about HSA plans? I was laid off last week and need to consider plans from the marketplace. I'd always gone with low deductable plans from work because I want my insurance to reduce my risk. But now that I don't have access to a 401(k) and I'm going to be doing some hourly work to keep my income coming in, I wanted a mechanism to keep my retirement saving moving. So a couple things first, to nitpick just a little bit 1) You're talking about High Deductible Health Plans (HDHP) that are eligible for contributing to an HSA. Two separate but related concepts. 2) HDHPs absolutely are insurance. In fact they are more literally like insurance than cadillac plans, in that they protect against outsize bills but you're on the hook for (relatively) minor stuff. HDHPs sound scary because of "high deductible" but if you go out and shop plans and compare numbers you may actually find that they can be very favorable depending on deductible, co-insurances, and out of pocket maximums. There are a lot of garbage traditional plans with high deductibles and OOPs, too, without the benefit of being HSA-eligible. If you have few/no chronic conditions or recurring expensive medical bills, an HDHP can make a lot sense with the lower premiums and HSA savings. And if you do have a year of disastrous medical events, with an HDHP you're still limited to your OOP the same way your are with a traditional plan. Hell, depending on plans available to you and monthly costs, an HDHP can still come out ahead even with high expected medical costs. It's all about running the numbers for your particular situation. it's so stupid that Americans have to think about and calculate all this poo poo but that's a different rant
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Jan 23, 2023 21:18
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Jows posted:My hdhp is great. We hit out of pocket max every year on healthcare for various reasons, so adding up the total OOP max and premiums between my plan options we save a couple grand a year on the high deductible plan. If you are paying your insurance costs out of pocket, they seem good for someone with very high healthcare expenses, or very low to no healthcare expenses. If you are somewhere in the middle, it probably depends more on your specific situation and plan.
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Jan 23, 2023 21:21
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drk posted:If you are paying your insurance costs out of pocket, they seem good for someone with very high healthcare expenses, or very low to no healthcare expenses. If you are somewhere in the middle, it probably depends more on your specific situation and plan. Yeah that's what I tell the new guys at work. If you use a lot or a little HDHP is what you want. The middle is where it gets hard. My company contributes $1000 into the HSA if you're on the HD plan so that helps with the math.
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Jan 23, 2023 21:25
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drk posted:I dont think you can do ACH transfers to arbitrary accounts from a money market fund (such as to electronically pay a credit card bill), but you may be able to set up checkwriting. It is definitely *not* a checking account, though. From what I’ve read, Fidelity has it set up so that it can draw from certain money market funds when your account gets debited.
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Jan 23, 2023 21:47
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nelson posted:From what I’ve read, Fidelity has it set up so that it can draw from certain money market funds when your account gets debited. Fidelity has a pretty full featured cash management account, but Vanguard doesn't (yet, there is an invite only one in trials).
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Jan 23, 2023 22:11
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nelson posted:From what I’ve read, Fidelity has it set up so that it can draw from certain money market funds when your account gets debited. I've noticed this happening in my brokerage acct and Roth w/ FZDXX actually -- I kept expecting "Cash Available to Trade" to go down, but nope, it just auto-sells if you don't have enough to cover it. Screwed me up a bit in my Roth because it holds the minimum $10K purchase chunk against you and I mis-timed settlement dates for some mutual fund shuffling.
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Jan 23, 2023 22:15
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Guinness posted:So a couple things first, to nitpick just a little bit Yeah sorry I meant HDHP with HSA's. I normally have next to no healthcare costs each year. I don't even hit my current deductable of $1,000 each year. So maybe I'll go with the HDHP this year and see. I presume I'd still get the benefit of the lower prices from the providers negotiated by the insurance company even if I have to pay it out of pocket up to the deductable?
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Jan 23, 2023 22:35
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An HDHP might not make sense for you, see above effortpost. If an HDHP makes sense for you, then it is almost certainly a good idea to max your HSA (probably after matching 401k, check the flowchart for the right order of operations). If you are contributing to an HSA, it is likely a good idea to invest that and NOT spend any of it on medical costs. This is probably very counterintuitive.
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Jan 23, 2023 23:10
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Nitrousoxide posted:Yeah sorry I meant HDHP with HSA's. That’s how every HDHP I’ve ever been on has worked.
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Jan 23, 2023 23:17
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Nitrousoxide posted:Yeah sorry I meant HDHP with HSA's. Same insurance company? Cuz with a different company you have to worry about in-network vs out of network
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Jan 23, 2023 23:21
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Nitrousoxide posted:I normally have next to no healthcare costs each year. I don't even hit my current deductable of $1,000 each year. So maybe I'll go with the HDHP this year and see. I presume I'd still get the benefit of the lower prices from the providers negotiated by the insurance company even if I have to pay it out of pocket up to the deductable? Yeah I've been on only HDHPs for the past ten+ years and they've all been standard PPOs as far as network and billing stuff goes, providers don't even know/care about the difference.
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Jan 23, 2023 23:48
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My wife has an HDHP and HSA and they had a seminar where they said to max the HSA and save all your medical receipts as long as possible and then when you need some cash then send in the receipts and get reimbursed. That way you get the appreciation and the reimbursement payout is still tax-free. Someone correct me if that’s wrong.
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Jan 23, 2023 23:53
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Yes, if you have the means to pay your out of pocket expenses without dipping into your HSA, it is beneficial to keep it invested for later. Tax-free going in, tax-free growth, and tax-free coming out if spent on qualifying expenses. You can keep the receipts around to reimburse yourself with, or just fully expect to have higher medical bills as you age. There will be no shortage of qualified events to use the money on. And remember you only have to be on an HDHP to contribute to an HSA, not to spend from it. And even if you are so lucky to make it into retirement/medicare age and still have stacks in your HSA and nothing to spend it on, at that point you can withdraw cash from it and pay taxes as if it were a traditional IRA. All that said, using an HSA "as intended" and just paying costs as they come up is still beneficial; you still reap the tax benefit but not the (not-guaranteed) investment growth. But us min-max BFC nerds all invest our HSAs and don't touch. Guinness fucked around with this message at 00:08 on Jan 24, 2023 |
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Jan 24, 2023 00:01
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i touch mine because i do not trust myself to keep track of receipts
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Jan 24, 2023 00:45
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Mons Hubris posted:My wife has an HDHP and HSA and they had a seminar where they said to max the HSA and save all your medical receipts as long as possible and then when you need some cash then send in the receipts and get reimbursed. That way you get the appreciation and the reimbursement payout is still tax-free. Someone correct me if that’s wrong. Sure, except you don't even need to send in receipts. The IRS tells you to keep track of your expenses, but specifically tells you not to send in your receipts with your taxes (so really it's just recordkeeping for a potential audit). In most circumstances you basically just fill out of a Form 8889 with your yearly taxes that asks a) how much did you withdraw/distribute from your HSA this year? (which is given to you on Form 1099-SA from your HSA administrator) and b) how much of those distributions were used to pay qualified medical expenses? If a=b, you're done, the tax form only cares if you withdrew more money than you had qualified medical expenses. Also, oddly, the Feds don't actually care about the timing of the expenses relative to when you choose to reimburse yourself. As long as the healthcare expenses were incurred sometime after your HSA was opened, you can choose to reimburse yourself for those expenses at any point in the future. The $20 you spent on a prescription today could be reimbursed out of your HSA at the point of sale (if you have an HSA card for example) or months/years/decades afterwards in the future. Hence the potential to use your HSA as a double tax-advantaged savings vehicle now, while keeping a running tally of your healthcare expenses for when you choose to pull the money out later. Also the Cares act recently made what qualifies as a qualified medical expense even more flexible. quote:Amounts paid after 2019 for over-the-counter medicine (whether or not prescribed) and menstrual care products are considered medical care and are considered a covered expense.
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Jan 24, 2023 01:16
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Has anyone done an in-plan Roth conversion with their 401k? My employee contributions are Roth but I was wondering if I could convert the employer contributions (which accounts for about half of the balance). The account is only about a year old so there isn't that much in it, so the additional tax would be pretty small. I'm expecting to have really low (zero?) taxes this year so it seemed like a good time to do it.
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Jan 24, 2023 19:11
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Harveygod posted:Has anyone done an in-plan Roth conversion with their 401k? My employee contributions are Roth but I was wondering if I could convert the employer contributions (which accounts for about half of the balance). The account is only about a year old so there isn't that much in it, so the additional tax would be pretty small. I'm expecting to have really low (zero?) taxes this year so it seemed like a good time to do it. My 401k allows in-plan Roth conversions of my pre- and after-tax contributions but doesn't allow converting employer match while I'm still employed by the company. Each plan is a bit different so you'd have to check with your plan administrator/HR if they'll allow that.
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Jan 24, 2023 19:28
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KYOON GRIFFEY JR posted:i touch mine because i do not trust myself to keep track of receipts Same. If the bill is over $300 I reimburse because I won’t keep that receipt for 20 years. Even after two childbirths in the last 3 years and a bunch of dental procedures, our HSA keeps growing. $3k kept liquid just in case, anything over that is automatically sent to my TD Ameritrade account and plunked into VTI.
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Jan 25, 2023 14:02
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The way I think of it is that the older you get healthcare costs essentially approach infinity and will drain you of most of your money. You’ll use the money. Especially since you can only contribute 3k/yr. Keep receipts for the new knee or the hospital stay or whatever, big ticket items, and you’ll have no problem draining that account tax free down the line. Probably not worth saving your 70$ copay for your PCP visit or whatever, that’s peanuts. I mean you caaannn but I have a hard time envisioning a life in which I’m like “wow! No more medical bills and I have ALL THIS MONEYYYY” hobbez fucked around with this message at 16:28 on Jan 26, 2023 |
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Jan 26, 2023 16:26
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hobbez posted:The way I think of it is that the older you get healthcare costs essentially approach infinity and will drain you of most of your money. This is how I look at it too, I know I could save receipts for 20 years and pull money out for nothing with some extra growth, but the reality is I'm not gonna do that and it sounds like an accounting headache that just isn't worth it. For stuff like prescriptions or copays I usually just pay for them with regular, non-HSA funds. I figure that leaving that extra $40-100 a month in there to let it grow is probably the most optimization I can handle without driving myself insane, and it'll probably still be a significant increase in funds over a long enough timeline. I do still use HSA funds for bigger/unexpected medical bills though, since that's basically why I have it in the first place.
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Jan 26, 2023 17:55
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MockingQuantum posted:This is how I look at it too, I know I could save receipts for 20 years and pull money out for nothing with some extra growth, but the reality is I'm not gonna do that and it sounds like an accounting headache that just isn't worth it. For stuff like prescriptions or copays I usually just pay for them with regular, non-HSA funds. I figure that leaving that extra $40-100 a month in there to let it grow is probably the most optimization I can handle without driving myself insane, and it'll probably still be a significant increase in funds over a long enough timeline. This is my approach as well, so I hope it's a good one
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Jan 26, 2023 18:10
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I would do the same thing, but my HSA provider makes it too easy to upload receipts and save them to be reimbursed later. If I'm just dropping a few bucks on a thing of benadryl or something I won't bother, but for stuff that costs a decent amount of money, I just upload the receipt and say the amount that was spent on HSA eligible items. Then it's on record, and down the road, I can redeem years worth of receipts pretty easily.
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Jan 26, 2023 18:56
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acidx posted:I would do the same thing, but my HSA provider makes it too easy to upload receipts and save them to be reimbursed later. If I'm just dropping a few bucks on a thing of benadryl or something I won't bother, but for stuff that costs a decent amount of money, I just upload the receipt and say the amount that was spent on HSA eligible items. Then it's on record, and down the road, I can redeem years worth of receipts pretty easily. But how do you know that provider and those digital copies of the receipts will still be around in 20 years, especially after the Replicants detonate EMP’s over most mayor data centers?
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Jan 26, 2023 19:14
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acidx posted:I would do the same thing, but my HSA provider makes it too easy to upload receipts and save them to be reimbursed later. If I'm just dropping a few bucks on a thing of benadryl or something I won't bother, but for stuff that costs a decent amount of money, I just upload the receipt and say the amount that was spent on HSA eligible items. Then it's on record, and down the road, I can redeem years worth of receipts pretty easily. This is cool, but it places a lot of trust in that company to continue maintaining these records and to do so well. It's an understandable assumption but one that I've been burned by before, in healthcare particularly.
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Jan 26, 2023 19:15
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