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Service time restrictions are annoying but that just kinda is what it is.
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Oct 26, 2023 13:54
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Magnetic North posted:A HDHP likely won't work for reasons, no need of a 529, and the 401k exists but is a benefit restricted by time of service. In this case, this is trying to be thoughtful about bridging that gap to that benefit but I also know others who have no 401k and that I am trying to cajole into contributing to Roth IRAs so I asked quite generally. I would suggest you either agitate for change, or start looking for a new job with an employer that has a modicum of respect for you. Ham Equity fucked around with this message at 16:19 on Oct 26, 2023 |
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Oct 26, 2023 15:57
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Ham Equity posted:Most employers gate access to a 401k via a vesting schedule for the employer match; the marginal cost of letting an employer contribute to a 401k without a match pre-vest is trivial, and whatever your employer's reasons for it, they are being incredibly lovely to you and other employees by not letting you contribute to it. It's a way for them to essentially give you a bunch of extra money at practically zero cost to them. This is the first place where I've experienced this mode of 401k. I intend to advocate for change even after such a point that it won't apply to me. No doxx pls but I did that at a previous job that had a weird flat (non-percent) per-year 401k match. Of course, no one listened, but that's probably for the best when it involves me 
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Oct 26, 2023 17:02
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In my experience companies have moved away from vesting on 401k. It doesn't work for retention and is added tracking burden. Obviously it is still out there but hopefully it continues to go away. Delayed start to contributions are more Common but I see that less add well
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Oct 26, 2023 17:47
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spwrozek posted:In my experience companies have moved away from vesting on 401k. It doesn't work for retention and is added tracking burden. Obviously it is still out there but hopefully it continues to go away. Really? I guess my last job move was to a government job (immediate 7.5% match), and the one before that was a decade ago, so maybe I'm out of the loop. Not saying vesting was great, but that is hella lovely.
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Oct 26, 2023 18:19
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Could be industry specific though as well.
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Oct 26, 2023 20:11
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I think vest is OK as long as it's not an absurd cliff vest - 25/33/50% per year works
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Oct 26, 2023 20:36
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A lot of company that have a high volume of shorter term labor like grocery stores or fast food have a time gated 401k. I assume its so they don't have to deal with a bunch of 401ks with $69 dollars in them from Joe Highschools summer job, but their long term or corporate employees get a regular 401k.
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Oct 27, 2023 20:56
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I thought the deal with time of service for 401ks was that employer contributions might have some delay on them to encourage staying onboard, but you could still contribute on your own regardless of the employee contribution limitations side of things (individual limit being roughly 22.5k/yr). Can you confirm that's the case vs. not being able to contribute at all by yourself?
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Oct 28, 2023 07:05
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Some places will time gate the employer match portion as a way to encourage retention. This isn't ideal but I don't feel its an issue as long as the time period isn't more than two or three years. You still get the full match in your account from day one it just isn't yours to keep until the vesting period is over. Time gating access to the plan entirely is just stupid imo. But some places do that for some reason. Antillie fucked around with this message at 12:57 on Oct 28, 2023 |
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Oct 28, 2023 12:55
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My employer contributes to my HSA. Does this contribution count towards my $3850 yearly contribution limit?
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Oct 31, 2023 14:01
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Boris Galerkin posted:My employer contributes to my HSA. Does this contribution count towards my $3850 yearly contribution limit? Yes.
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Oct 31, 2023 14:02
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Boris Galerkin posted:My employer contributes to my HSA. Does this contribution count towards my $3850 yearly contribution limit? If your employer isn't terrible they shouldn't even let you contribute more than you're allowed with their contribution.
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Oct 31, 2023 14:13
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Medullah posted:If your employer isn't terrible they shouldn't even let you contribute more than you're allowed with their contribution. This is true but generally my advice is to not rely on your employer's payroll system or the financial institution of the HSA for anything. Set up your contributions based on your employer's contributions to make sure you don't go over the limit.
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Oct 31, 2023 14:19
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Medullah posted:If your employer isn't terrible they shouldn't even let you contribute more than you're allowed with their contribution. Most HSA you can directly contribute to outside of the payroll system. It is not optimal (you get the income tax bank but not the fica and such) but I have had to do it a few times when I was $100 short of maxing it out. Maybe the HSA owner will stop you from over contributing? Honestly it is all on you to handle.
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Oct 31, 2023 17:30
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spwrozek posted:Most HSA you can directly contribute to outside of the payroll system. It is not optimal (you get the income tax bank but not the fica and such) but I have had to do it a few times when I was $100 short of maxing it out. KYOON GRIFFEY JR posted:This is true but generally my advice is to not rely on your employer's payroll system or the financial institution of the HSA for anything. Set up your contributions based on your employer's contributions to make sure you don't go over the limit. Yeah I guess I'm lucky because my company is great with that stuff. Though I guess it's to be expected since I work in the financial industry heh
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Oct 31, 2023 19:38
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Medullah posted:Yeah I guess I'm lucky because my company is great with that stuff. Though I guess it's to be expected since I work in the financial industry heh It's to be expected everywhere, because companies are basically never the HSA or 401(k) administrators - it's a financial services company who specializes in this type of work. I've never known anyone in real life who had a problem with this if they had been working for a company the entire year and didn't have some other weird thing going on like another job contributing to a different account of the same type.
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Oct 31, 2023 20:50
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Do you guys with x months of budgeted/planned expenses saved up count that as your emergency fund or do you also have a separate bucket of cash for emergencies?
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Nov 1, 2023 13:34
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I budget a month ahead (1 month )and keep an additional $20k (2 months )in a separate bucket. This gives us approximately 3 months of funds with 0 cutbacks, and closer to 5 if we cut back in non-essentials.
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Nov 1, 2023 14:00
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Boris Galerkin posted:Do you guys with x months of budgeted/planned expenses saved up count that as your emergency fund or do you also have a separate bucket of cash for emergencies? i budget three months ahead and keep an additional 5-6 months of expenses as my efund, i also have little buckets of savings for things that aren't really emergencies (car fund, house maintenance fund, dog health fund) when i was unemployed for a year a decade ago it made me much more conservative on saving
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Nov 1, 2023 17:00
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Does anyone have a recommendation for an app or software I can use to track spending between my partner and I? For example, I tend to pay for everything with my card and she just pays me back at a later time. Right now we use Google Sheet to track everything but wondering if there is a better app to keep track of things like this.
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Nov 8, 2023 12:13
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Busy Bee posted:Does anyone have a recommendation for an app or software I can use to track spending between my partner and I? Check out Splitwise. Might be what you are looking for.
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Nov 8, 2023 14:34
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Busy Bee posted:Does anyone have a recommendation for an app or software I can use to track spending between my partner and I? Yea we put everything in Splitwise right now, its pretty easy and links to Venmo or whatever to actually pay the other person when you need to.
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Nov 8, 2023 15:36
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edit: this is not the tax thread
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Nov 10, 2023 00:53
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Hi guys. What's the right thread to ask about credit card debt management strategies? Is it this one or the CC thread? Thought about calling one of those debt management consultation lines but I figured here isn't a bad place to start.
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Nov 14, 2023 20:52
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Doc Fission posted:Hi guys. What's the right thread to ask about credit card debt management strategies? Is it this one or the CC thread? Thought about calling one of those debt management consultation lines but I figured here isn't a bad place to start. A lot of people ask for help in this thread. Post your total debt and the interest rates, what your salary is and what your monthly expenses are and we can try to help you. My caveat with debt consolidation is always that it is not a solution in and of itself, since zeroing out your credit cards is great, but if you don't have the behaviors under control that caused them to get maxed out you'll find yourself with a consolidation loan along with debt racked back up on the card. They can be a great solution if you've already addressed the problem and just need a little help.
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Nov 14, 2023 20:59
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Medullah posted:A lot of people ask for help in this thread. I will be a little stronger with that caveat and say that everyone I know that took a debt consolation loan with the exception of one person ended up worse off after taking one of these loans. Is there a "get out of credit card hell flowchart" like the retirement thread has? Edit: I see there is one in the OP. Follow that one. daslog fucked around with this message at 22:28 on Nov 14, 2023 |
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Nov 14, 2023 22:24
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Yeah a lot of people who take out a personal loan or whatever to pay off/consolidate their CC debt see the zeroed out CC balances as some sort of permission to go and spend even more. And before they know it they are back to being in just as much CC debt as before with a hefty personal loan payment on top of it all. Its not that a debt consolidation loan can't help. Its just that if you haven't fixed the issue that created the CC debt in the first place then it will probably just make things worse.
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Nov 14, 2023 22:37
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Good words from all, TYVM. Debt is $15K with a 24.99 percent interest rate on a single card. The short explanation is that I have Dr. Jekyll and Mr. Hyde mental illness and was not at the wheel for two years. I’ve made a rough budget here. Salary is $67K on paper but the chart is accurate re: my monthly take-home; gas costs and food costs are pretty erratic, the former on account of my work and the latter on account of I don’t eat enough. “Candles” is a medical expense I incur monthly and isn’t going anywhere for the time being, though I hope this will change in the new year. I guess some point blank next steps would be helpful. I am very dumb, and also recovering from a very odd and poorly remembered time in my life, so all advice is good advice. Also my credit score is good for some reason, at about 720, which was why I thought the loan would be fine, but also I am still an insane person, so maybe not??? Doc Fission fucked around with this message at 00:41 on Nov 15, 2023 |
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Nov 15, 2023 00:37
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Your credit score will look great if you're paying your minimum payments, but that score is largely something you should ignore. The bottom line is you spend too much money for what you make, a consolidation loan will help briefly but I guarantee you'll go back to the cards. If you want help from people in the thread, post a detailed budget. Not just "rent and utilities", more specific. Rent Groceries Dining Out Gas Etc, etc 33% of your income is going towards candles? If that is something you need to sustain you will need to increase your income, which generally means a second job. If you get a job at a local restaurant, working 80 hours a month at $15 that will cover that expense.
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Nov 15, 2023 00:52
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Doc Fission posted:Good words from all, TYVM. Debt is $15K with a 24.99 percent interest rate on a single card. The short explanation is that I have Dr. Jekyll and Mr. Hyde mental illness and was not at the wheel for two years. I’ve made a rough budget here. Salary is $67K on paper but the chart is accurate re: my monthly take-home; gas costs and food costs are pretty erratic, the former on account of my work and the latter on account of I don’t eat enough. “Candles” is a medical expense I incur monthly and isn’t going anywhere for the time being, though I hope this will change in the new year. Get something like 2 grand in the bank for an emergency fund and then start hitting the credit card hard is what I would do. Also, you should understand that you could be debt free in less than a year which is a lot better than most people out there.
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Nov 15, 2023 00:53
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Doc Fission posted:“Candles” is a medical expense I incur monthly I assume this is your treatment to keep Mr Hyde at bay - look for ways to make the pharmaceutical industry cover this. Does any of this qualify for a sliding scale? Copay cards? Etc? Also as part of staying grounded - write out medical expenses, stop referencing yourself as fuckass, etc. Do you have a trusted friend who could help you with this from a credit card standpoint? Like a way to make this person have to give you the cards to do things?
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Nov 15, 2023 01:02
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quick check: Dependent Care FSA is capped at $5,000 for a married couple with any number of children, correct? so even though my wife and I both have individual options in open enrollment to set up $5,000 of contributions from our jobs, we would only actually benefit from a grand total of $5,000 in tax deductible dollars, right? seems like a lovely cap when childcare costs are what they are
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Nov 15, 2023 01:48
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Maybe this is reflecting on experiences with people I know in my life, but I hope Dr Jekyll and Mr Hyde isnt bipolar and "candles" isnt a poo poo load of weed. Thats what it sounds like to me and... those things really dont mix well.
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Nov 15, 2023 01:50
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I will work on the more detailed budget  I have a short-term contract through EOY in addition to my FT, not yet accounted for in the rough budget, and will consider other PT options once it ends. I'm not opposed to food service or going back to retail if it helps me stay afloat better. Am also idly applying to better FT jobs but wouldn't be surprised if nothing in my industry bites just yet. I went a good amount of time without doing any especially concentrated professional development and am in a place where I need to think about what to do next. daslog posted:Get something like 2 grand in the bank for an emergency fund and then start hitting the credit card hard is what I would do. Also, you should understand that you could be debt free in less than a year which is a lot better than most people out there. This is helpful, thank you. Is there any use in shooting for balance transfers, etc.? drk posted:Maybe this is reflecting on experiences with people I know in my life, but I hope Dr Jekyll and Mr Hyde isnt bipolar and "candles" isnt a poo poo load of weed. Thats what it sounds like to me and... those things really dont mix well. It is bipolar; the candles are not weed. There's no point in really hiding it as I discuss my problems elsewhere on SA: I'm in psychoanalysis. It's expensive. I am an alcoholic and a coke addict, though, so that's where a lot of my spare funds have ended up over the years. The coke addiction is subsiding well. Alcohol proving harder to kick. H110Hawk posted:I assume this is your treatment to keep Mr Hyde at bay - look for ways to make the pharmaceutical industry cover this. Does any of this qualify for a sliding scale? Copay cards? Etc? See the above. The $1200 is, hilariously, the sliding scale. It's difficult to explain my commitment to it. I've been on a lot of antidepressants and a couple of antipsychotics, and I've been in and out of therapy, occasionally mandated, as a result of some dark moments. These all have helped and hurt to differing degrees. I see my analyst three times a week. I think she is committed to my welfare in a way my psychiatrists and therapists hadn't really nailed down previously. So I'd like to see this thing through. But if the money noose tightens further I guess candles would logically be the first thing to go.
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Nov 15, 2023 02:08
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Hey at least it sounds like you're making progress and looking to improve, that positive mindset is super important for the next step
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Nov 15, 2023 02:12
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Vox Nihili posted:quick check: Dependent Care FSA is capped at $5,000 for a married couple with any number of children, correct? This is correct ($5,000 total between the two spouses) and it is pretty small but it beats $0
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Nov 15, 2023 02:28
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Doc Fission posted:
In my opinion the gimmicks like balance transfers and debt consolidation loans just tempt you to go deeper in debt. Just pay it off and build confidence from it. Edit: Sorry for this downer part. My sister is bi-polar and in the hospital for what I think it's the 6th or 7th time in the last 30 years. She's fortunate to have a long time boyfriend who has a good job because she would be homeless without him. Every time she gets out of the hospital they adjust her medication and then she's alright for a few months or even a few years. Then she tries to hold down a full time job, and the pressure of life puts her right back in the hospital. The point being that being bi-polar can be the struggle that never ever ends. I have no other good advice beyond this: if you have a relative you trust (and I mean really trust) you might want to make an arrangement where they can hold some money for you that is strictly reserved for true emergencies related to your mental illness. This is what my father does, and we have a trust setup that I will manage for her when he passes. daslog fucked around with this message at 02:50 on Nov 15, 2023 |
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Nov 15, 2023 02:34
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Also keep in mind balance transfers almost always have a fee. Something like 3% isn't uncommon, and these fees apply even if they give you a 0% APR for some period of time. I agree that those offers are basically tempting you to go deeper into debt. They want want you to think "OK, now this debt isnt a problem I have to think about for a while" when in reality you may find yourself even less able to pay it off when the deal expires and interest starts hitting. Executed perfectly, transferring balances around may help for a short period of time, but the bank wouldn't be making these offers if the numbers weren't to their advantage on net.
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Nov 15, 2023 02:49
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I have some money in a Vanguard (VSMGX) brokerage account that I wanted to liquidate and place into something else in Vanguard. The fund is over a year old, how do I calculate the taxes I would owe?
obi_ant fucked around with this message at 20:24 on Nov 16, 2023 |
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Nov 16, 2023 20:17
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