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I’m finally getting the chance to sign into a SIMPLE IRA and I’m not sure where to start, especially in this climate. The OP appears out of date- are there resources or recommended entities like Vanguard I should be looking at? A more recent summary?
Discendo Vox fucked around with this message at 00:28 on Oct 6, 2022 |
# ¿ Oct 5, 2022 22:54 |
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# ¿ May 3, 2024 19:57 |
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Loan Dusty Road posted:Are you locked into a custodian through your employer? I had a hell of a time figuring out SIMPLE IRA when my wife got her current job. It sounded like we could pick our own custodian but ultimately we went with who her work had setup because no one could figure out how to let us set up one else where. Despite everything else on their website, the following appears in the Vanguard traditional and Roth IRA custodial account agreement (and there's not some separate SIMPLE IRA contract or info anywhere, this is it): quote:SIMPLE contributions. No contributions will be accepted under a SIMPLE IRA plan established by any employer pursuant to Code section 408(p). Also, no transfer or rollover of funds attributable to contributions made by a particular employer under its SIMPLE IRA plan will be accepted from a SIMPLE IRA; that is, an IRA used in conjunction with a SIMPLE IRA plan, prior to the end of the two-year period beginning on the date the individual first participated in that employer’s SIMPLE IRA plan. 26 USC 408(p) is the SIMPLE IRA provision. By this language it appears that the account I'm 90% set up for won't actually accept contributions from my simple IRA. I'll call them in the morning, but this is very frustrating. Discendo Vox fucked around with this message at 02:17 on Oct 9, 2022 |
# ¿ Oct 9, 2022 01:53 |
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Leperflesh posted:I think that's because a SIMPLE IRA is neither a traditional nor a Roth IRA. However, it may be that Vanguard only hosts SIMPLE IRAs when the employer sets up and enrolls with them. You almost definitely need to get them on the phone. It's a non-designated plan and for various unpleasant reasons I know someone else was getting Vanguard SIMPLE distributions at some point, at least- it may be that a different contract applies, but if so I didn't get it and I'm concerned the site's sent me to the wrong account process. I look forward to finding out which it is!
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# ¿ Oct 9, 2022 02:19 |
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Discendo Vox posted:It's a non-designated plan and for various unpleasant reasons I know someone else was getting Vanguard SIMPLE distributions at some point, at least- it may be that a different contract applies, but if so I didn't get it and I'm concerned the site's sent me to the wrong account process. I look forward to finding out which it is! Just following up on this, Vanguard doesn't have an online process for getting SIMPLE distribution/contribution set up! My employer's going to have to log into the portal they already have for other employees getting contributions to Vanguard and add me to the plan, which will result in my getting the application from Vanguard. SIMPLE's a mess- and it looks like my participating in it may lock me out of or limit other retirement account options?
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# ¿ Oct 13, 2022 02:01 |
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Ye olde hodle The second best time is now Buffett’s hamburger buffet Report any unusual growths A subsidiary of the Vanguard Group Keep your interest piqued a package from the IRA Warhammer 401k Totally unsophisticated The 1 percent (interest) Some shrinkage is normal Sorry, that’s not nearly enough Discendo Vox fucked around with this message at 02:42 on Nov 18, 2022 |
# ¿ Nov 18, 2022 02:31 |
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KYOON GRIFFEY JR posted:Long Term Investing & Retirement: Learn how to time the market* Long Term Investing & Retirement: Pulling out just in time*
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# ¿ Nov 18, 2022 03:18 |
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How does one spend 30k annually on vacations? I'm trying to map out what that would even look like. Back of envelope that's multiple international trips a year, right? Or some sort of...oh. Is this cruises? Multiple luxury cruises a year?
Discendo Vox fucked around with this message at 22:22 on Dec 18, 2022 |
# ¿ Dec 18, 2022 22:19 |
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withak posted:One year gross income. Seems like a steep increase from 20%, but if that's what it takes to get delivery drivers a living wage...*reaches for wallet*
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# ¿ Dec 19, 2022 23:33 |
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surc posted:Tax form chat and IRS stories are both more interesting and informative to most people than vanguard's bad UI though so like don't let that stop it I don't understand how vanguard can be good at so much else and have such an unremittingly lovely website.
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# ¿ Jan 9, 2023 21:30 |
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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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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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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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What is an appropriate number of basis points for a wealth management firm?
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# ¿ Apr 2, 2023 05:19 |
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This is why I’m all in on bottlecap futures.
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# ¿ May 20, 2023 16:39 |
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smackfu posted:That seems like a waste of an audit? It is profoundly unlikely that was the actual or only basis for the audit, unless it was an automated mail one.
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# ¿ Jul 2, 2023 22:43 |
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DNK posted:It was an auto mail audit and that was the only reason for the audit. I, too, am taken aback by how utterly ridiculous it is ...which is why I went through the effort of digging through IRS 1040 filing guidance. Ah, well- just remember that IRS tech is so limited that the advanced software intended to make office audit documentation easier was built for windows 95 and will irretrievably crash if you use the clipboard functions.
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# ¿ Jul 3, 2023 01:05 |
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Without getting into specifics, my employer's matched policy is insufficient (though I've got it maxed) and I've currently just got checking and debit with BofA (and have generally had poor experiences with them) plus a Capital One credit card flowing from my BofA checking. I'd like to effectively bolster my longer-term savings while taking a minimal involvement, low risk approach (I don't have the time or holdings to make being more active worthwhile). I'm looking into changing up what bank I use and want to consider what my added options are. any recommendations? I was considering moving my checking to Ally and also getting some of their CDs.
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# ¿ Feb 1, 2024 08:17 |
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I apologize for being so vague, I have a significant degree of doxxing concern on SA at this point. I am maxing my employer's SIMPLE IRA in a Vanguard target retirement fund. The other aspects of the flowchart involving employer plans are thus not applicable, and I've covered everything up to that point; at this juncture I'm saving a significant percentage of my income (~30%) because I work very hard at spending next to nothing, but it's sitting in a BofA checking account because I have no time to identify somewhere else to put it. I've started having the income to be able to save only very recently, and the flat amount of saving and per-month saved income is still relatively low.
Discendo Vox fucked around with this message at 08:00 on Feb 2, 2024 |
# ¿ Feb 2, 2024 07:49 |
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Leperflesh posted:Despite the name, contributions to a SIMPLE IRA have no effect on your ability to contribute to a Roth or Traditional IRA. You can do both: Thanks, this is very helpful- I'd asked this exact exclusivity question last time I was here but didn't get a response. I need to examine the interaction of my SIMPLE and the traditional/Roth to evaluate the tax advantages; this may be complicated by the fact that I am currently making the most I am likely to ever make, and my SIMPLE contributions do affect traditional contribution deductability. Do you have any recommendations regarding placement for HYSA? CubicalSucrose posted:Follow the flowchart until you get to the end of the flowchart. In contrast, this is useless. I already read the flowchart, I said I read the flowchart, the flowchart did not and does not provide enough information or context to identify what I need to do or the potential mistake I was making which Leperflesh identified. Discendo Vox fucked around with this message at 08:15 on Feb 2, 2024 |
# ¿ Feb 2, 2024 08:13 |
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# ¿ May 3, 2024 19:57 |
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What is the procedure to rollover SIMPLE into IRA at vanguard?
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# ¿ Apr 18, 2024 04:35 |