- Can anyone provide reassurance for my mom this weekend? She's retired as of Friday and just opened mail claiming her Social Security will be half of what she was quoted multiple times.
- My parents do not have a retirement plan, and I want to fix that.
- Co-signer Having Bank Balance that Covers Entire Twelve Month Lease
- What to do after car accident?
- 2 month and 4 month baby vaccines with the same CPT codes hundreds of dollars price difference
- Aunt wants to give me $5000 to invest on her behalf, under my name.
- Being gifted $ from estranged family
- considering getting a balance transfer credit card. Hoping for advice on if i should do it or not. please read entire description.
- Can't pay rent, credit cards closed due to nonpayment, collections, lease ending, unstable work. How can I get back on track? What are my options? (Florida)
- Cash out on townhome or continue to rent?
- Sending stock certificate to company for them to sell and send a check...good idea?
- Pay Off Car or Keep Paying Monthly?
- I'm a single woman in my late thirties and I want to create a safety net for if I get seriously ill
- What is the best way to secure my bank accounts after they've been linked to external services?
- Never thought I would ever ask this question, or atleast the means to make it.
- Splitting rent among 5 people in a 2 bedroom
- Is the entire history of the S&P 500 relevant for projecting long-run returns?
- Pensions and rollover
- What banks/credit unions cash EE savings bonds?
- When I use my debit card at the grocery store, it says “FSA eligible.” What does that mean?
- Trust fund ideas
- Please critique my new budget after combining incomes with spouse. Feeling overwhelmed!
- Starting retirement planning at 50
- Unexplained ER bill on my credit report worth 1.5k. I haven't been to the doctor or ER in over 5 years.
| Posted: 30 May 2021 08:05 AM PDT So after a week of lovely send offs my mom was finally feeling good about her decision to retire. She had done her math and made multiple calls to all agencies involved and kept diligent notes. As an almost 70 year old woman she thought the quote provided by the SSA (multiple times) was something to count on. After coming in late last night from a family surprise party she opened her mail to SSA Retirements, Survivors, Disability "Important Information" sheet citing $1016.10/month. Multiple calls and emails to SSA had always quoted her $2092.10 (she had numbers to account for taxes, medicare, etc already included). Ya'll - she is panicked. I've been trying to assure her that a big difference like this means it's more likely a mistake (like some form they never processed) than her new reality. She's been in social work for the State of Iowa doing mandatory overtime (60+ hr weeks) since Covid hit. She was struggling to feel worthy and this form has brought up all her insecurities and fears about her continued independence. I know that we won't get any actual answers until Tuesday morning when she can make some calls, but is there anyone who has any guidance or familiarity with this process? I just don't want her crying all weekend :( Edit: welp this is my first post I've had trouble keeping up with but I wanted to thank everyone who's provided information or just good vibes. I'll update this after Tuesday but so far I've learned a LOT. For reference: she did log in to SSA.gov but after receiving spousal benefits it stopped being able to estimate her earnings (b/c to them, she was already earning). It also provided information closer to what she was quoted dependent on the exact age of retirement. Also, I think we've established the Windfall Elimination Provision, while tricky for those in certain government jobs, does not apply to her situation as IPERS is covered and she has paid into SS her whole career. If I didn't reply to your comment please know I owe all of you a cold beverage and appreciate your info! [link] [comments]  |
| My parents do not have a retirement plan, and I want to fix that. Posted: 30 May 2021 09:19 AM PDT Hi, I'm a highschool freshman and my parents are immigrants (naturalized citizenship). They run their own business but don't have a retirement plan. They took everything out of their 401k about 13 years ago to open the business. They haven't planned for retirement and are in their late 40s. I don't know what they can do, I suggested they save (about $250 each per month) but they say that probably won't be enough for retirement. They say they will get the retirement benefits from social security but I fear that won't be enough. I am interested in stocks and am thinking they should save and put about $250-500 (which they can do) into ETFs like VTI and VXUS every month until retirement. I'm not too sure what to do. Any advice or suggestions would be appreciated. [link] [comments]  |
| Co-signer Having Bank Balance that Covers Entire Twelve Month Lease Posted: 30 May 2021 08:43 AM PDT EDIT: wow, thank you everyone for your advice! I really appreciate it! I've decided to go ahead and ask my financial aid office for a letter verifying that I'm a med student and describing my financial circumstances for potential landlords. I've decided to move on from this listing due to this stipulation and a combination of other reasons. Again, thank you all so much! Hello! I'm looking to rent my first apartment for med school. I'm planning to pay rent with my loans and some parent contributions. I toured a place and they said because I didn't have any income, they required that I get a co-signer who has a bank balance that can cover the entire 12 month lease. I'm wondering if that's normal. I get that I need a co-signer but like them having a 12k+ bank balance which covers the entire 12 month lease seems a little odd. If there's a 12k monthly spending, the co-signer would need to make at least 144k a year. [link] [comments]  |
| What to do after car accident? Posted: 29 May 2021 11:02 PM PDT I was recently in a car accident where the other drive is at-fault. I am currently in the process of negotiating the fair market value of my car with my insurance. I have done the following things so far:
What other things do I need to do? I'm in the process of looking for a new used vehicle. I need to schedule a visit to my doctor to see if I have more serious injuries besides whiplash. This whole process has been very overwhelming for me. [link] [comments]  |
| 2 month and 4 month baby vaccines with the same CPT codes hundreds of dollars price difference Posted: 30 May 2021 04:48 PM PDT Just an FYI under my family's insurance office visits our 100% our responsibility. (Medical bill sharing group). At our two month well-baby visit for we had 3 vaccinations. Between the vaccines and administration it was just a couple hundred dollars. At four month well baby visit we again had 3 vaccinations but with the same CPT codes. The price difference is just over a grand. Administration was a was almost double the price as well. Both visits were at the same clinic with the same doctor. I've already reached out to customer service twice. They reach out the the billing/medical coders and they reach out to the nurse... And then the chain stops and we get no response. What else can I do to resolve this? There shouldn't be higher charges for the same vaccines as the dosage amount shouldn't differ. [link] [comments]  |
| Aunt wants to give me $5000 to invest on her behalf, under my name. Posted: 30 May 2021 11:11 AM PDT Hello, I'm located in California. My aunt gave me $5000 in CASH and wants me to invest it for her in stocks/crypto under my own brokerage accounts. Is there any issue with this? Will anyone ask me where I got the $5000 from? Can I just deposit it in my bank and then transfer it to my brokerage? [link] [comments]  |
| Being gifted $ from estranged family Posted: 30 May 2021 07:13 PM PDT Not sure if this is the place to ask, but here it goes: I have recently received a check for a large amount of $ from my estranged father, suddenly, out of nowhere. I haven't spoken to him in over 10 years. What's also off-putting is that the check is coming from his [owned] business, not directly from him. He's been a calculating and manipulative person in the past so I'm just a little paranoid about all of this. I'm not sure what to do next and I have a couple of questions hopefully someone can answer:
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| Posted: 30 May 2021 09:32 AM PDT Right now, i have a credit card that i owe $5,000 out of $13,000 on with an APR of 14.99%. It was alot higher but i have been very good in the past few months in paying most of it off and have been very good in managing my finances. I am trying to save money wherever i can, so this is why i am considering doing a balance transfer so that i am no longer paying interest. I have a credit score of 750 and i have 2 other credit cards that have no due balance on. the only one left is this card with $5,000 owed. Would it be a good choice to do a balance transfer with a new credit card? or should i just swallow the interest payments on the $5,000? [link] [comments]  |
| Posted: 30 May 2021 09:05 AM PDT Hello everyone, I'm posting on behalf of a close friend who's in quite the dire situation. She's been just trying to get by without facing the issues that have been piling up, and it finally got so bad she reached out to me for support. I'm glad she did. I didn't know how bad it was until yesterday, but I believe there is a way out. Here's the situation (keep in mind we're sitting at basically $0 in the bank account atm):
So that's where we're at. I'm providing advice and support, but I live across the country, so I can't help with the housing stuff. I also plan on talking with my company's employee assistance for some professional advice tomorrow when they open. Any ideas on first steps to take here? I know a job is a big first priority (serving or warehouse likely), but that's not going to pay her bills in a few days.
Any advice is well appreciated. I really don't want her to be homeless in 30 days. I know we can make it out of this situation, but we need a solid plan to execute. I'm now fully involved in her finances and she trusts me to help with the decision-making as we have a long-established friendship. Some of this is just a bit out of my wheelhouse as far as personal finance knowledge and government aid knowledge. <33 [link] [comments]  |
| Cash out on townhome or continue to rent? Posted: 30 May 2021 02:19 PM PDT tl;dr - Should we cash out on our townhouse or continue to rent it out? My parents purchased a townhouse in Northern Virginia in the early 2000s for $350K. We moved abroad later that decade and began renting it out (we continue to do so). They then purchased another home in 2016 (also Northern VA) that we live in right now. So we have 1 rental property and 1 'home'. Another townhome recently sold in our old neighborhood for $850K. The rental property brings in ~$25K/year after tax/expenses, but given the $$$ value another home in our neighborhood sold for, my dad is thinking of cashing out and selling our rental property. Unclear what the 'next step' would be with that money right now; whether to invest in the stock market or turn around and purchase another investment property in a better area in Northern VA (better access to leisure market, public transport, highways and offices). We have no outstanding debt other than the mortgage on the home we currently live in. My parents are ~6-10 years from retirement so the rental property could serve as a 'perpetuity' of sorts until or beyond their retirement date. Would it make sense to cash out on the townhouse while the market is hot and look for another investment opportunity (that could one day become my home for example; 26M) or should we continue to rent the townhouse out? Thanks! [link] [comments]  |
| Sending stock certificate to company for them to sell and send a check...good idea? Posted: 30 May 2021 09:14 AM PDT My grandmother has some stock, in the form of a certificate, of a local company she needs to sell in order to pay for a nursing home. I called the company's financial dept. and he said to send the stock cert with a letter requesting the sale and a signature from my grandmother and they sell once a week and then they would send a check to my grandmother. He mentioned getting insurance on the letter because if the mail loses it, it costs $1200 to replace the certificate. He also mentioned if she had a broker he could do it, but she doesn't. Does this sound ok to do? Or do I need a lawyer or something so we don't get f'd somehow? Thanks! One more thing, she has no income other that social security, how is that going to work with d Capital gains taxes? Do we need to set aside some of the money for that? [link] [comments]  |
| Pay Off Car or Keep Paying Monthly? Posted: 30 May 2021 08:49 AM PDT Hey r/PersonalFinance, So about a month ago I made the smart decision to trade my $1300/mo BMW car payment down to a $300/mo payment on a Honda. I had about $15k in equity on the BMW which I took in a check vs putting it toward the Honda. I currently owe about $17k on the Honda @ 1.9% for 60mo. Should I just pay the car off or keep paying the loan since the interest rate is so low? Some stats:
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| I'm a single woman in my late thirties and I want to create a safety net for if I get seriously ill Posted: 30 May 2021 07:50 PM PDT I just broke up with a boyfriend of a few years and it got me thinking that I want to make sure that I have security for if I were to get seriously ill. My mom was diagnosed with stage 4 breast cancer when she was 48 and my dad died of cancer at 64. I don't have my financial house perfectly in order and am not the most financially savvy person so please be somewhat gentle with me -- I'm trying my best. I'm a school teacher and I have a pension that will cover about two thirds of my salary once I turn sixty years old. I put $300 per month into a Roth which has $5,500 in it. I have ten thousand dollars in emergency savings. I got disability insurance though I can't figure out how much I got (oops). The state has some automatic disability coverage for teachers, but it looks like it maxes out pretty quickly. I have cancer insurance with various benefits and for some reason I bought a whole life insurance policy through my work with a value of $10,000 a couple of years ago. I rent my home. I have the higher coverage version of my health insurance policy. The main thing I want is to have the security of knowing I some means of preserving my quality of life if I were to get very ill. Like if I got cancer, I would to be able to continue staying in my home and have the financial means to have someone help me come walk my dog or nursing care instead of having to go into a nursing home if I got very sick. I would want security against the reduction in income due to illness and medical expenses. What would be the best way for a single person to build a safety net for this kind of situation? I wondered about getting a term life insurance rider on my life insurance policy for a much higher to take out in the event of a serious illness before retirement or putting more money in my Roth or more disability insurance. The cancer insurance also has an optional rider where you can get a large benefit if you are diagnosed. What are the best ways for a youngish (nearing middle age ish) single person to build a safety net to be able to support yourself in the event of the unexpected. I feel very secure in terms of employment but maybe less so in terms of unexpected life events. [link] [comments]  |
| What is the best way to secure my bank accounts after they've been linked to external services? Posted: 30 May 2021 09:31 AM PDT I would like to preface this by saying I haven't had any sort of fraud happen yet, but a friend of mine has and I would like to prevent it from happening to me. Please let me know if there's a better sub to be posting this in, sorry for the long post. I'm 27, and have had a Checking and Savings account with my current bank since I was 16. Throughout the years I've linked that account to various external services such as Robhinhood, Venmo, CashApp, Coinbase, etc. I don't currently use any of these services anymore except Venmo (unwillingly, mostly because thats what my friends use...) Over the last few weeks I've removed my accounts from those services (except CashApp, because I can't access my old account) and 'deleted' it from Plaid. I've also opened a Discover checking account for the sole purpose of connecting it to Venmo and any other service that might come up in the future. I only leave about $100 in there in case something did happen. I usually have about $2,000 in my checking account, and keep $15,000 in my savings for emergencies. Everything else goes to my brokerage accounts and all my spending is put on my credit cards (except bills that must be connected to a checking account) that are also from my main bank. The thing I'm worried about is all the external services that I've connected my bank accounts to in the past. If one of those was ever compromised, I could lose a lot of money. I've done my best to remove everything I've ever connected them to, but I'm not sure what I could be forgetting. Plaid only looks up your information based on your phone number. I'm sure I've used other accounts (such as Mint) in the past that didn't have my phone number, but had an old email - is there any way to lookup this information? I also changed my phone number 3-4 years ago, so who knows whats connected with that. I couldn't find it on Plaid's site. Not to mention anything I've connected to that doesn't use Plaid. My questions are: - as far as Plaid goes, they only say I was connected to 3 accounts using their service. The thing I don't like about Plaid is they seem to stay connected even if you change your username/password. So I could change my username/password, or even open new checking/savings accounts to get new account numbers. But they would get all my new information. It seems like I would have to completely close and reopen all of my accounts and create a new online ID to completely disconnect from Plaid. Is that really my only option? They also get full access to all your accounts when you connect through them, not just your checking. I don't want to close all my accounts because that would mean closing my credit cards as well and they're my oldest credit accounts. Any ideas what to do there? I like my bank so I dont want to move to another one... - are there any other services similar to Plaid that I should check? - how concerned should I be about CashApp? I cannot access this account, I have been in contact with support trying to access it but they are very slow and it doesn't seem to be going anywhere. I'm not sure if I used Plaid to connect to my bank or just my debit card. Its been a long time. But this is exactly the concern - even if I change all my bank info, CashApp will still get my updated banking information from Plaid. and then if that account was ever compromised I could lose everything in my checking (and potentially my savings?). What else has Plaid connected to that isn't registered under my phone number that would get all my new information? I use strong, unique passwords for all my important accounts now, but can't say I always did in the past. - if my checking/savings accounts were compromised, how screwed would I be? My friend lost over $500, and while this wouldn't be life or death if that happened to me, I would certainly like to avoid it. My savings account is connected to my checking so if I lost all of that, well the thought of that is what's stressing me out so much. It seems like when this happens banks just shrug their shoulders and can't get the money back. - is there anything else I can do to minimize my risk? - I feel like I'm totally stressing out about making sure my bank is only connected to what is absolutely necessary, but maybe I'm being too paranoid... I work with fintech software myself so I know more often that not, nothing is ever truly deleted. Maybe you guys can put my mind at ease... Thanks for any advice [link] [comments]  |
| Never thought I would ever ask this question, or atleast the means to make it. Posted: 30 May 2021 07:39 PM PDT My wife and I have a hard question. Before I ask it I would like to give some background on it. We have a near 2 year old Home worth 250k owe 100k on it Savings of 18k Student loan debt or 84k I'm recebtly unemployed doing side jobs and she works 20 ish hrs a week and somehow we pulled 35k a year My question is should we sell our house, erase all our debt (including school) and use or 40-60k to buy a new place, or pay off our school debt. Our house is at a 3.75% apr while our school veries from 6.8 to 5.64%. We have actually gone backwards in our school debt. 10 years ago it was at 75 ish k, but neither one of us work in our field of study and who knows when that will happen. Our home has skyrocketed in the market by 120% in the last 5 years, in a hot market that everyone keeps moving into, and the market predicts it won't slow till 2035 ish. We have the chance to wipe out all out debt and start fresh, or we pay off that debt. We don't really know what to do. P.s. we married young (18) from poor families and have never had anything given to us. With our school loans even if we paid it off in 10 years with interest we are looking at almost $900 a month, our mortgage after our refinance in November is 550 a month. (For 30 years) I dont want to move into a trailer park, but will for the sake of my family. I never really learned about money and have been learning about the apr over snowball. We snowballed as kids, our only debt now is school and home. I won't to be able to afford everything for my daughter. I worked 2 to 3 jobs in the past to get by, and so did my father. I dont want to have to again, because I want to be there for my kids. What is your advice? Pay off Apr debt, the home, or sell it to pay everything off and reset? [link] [comments]  |
| Splitting rent among 5 people in a 2 bedroom Posted: 30 May 2021 03:34 PM PDT Hello! I'm an incoming college freshman who's looked for a while to find the best deal for an apartment (proximity to campus + low price). The best deal my roommates and I have found is a 2 bed x 2 bath for 2200 a 3 minute drive away. Master Bedroom: 12x12, private bath, and walk in closet - 3 people would be living in this room Normal Bedroom: 11x11, no private bathroom attached but the other bathroom will be theirs so its still a win, has a closet, 2 people would be in this room. overall, how do you think the rent should be split between the 3 who live in the masters verses 2 in the normal? EDIT: some people have concerns that this living arrangement may not be legal. California law allows 2 people per bedroom + an extra tenant. Management was also okay with us having 5 people :) Yes it may be cramped, but student housing is extremely expensive and many of us will be out of the apartment most of the day [link] [comments]  |
| Is the entire history of the S&P 500 relevant for projecting long-run returns? Posted: 30 May 2021 08:45 AM PDT We often quote some long-term return on equities when making personal finance decisions with what to do with our money. Something like 7-10% returns annually. This reference is common when deciding to pay down debt, how to allocate, etc. I love linking this article which talks about minimum / maximum returns for different asset classes from 1973 - 2016. TLDR: While in the short term, the S&P500 can be wildly unpredictable from -50% to +60%, over a 20 year period, that annualized rate is between 6 and 18%. Pretty confidence-boosting to allocate to equities if you're young and have a long time horizon. That being said, I crunched the numbers myself over a longer period of data from 1927 - 2021, and I found that this minimum of 6.4% isn't the case for that period. The 20 years following the great depression had an annualized return of -3.6%. The 20 year period ending in March 2020 also had dismally low returns of 2.76% per year (bottom of Covid-19 drop). I'm wondering, how robust is it for us to extrapolate long-run rates of return from historical data? How far back should we be looking? Should we be looking all the way to 1927? Or are there shifts in how the markets work that make some historical periods less relevant? Are high P/E multiples and 12% returns the norm? [link] [comments]  |
| Posted: 30 May 2021 07:00 PM PDT I am currently enrolled in state pensions and I have to be there for 10 years to be completely vested. However I have only been there for 3 years now. I have been looking at other jobs and if I would leave what would the options be to move my pension besides rollover. Can I just take it in a lump sum and pay tax? If so, what would the tax rate be? Or is it easier to roll it over and then take it out after that? The reason I ask is because I have a bunch of debt and if i would leave I would be able to get a payment of my 457b and my personal Time that i have accrued. I would be pretty much be debt free with the pension. What would be the best thing to do? [link] [comments]  |
| What banks/credit unions cash EE savings bonds? Posted: 30 May 2021 06:19 PM PDT I have a few bonds id like to cash from like 25 years ago now and both banks im with (Citizens Bank and Small Local Bank) don't accept them anymore. Has anyone recently (since covid) been able to deposit their EE bonds in person at a bank or credit union? If so which institutions? I'm not too fond of mailing them across the country for redemption haha! Any info is appreciated. Cheers! [link] [comments]  |
| When I use my debit card at the grocery store, it says “FSA eligible.” What does that mean? Posted: 30 May 2021 08:03 AM PDT My bank is a university credit union. The checkout machine will sometimes show a button before I confirm the amount about paying with FSA. I searched this term online and it's either Federal Student Aid (which I've never signed up for any financial aid) or Flexible Spending Account (I'm also not aware if this is a thing I have). Is this covering a part of my grocery bill? I'm curious if there's some sort of catch like having to pay it off later. [link] [comments]  |
| Posted: 30 May 2021 06:03 PM PDT Is there a way that I could put 100k is a trust. Only thing is, I would like to only make a percentage of the funds available in say four payments. I would like to pay out at ages 18, 21, 25, and 30. Not sure who to talk to about this request. The person is 6 years old right now and I would like to make as much as possible before they had access to everything [link] [comments]  |
| Please critique my new budget after combining incomes with spouse. Feeling overwhelmed! Posted: 30 May 2021 03:22 PM PDT Both in late 20s. Debt: $83k in federal student loans but we have enough in savings to pay that off once pause in student loan payments ends in September. We also have three mortgages (~$850k total for our primary residence and two rental properties). My investments: None Spouse's investments: $15k in 401k Savings: $83k in high interest savings account reserved for student loans Emergency fund: $3k Monthly income post tax: Me: $5000 Spouse: $3700 Rental income property #1: $1750 Rental income property #2: $1800 Total monthly income: $12,250 Expenses: Mortgage for current house: $1740 Mortgage for property #1: $1265 Mortgage for property #2: $1400 Water: $75 Gas: $100 Electricity: $100 Internet: $70 Trash: $20 Cell phones: $150 Car insurance: $150 Groceries and eating out: $450 Gas: $150 Pet: $60 Physical therapy: $180 Subscriptions: $40 Total expenses: ~$6,000 =Left over: $6,250/month Priorities:
Anything else we should be doing or not be doing? Thanks for those that actually read this whole post, it is quite long! Thanks for any advice. [link] [comments]  |
| Starting retirement planning at 50 Posted: 30 May 2021 12:01 PM PDT My parents are 50 and are just now getting started for their retirement. They have a whole life insurance plan with New York life that they're almost done with (I'm reading that this isn't the best thing but they're already deep into it so..) they are self employed so I'm not sure what their retirement savings options are. They are trying to open a traditional IRA with NYL. Is this the best company to go with? are there other steps for saving they should utilize first? Please help [link] [comments]  |
| Posted: 29 May 2021 07:50 PM PDT I was checking my credit because Ive been using Chimes credit program and I was curious. I checked once like 4 years ago and it was crazy low thanks to an unpaid surgery. When I logged in today I have a charge opened in April of 2020. I know I have a charge from back from 2014 to an ER but I don't see it now. I'm really new to this and I'm trying to fix my situation so should I dispute it? Would it be from the hospital visit in 2014? I haven't visited the doctor since then so I'm baffled. Any advice is helpful thank you. Edit: thank you everyone for the advice! I'm going to go ahead and send a Debt Verification letter and try to dispute the charges. I feel like I have a much better general understanding of what is happening to me and it's put my mind more at ease. I'll hopefully make a triumph post sometime soon! [link] [comments]  |
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