Personal Finance Am I completely screwed for retirement? |
- Am I completely screwed for retirement?
- My dad died, looking for advice please
- Newly Married: Husband Wants To Share Single Account
- Should I start contributing to a Roth 401K instead of a regular 401K!?
- Set the wrong Target Date fund in my 401(k), does it need to be fixed?
- Leaving job, employer wants me to write check to pay back Employer contribution portion of my HSA
- Did I lose my AMAT stock ?
- House for sale, hit by Hurricane Ida
- House Inheritance
- Help! Disappearing 401K
- Is it normal to get flooded with marketing materials from lenders when you’re going through a refinance or has my personal info been compromised?
- What are some good free websites to track your portfolio?
- Hospital Bills sent to Debt Collectors
- $50,000 in medical debt and freaking out.
- Should I keep a Whole Life policy that I've had since I was born?
- Eliminating debt in approx. 5 months. Paying off 1 year's worth of rent.
- Over contributed to 401k
- IRS owes me money, but can't get ahold of them
- Backdoor Roth same year as when I rolled my rollover IRA into 401k?
- Alternative Housing Options
- Second Credit Card
- Want to save for a wedding in a year and 9 months, what is my best option to do so?
- A pre approved unsolicited loan check was sent to me, it never made it to my mailbox.
| Am I completely screwed for retirement? Posted: 01 Sep 2021 03:34 PM PDT I'm 35, I'm salaried at $54,000 and I have 11K in my Roth IRA contributing 6% every paycheck with my employer matching that amount. I get a 2.5% raise every year. I have a 7 year old daughter who I claim as a dependent but claim no dependents throughout the year to increase my tax return. I got started saving for retirement later in life after a failed marriage and being saddled with about 25K in credit card debt and another 3K in miscellaneous debt after my divorce. My friends say it's a decent start but I feel like just contributing the 6% every paycheck isnt really cutting it. I feel like by the time I'm retirement age there wont be all that much there to supplement my income. How should I be better saving for retirement? [link] [comments]  |
| My dad died, looking for advice please Posted: 01 Sep 2021 08:16 PM PDT I'm still young, and spent a lot of my time playing video games and hanging with friends all while believing I still had plenty of time with my father and grow. He was a family man who was happy to be there for us. My father was a private man about money, he was carefree about expenses, never liked to discuss any sort of plan of "what comes after". Does anyone have any tips to help them stay organized? Thank you for taking the time to read this. [link] [comments]  |
| Newly Married: Husband Wants To Share Single Account Posted: 01 Sep 2021 01:58 PM PDT Hello! I'm newly married, and my husband and I are in the middle of combining our finances. We've each owned our own credit card with the same company, but he wants me to close my account down and be a joint/authorized user on his account (or vice versa, he doesn't care which). I'm scared to close my account because I don't want it to lower my credit score, and I don't want the same for him. The both of us have high credit scores that I want to keep safe. I've also mentioned to him that having more than one account might be good in case of an emergency where we might have a big emergency expense like one of our animals needing surgery or something similar. (Actually recently took my cat to the emergency vet, but it didn't cost anything bad when it very much could have.) I'm just wondering if anyone knows if it actually lowers your credit card bad by closing an account or not? And any other positive advice is welcomed. T.I.A. [link] [comments]  |
| Should I start contributing to a Roth 401K instead of a regular 401K!? Posted: 01 Sep 2021 07:02 PM PDT I have a regular 401K with my company. For some reason I just looked into it more closely and realized that I can also contribute to a Roth 401K. I am only hoping for my salary to increase with time as I age and move companies. That said wouldn't it be more beneficial to switch my contributions to a Roth 401K now as presumably my tax bracket will be higher when I retire? Or should I just keep contributing to my regular 401K Bonus question what the hell would I do with my regular 401K money then? Could it be taxed and rolled into my Roth? I'm 34 years old by the way. [link] [comments]  |
| Set the wrong Target Date fund in my 401(k), does it need to be fixed? Posted: 01 Sep 2021 09:53 AM PDT So I finally got my investments to collectively exceed $100k (hooray!) and I decided it'd be a good idea to review my setup and see if any tweaks we're needed. I ended up finding that my 401(k) Target Date was set wrong and has a targeted retirement date of 70 vs 60! Is this bad and would there be any downside of changing the current and future investments to be a Target Date fund targeting a 60 year old retirement date? Or am I totally fine to leave it as is? [link] [comments]  |
| Leaving job, employer wants me to write check to pay back Employer contribution portion of my HSA Posted: 01 Sep 2021 04:23 PM PDT I am leaving my current position soon and my employer contributes to my HSA every quarter. They have already paid for this quarter and now want me to write them a personal check to reimburse them for the remaining portion of the quarter. I don't mind them getting what's owed but I don't want pay post tax dollars to make up the difference. It also seem a bit sketchy writing a personal check when I feel they should be able solve this on their side. Will this become a big tax headache to deal with as well? What is the best way to deal with with? [link] [comments]  |
| Posted: 01 Sep 2021 07:58 AM PDT I bought 20 shares of AMAT about 25 years ago. It was really cheap and giving about $2 dividends. I knew I was going to hold it long term so I got the stock certificates and put them away and forgot about it. Recently I see the stock price is up and wanted to follow up. My stock was given to the State of California as unclaimed property. So I filed to get it back. California sent me a check for $400 .... Is that it? have I lost my stock? I still have the certificates. Doesn't that mean anything? [link] [comments]  |
| House for sale, hit by Hurricane Ida Posted: 01 Sep 2021 08:28 PM PDT I'm emotional, please bear with me if I rant…. I have a home for sale currently and I've dealt with 2 prior contracts that fell through. I was feeling as though my house would never sell. But a buyer came around and as of 2 weeks ago, had a closing date of the beginning of October. And just 3 days ago on Sunday, the home was hit by a category 4 hurricane. I am not living in the home. It's for sale and everything was moved out (this turned out to be such an important thing). I was told by a friend it could be a problem with my homeowners insurance that nothing is in the house. They could consider it "not my primary residence" and void the policy. There is minor roof damage. The roof is still there, thankfully, most were not so lucky, but about 10% of shingles are missing and there are leaks in 2 bedrooms likely from tears in the tar paper. So water damage as well. For a devastating cat 4 storm with 150 mph winds, this is the only damage. I am so thankful. But my agent reached out and asked if I checked the home for damage and told her the damage found. She said, honestly she doesn't think the sale may proceed. I'm heartbroken and just defeated in so many ways. I have to file this with my homeowners insurance (never done this before). What should I make sure I do before I file the claim online? I want to make sure I don't make mistakes. I've never done this before and I am overwhelmed. My policy has a 2% / $2,440 "named storm" deductible. [link] [comments]  |
| Posted: 01 Sep 2021 06:35 PM PDT OK - hang with me here. I've recently inherited a paid off house that was my grandparents. I am an only child. Here are my options as far as I can tell: I can A. Sell it 'as is' and probably make about $100K B. Do some improvements and make about $150K (not super easy because I live in a different state) C. Make it livable and sell it to my Mom (she is currently looking to buy and has expressed interest and I would re-inherit it when she passes) or D. Make it livable and rent it to my Mom. Are there scenarios I haven't considered? What would you do? [link] [comments]  |
| Posted: 01 Sep 2021 02:46 PM PDT I worked at a small business (3-4 employees under the owner. And this small business is owned by a larger company) in Texas from the years 2016 to 2019. It was an hourly position with benefits, and through a non-cash match 401K program managed by Wells Fargo, I saved around $8000 dollars in my retirement account. I got a new job in Virginia in Spring 2019 and after maintaining the account for over a year, I checked my balance and saw that it was empty in December 2020. Yes, I know I should have initiated a transfer earlier, but life got in the way…after talking with my previous employer's HR I was told that they were switching 401K handlers (from Wells Fargo to TransAmerica) and that I'd be able to see the funds in my new account around mid-January 2021 after a short "blackout period". Once January came along I checked and saw only half my money was transferred to the new TransAmerica account (around $4000), with the other half unaccounted for (Wells Fargo 401K account no longer exists). Over the past year I've been in contact with my old employer, Wells Fargo, and Transamerica regarding this issue. I've been ping-ponged back and forth with no one claiming responsibility (naturally) or being able to explain what happened. I suppose I'm writing to ask if anyone here on r/PersonalFinance has been in a similar situation, or has any idea of what could have happened? Is there some way of investigating this that I should take up? Any advice would be appreciated. Thank you. [link] [comments]  |
| Posted: 01 Sep 2021 06:25 PM PDT I am in the process of refinancing my mortgage (it's been about 2 weeks since I started the process, just finished underwriting and closing disclosure docs are being prepared) and almost immediately after I submitted my application with my lender, I have been flooded with refinance offers in the mail (and by phone) from various lenders saying they can give me a better deal. How do all these lenders know I'm currently refinancing? Did my current lender expose my application info and what sort of data do all these other lenders have/know to be contacting me left and right as I'm in the middle of this refinance? [link] [comments]  |
| What are some good free websites to track your portfolio? Posted: 01 Sep 2021 01:24 PM PDT I've created a 401k, roth ira and normal ira as portfolios in finance.yahoo.com, and it tells me daily P&L, but not much else. There's a small graph comparing each of them to S&P500, however I'd like more detailed data, and more graphs, maybe comparison of my portfolio to one another as benchmarks, anything interesting. [link] [comments]  |
| Hospital Bills sent to Debt Collectors Posted: 01 Sep 2021 03:34 PM PDT Back in 2019 I went to the hospital for an attempted suicide. I was in the emergency room overnight then sent to a mental hospital for 5 days. When I left, I was sent a medical bill for $12,000. I am a 21 year old female working full time for like $30,000 a year. Almost all of my paychecks already go to bills. My insurance paid nothing. Every time I called and asked why they hadn't paid, they said the needed to know if I had any other insurance, which I would tell them no, and they would re-process the claim. But the next month I would get the same bill and a call from the hospital telling me insurance has again not paid. Now I got a letter saying my bill has gone to debt collectors. At one point I had asked the hospital about a payment plan because I was scared of this happening, and they said it wouldn't be a good idea because they would want as much money as fast as possible. I don't know what to do. I can't afford $12,000. I can't even begin to fathom that much money. I don't really know much about Adulting yet either but given I barely have any credit to begin with I know this can't be good. Any advice appreciated. [link] [comments]  |
| $50,000 in medical debt and freaking out. Posted: 01 Sep 2021 07:18 AM PDT In February of 2020, I was hospitalized for having a miscarriage and ended up having to have emergency surgery. Due to the pandemic I ended up losing my job and my health insurance along with it about a month prior to the hospitalization. I thought I had filled out and submitted the financial aid packet the hospital gave me, but I guess I never submitted the paperwork and now the hospital has sent my unpaid bill to a collection agency that it's partnered with. I'm really scrambling here, because at 22 I'm $50,000 in debt and unsure of how to even begin paying it off. This was one of the most traumatic events of my life and it's really overwhelming to think that I'm going to be stuck dealing with it for the foreseeable future. Any and all advice would be helpful. My family isn't the best with money and have only been telling me not to worry about it, but the debt was recently added to my credit report and it completely ruined it. The collection agency told me that I'm too late for any financial help from the hospital and that my only option is to pay it off out-of-pocket. Should I take out a loan to pay the bill off completely or should I just set up a payment plan? [link] [comments]  |
| Should I keep a Whole Life policy that I've had since I was born? Posted: 01 Sep 2021 11:16 AM PDT My grandad opened a whole life policy for me as a baby, total assets are around $5k, death benefit about $22K. It only costs about $8 per month. It's growing at a very slow rate, I don't need the money and the death benefit isn't enough to make any difference for my wife. Any point to me keeping this policy or should I just cash it out and go put it in an index fund with much better returns. [link] [comments]  |
| Eliminating debt in approx. 5 months. Paying off 1 year's worth of rent. Posted: 01 Sep 2021 11:31 AM PDT 26 years old I eliminated all debt this year except for rent. A year's worth of rent is $7800. Landlord's a cool guy. His tenant has lived there for a year and we're all on good terms. I plan on paying off a year's worth of rent or at least keeping that money saved in an emergency savings account my bank is offering with a 2% interest rate along with the $200 a month I started automatically depositing on my savings account. With that covered instead of pocketing $1500 a month because of rent and other necessary expenses (food, etc.) I can keep $2400 a month in income which would be approx. $20,000 a year in my pocket. Once I have the rent covered what should I do next? Should I start investing? I'm not sure what to do next after building up emergency savings and paying off all debt. [link] [comments]  |
| Posted: 01 Sep 2021 07:02 PM PDT My employer contributes 3% if I contribute 6% to 401k. In the beginning of the year, I contributed more and I crossed 401k yearly contribution limit. Because of this, I can no longer contribute to 401k and I am losing my employer's contribution as well. Is there any way not to lose my employer's contribution? [link] [comments]  |
| IRS owes me money, but can't get ahold of them Posted: 01 Sep 2021 12:00 PM PDT I received a letter from the IRS saying they owe me $1,200, they apparently sent a check, but it must have went to my old address and apparently expired. So, the letter states to call the number to send out another one. Everytime I call this damn number I get through all the robots, just for the last one to say "there's extremely high volume of calls, so we cannot answer your request at this time" then it hangs up. The letter doesn't say anything else about how to get ahold of them to send the check.... so frustrating considering I've tried this basically everyday for 2 weeks. Please help! [link] [comments]  |
| Backdoor Roth same year as when I rolled my rollover IRA into 401k? Posted: 01 Sep 2021 04:45 PM PDT Hi everyone, I had a traditional rollover IRA in an account that I just rolled over to my current employer's 401k so I can do the Roth backdoor. My question is am I allowed to do the Roth backdoor this year or do I need to wait until next year to do it since I had the traditional rollover IRA account for part of this year? I'm pretty sure I can just do it now, but wanted to check in case I was missing something. Thanks! [link] [comments]  |
| Posted: 01 Sep 2021 08:05 PM PDT TL;DR - Where can someone live besides an apartment or house? . I'm currently renting out a 2B2B apartment in Northern Denver for $1997. I checked out my apartment complex website and the exact same unit is currently going for $2995. My lease doesn't end until March, but I must admit that I am absolutely terrified of what my renewal rate could end up being. What can I do in these next few months to be prepared for the worst? . Current Finances Net income is about 5200/month All bills (including food) are about 3000/month Have 6 month Emergency savings and no Debt . I'm thinking I need to save up more money, but I'm not sure why? I won't have enough for a down payment for a house anywhere near my area in time, so what else can I do? Are co-ops a thing still? Should I try to do vanlife? I'd be fine with downsizing, but right now 1B1B are going for only a few hundred cheaper than my current rate. How screwed am I potentially? [link] [comments]  |
| Posted: 01 Sep 2021 08:00 PM PDT Hello people of Reddit, I have just recently turned 18, and I am just getting into credit cards. I opened a Discover it credit card last month, and am keeping it at a low ~10% utilization rate. My credit score is currently 680. Does anyone have recommendations for my second credit card? How long should I wait to apply? I don't want to get rejected. [link] [comments]  |
| Want to save for a wedding in a year and 9 months, what is my best option to do so? Posted: 01 Sep 2021 07:52 PM PDT My fiancée and I want to start putting away money into a place where we can track how much we've saved as we get towards our wedding. I know I have lots of options for products but want to know what is best. We have about a year and 9 months until the date. Right now we are still in school and won't be able to contribute a ton, roughly $100 a month between the both of us. However in a year I'll have a full time job and my fiancée hope to have one as well. At that point we'd be able to up our savings contributions more, not sure to what amount, but more than $100 that's for sure. A rough estimate of where we'd like to end up would be $3,000 - $5,000 (haven't done any planning or budgeting for the event yet so just a guess) One vehicle I've looked at to save is my credit union checking account, because it pays up to 3% APR. However I need a minimum of 10 posted debit or credit card transactions monthly, along with at least one direct deposit a month. I don't like the transactions requirement, but it's a good rate. And I can direct deposit there. The CD's I've seen aren't too bad compared to traditional savings accounts, paying between 0.5% and 0.7% for roughly 2 years. But those rates aren't great when I could get 3% potentially. The same goes for HYSA's, similar rates as the CD's. But both those options I don't have to worry about requirements. I'm assuming money market funds are along the same rates as CD's and HYSA's as well. I briefly thought about index/mutual funds or ETF's but those are just a touch risky within a 2 year timeframe. Are there options I'm not considering? Should I make it work with my credit union checking account? I'd love to hear any feedback! [link] [comments]  |
| A pre approved unsolicited loan check was sent to me, it never made it to my mailbox. Posted: 01 Sep 2021 07:49 PM PDT My brother gets email notifications for his mail. I used to live with him, and apparently a local lending company sent me a a pre approved loan check from them. They put that there was a check in the envelope, on the envelope. He went to check the mail and it never made it to his mailbox. What can I do about this? Presumably they have my information on the check and everything, if someone signs that and cashes it, am I culpable? If this could leave me on the hook, what steps can I do to fix this? [link] [comments]  |
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