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Investing HSA Contributions

I have a decent amount of money in an HSA with Elfcu. They are going to start implementing a $3/month fee if I don't have at least $2,500 in my HSA savings account (non-investment portion). The savings account has a 1.00% APY. Would you recommend putting $2,500 in the account to get a guaranteed 2.4...
by bmay
Tue May 27, 2014 9:42 pm
 
Forum: Investing - Help with Personal Investments
Topic: Investing HSA Contributions
Replies: 6
Views: 537

Petitioning for New 401(k) Provider

My company's 401(k) provider is ADP. I recently talked to our CFO about our 401(k) options and how all of the funds have ER's greater than 0.70%. The average ER is probably around 1%. He said he was unhappy with the fees and we tried to find other funds that ADP said were "available" to ad...
by bmay
Fri May 16, 2014 11:04 am
 
Forum: Investing - Help with Personal Investments
Topic: Petitioning for New 401(k) Provider
Replies: 3
Views: 317

Re: Experiences with Eli Lilly Credit Union for HSA?

Got this response from Elfcu when asking why only wire transfer is available:

"At this time we do not offer the initiation of ACH to TDA because TDA Ameritrade only accepts funds from us via wire transfer."
by bmay
Fri Apr 25, 2014 2:19 pm
 
Forum: Investing - Help with Personal Investments
Topic: Experiences with Eli Lilly Credit Union for HSA?
Replies: 69
Views: 13790

Re: Experiences with Eli Lilly Credit Union for HSA?

Sent this email after hearing about their new HSA wire transfer fee: I have been contributing to my HSA account with Elfcu for a few months and saw today that you are now charging $24 per wire transfer to TD Ameritrade for their investment program. I am a bit frustrated to see this fee pop up out of...
by bmay
Mon Apr 21, 2014 10:19 am
 
Forum: Investing - Help with Personal Investments
Topic: Experiences with Eli Lilly Credit Union for HSA?
Replies: 69
Views: 13790

Re: Experiences with Eli Lilly Credit Union for HSA?

tfb wrote:I'm going to write to them and ask them to consider doing the transfers by ACH.


Who would you write to in this situation?
by bmay
Fri Apr 18, 2014 12:11 pm
 
Forum: Investing - Help with Personal Investments
Topic: Experiences with Eli Lilly Credit Union for HSA?
Replies: 69
Views: 13790

Re: Experiences with Eli Lilly Credit Union for HSA?

This is ludicrous. I'm strongly considering closing my account.

Is there a balance at which all fees are waived for HSA Bank/HSA Administrators?
by bmay
Fri Apr 18, 2014 11:55 am
 
Forum: Investing - Help with Personal Investments
Topic: Experiences with Eli Lilly Credit Union for HSA?
Replies: 69
Views: 13790

Deciding on a new HDHP

My current health plan is about to end and I need to enroll in a new HDHP. There are 5 possible plans I'm thinking of choosing. How do you generally decide on something like this? My medical expenses last year probably ranged from $750-1500 (although I would need to go back to confirm those numbers ...
by bmay
Wed Apr 16, 2014 12:30 pm
 
Forum: Personal Finance (Not Investing)
Topic: Deciding on a new HDHP
Replies: 3
Views: 379

Re: Tax Withholding with After-Tax Adjustments to Income

I am independently investing in an HSA (my company does not have a HDHP or HSA ) with after-tax contributions. ... Really? Or was that a typo? If you don't have a High Deductible Health Plan you aren't eligible to contribute to an HSA this year. Health insurers are required to send the IRS a list o...
by bmay
Wed Apr 16, 2014 11:33 am
 
Forum: Personal Finance (Not Investing)
Topic: Tax Withholding with After-Tax Adjustments to Income
Replies: 6
Views: 368

Re: Tax Withholding with After-Tax Adjustments to Income

Have you tried the IRS withholding calculator? http://apps.irs.gov/app/withholdingcalculator/ Yeah, I guess I've been more confident in increasing my federal withholding because of the decent online calculators. However, my state doesn't seem to have the same tools available. For instance, all the ...
by bmay
Tue Apr 15, 2014 9:45 pm
 
Forum: Personal Finance (Not Investing)
Topic: Tax Withholding with After-Tax Adjustments to Income
Replies: 6
Views: 368

Re: Tax Withholding with After-Tax Adjustments to Income

Have you tried the IRS withholding calculator? http://apps.irs.gov/app/withholdingcalculator/ Yeah, I guess I've been more confident in increasing my federal withholding because of the decent online calculators. However, my state doesn't seem to have the same tools available. For instance, all the ...
by bmay
Tue Apr 15, 2014 9:09 pm
 
Forum: Personal Finance (Not Investing)
Topic: Tax Withholding with After-Tax Adjustments to Income
Replies: 6
Views: 368

Tax Withholding with After-Tax Adjustments to Income

Hello, I am independently investing in an HSA (my company does not have a HDHP or HSA) with after-tax contributions. It is a little frustrating because if I claim "regular" exemptions as a single taxpayer, I have quite a large return at the end of the year at both the federal and state lev...
by bmay
Tue Apr 15, 2014 8:00 pm
 
Forum: Personal Finance (Not Investing)
Topic: Tax Withholding with After-Tax Adjustments to Income
Replies: 6
Views: 368

HSA Last-month rule + family/individual HDHP switch

I was covered under a family HDHP starting 5/1/13. I will likely be switching to an individual HDHP on 5/1/2014. I have already made $4,300 in contributions to an HSA based on the months I was part of the family HDHP ($6,450 family limit * 8/12 months). I am wondering if I am eligible to contribute ...
by bmay
Fri Apr 04, 2014 1:56 pm
 
Forum: Personal Finance (Not Investing)
Topic: HSA Last-month rule + family/individual HDHP switch
Replies: 0
Views: 121

Re: 22 y.o Health Savings Account!?

linakin wrote:Since you're on your parents plan, they could have one if the plan is right, but you couldn't.


You can be on a parent's HDHP and still be eligible to open an HSA as long as you cannot be claimed as a tax dependent (and you meet the other HSA eligibility requirements).
by bmay
Sun Mar 09, 2014 11:57 pm
 
Forum: Investing - Help with Personal Investments
Topic: 22 y.o Health Savings Account!?
Replies: 4
Views: 374

Re: Mistaken HSA Distributions

anyone else?
by bmay
Tue Mar 04, 2014 9:36 pm
 
Forum: Investing - Help with Personal Investments
Topic: Mistaken HSA Distributions
Replies: 4
Views: 335

Re: Mistaken HSA Distributions

What were the dates of the $2000 withdrawal and the 2013 contribution? I think they'd have to be within 60 days of each other for this. Why do you say that? Doesn't this imply that you have to do it within a year of discovering it was an ineligible contribution: " the account beneficiary may r...
by bmay
Tue Mar 04, 2014 12:56 am
 
Forum: Investing - Help with Personal Investments
Topic: Mistaken HSA Distributions
Replies: 4
Views: 335

Mistaken HSA Distributions

I may have received distributions from an HSA for ineligible medical expenses this year and in the past. My understanding is that as long as I put the money back into my HSA and do not deduct that amount of money from my taxable income, I am in the clear. Is this correct? For instance, say I had $2,...
by bmay
Mon Mar 03, 2014 5:53 pm
 
Forum: Investing - Help with Personal Investments
Topic: Mistaken HSA Distributions
Replies: 4
Views: 335

Re: "Optimizing" Portfolio & Expense Ratios

I was considering putting some VXUS (Vanguard Int'l Stock) into the HSA but the Management Fee is 0.11%. I do not believe that VXUS is one of the commission-free ETFs at TDAmeritrade. And as dad2000 stated, the management fee is included in the expense ratio. Please read the prospectus from Vanguar...
by bmay
Thu Feb 27, 2014 8:20 pm
 
Forum: Investing - Help with Personal Investments
Topic: "Optimizing" Portfolio & Expense Ratios
Replies: 7
Views: 365

Re: "Optimizing" Portfolio & Expense Ratios

I'll bite. The "management fee" is a component of the expense ratio, not in addition to it. The ER you should pay the most attention to is "Net Expense Ratio". Aside from wrap fees (which don't exist in HSA Bank as far as I know), the Net ER is what it will cost you to own the f...
by bmay
Thu Feb 27, 2014 8:19 pm
 
Forum: Investing - Help with Personal Investments
Topic: "Optimizing" Portfolio & Expense Ratios
Replies: 7
Views: 365

Re: "Optimizing" Portfolio & Expense Ratios

I have an HSA with HSABank and use the TDAmeritrade investment option. I am unaware of "management fees" that way if one has enough invested with them. Do you mind explaining a little your situation and where your "management fees" come from? Vanguard Total Stock Market ETF Look...
by bmay
Thu Feb 27, 2014 2:47 pm
 
Forum: Investing - Help with Personal Investments
Topic: "Optimizing" Portfolio & Expense Ratios
Replies: 7
Views: 365

"Optimizing" Portfolio & Expense Ratios

Hello, I'd like to invest ~$3,500 into my HSA and I'm seeing some management fees for these TD Ameritrade ETFs that are a little bothersome. I'd like to reallocate money to get the overall ER of my portfolio as low as possible (I'm considering Admiral Shares for Vanguard Roth IRA, too). Target asset...
by bmay
Thu Feb 27, 2014 2:33 pm
 
Forum: Investing - Help with Personal Investments
Topic: "Optimizing" Portfolio & Expense Ratios
Replies: 7
Views: 365

Re: Prioritizing investments- HSA goes where?

Well, in my state HSAs are recognized, but I know you can't deduct FICA taxes if your contributions are post-tax. Would you place HSA contributions ahead of 401k contributions in that case? Yes, because the income tax deduction is much more valuable than the FICA deduction. (And it's an adjustment ...
by bmay
Sun Feb 16, 2014 11:29 pm
 
Forum: Investing - Help with Personal Investments
Topic: Prioritizing investments- HSA goes where?
Replies: 19
Views: 943

Re: Prioritizing investments- HSA goes where?

Where would it be in your list if it is a post-tax (non-payroll deducted) HSA? You can still deduct your contributions from your taxable income on both federal and state returns (provided your state recognizes HSAs). I still place HSAs very high on the list although the contribution limit is relati...
by bmay
Sun Feb 16, 2014 11:24 pm
 
Forum: Investing - Help with Personal Investments
Topic: Prioritizing investments- HSA goes where?
Replies: 19
Views: 943

Re: Prioritizing investments- HSA goes where?

Where would it be in your list if it is a post-tax (non-payroll deducted) HSA? You can still deduct your contributions from your taxable income on both federal and state returns (provided your state recognizes HSAs). I still place HSAs very high on the list although the contribution limit is relati...
by bmay
Sun Feb 16, 2014 10:56 pm
 
Forum: Investing - Help with Personal Investments
Topic: Prioritizing investments- HSA goes where?
Replies: 19
Views: 943

Re: Prioritizing investments- HSA goes where?

Where would it be in your list if it is a post-tax (non-payroll deducted) HSA?
by bmay
Sun Feb 16, 2014 10:41 pm
 
Forum: Investing - Help with Personal Investments
Topic: Prioritizing investments- HSA goes where?
Replies: 19
Views: 943

Re: What next: HSA or taxable?

1) If you expect significant gains in salary in the future, have you considered Roth IRA or Roth 401(k) contributions or converting your existing IRA to a Roth? a) Effectively increase retirement savings by paying tax now at your low rate b) Preserve option of Backdoor Roth in the future c) Roth IR...
by bmay
Thu Dec 19, 2013 11:58 pm
 
Forum: Investing - Help with Personal Investments
Topic: What next: HSA or taxable?
Replies: 12
Views: 917

Re: What next: HSA or taxable?

Since the HSA is not through your employer, you will not save on FICA tax which is a bummer. If an HSA was offered through your employer you could save on FICA tax if contributions were taken directly from your paycheck. It's still a great savings vehicle though and I would definitely utilize it be...
by bmay
Thu Dec 19, 2013 1:01 am
 
Forum: Investing - Help with Personal Investments
Topic: What next: HSA or taxable?
Replies: 12
Views: 917

Re: What next: HSA or taxable?

HSA is the best after you have contributed enough to get the company match. HSA contributions are not taxed at all - this includes FICA tax. Withdrawals for eligible healthcare expenses are not taxable. You can also withdraw at age 65 for non-healthcare related expenses without penalty - although i...
by bmay
Wed Dec 18, 2013 11:15 pm
 
Forum: Investing - Help with Personal Investments
Topic: What next: HSA or taxable?
Replies: 12
Views: 917

What next: HSA or taxable?

I'm in my early 20s and am earning (and saving) a good amount of money and am wondering what to "move onto" next. Salary: 60k Roth IRA: ~$11,000 (contributing $5,500/yr to VFFVX) 401k: ~$19,000 (contributing $17,500/yr to 80/20 s/b index funds) Emergency fund: 8k "fully funded" (...
by bmay
Wed Dec 18, 2013 11:06 pm
 
Forum: Investing - Help with Personal Investments
Topic: What next: HSA or taxable?
Replies: 12
Views: 917

Re: What to do with EE bonds

Peter Foley wrote:Note too that the OP implies that he/she is not taking advantage of company 401k match.


I didn't mean to imply that. I am taking advantage of the 401k match + a little more in the 401k. Also, I am maxing my Roth IRA and paying off the student loans aggressively.
by bmay
Sat Mar 30, 2013 11:52 am
 
Forum: Investing - Help with Personal Investments
Topic: What to do with EE bonds
Replies: 13
Views: 1209

Re: What to do with EE bonds

Bonds purchased in 1997 will reach initial maturity after 17 years in 2014. At that point they will be worth double the face value. It would be sheer lunacy to redeem them before this happens, they are earning well over 50% during the 17th year. If you've held any EE bonds for a few years it's best...
by bmay
Fri Mar 29, 2013 6:10 pm
 
Forum: Investing - Help with Personal Investments
Topic: What to do with EE bonds
Replies: 13
Views: 1209

Re: What to do with EE bonds

You're saying you have EE bonds that are 30+ years old? No. 1990 is the earliest date. If they are really fully matured and not gaining interest, I personally would use the proceeds to purchase more bonds, either I or EE, depending on what you need. edit: well, if you're not maxing out your 401k, I...
by bmay
Thu Mar 28, 2013 11:35 pm
 
Forum: Investing - Help with Personal Investments
Topic: What to do with EE bonds
Replies: 13
Views: 1209

What to do with EE bonds

Emergency fund: yes Debt: $6,000 @ ~5.5% (student loans) Tax Filing Status: Single Tax Rate: 25% Age: early 20s Desired Asset allocation: age in bonds Retirement Funds: -Roth IRA (~$6,000) - current fund is Franklin Income C. I am in the process of transferring to Vanguard where I will be investing...
by bmay
Thu Mar 28, 2013 10:50 pm
 
Forum: Investing - Help with Personal Investments
Topic: What to do with EE bonds
Replies: 13
Views: 1209

Re: Advice for Mom (real estate/IRA)

I think it makes everyone very nervous that mom, who makes $35k / year, has decided to become a landlord and invest in real estate when there's no other cash or investments. And her loan is $200k on personal income of $35k / year (I think this ratio is important because if my income is $200k and I ...
by bmay
Mon Mar 25, 2013 10:48 am
 
Forum: Investing - Help with Personal Investments
Topic: Advice for Mom (real estate/IRA)
Replies: 21
Views: 792

Re: Advice for Mom (real estate/IRA)

The credit cards need to be cut up, and ALL income needs to go to paying them off. Maybe I was a little unclear, so I edited my original post - a lot of income is going to paying off those credit cards to minimize interest. Since no routine bills or age of properties are listed, it's hard to judge,...
by bmay
Mon Mar 25, 2013 9:52 am
 
Forum: Investing - Help with Personal Investments
Topic: Advice for Mom (real estate/IRA)
Replies: 21
Views: 792

Re: Advice for Mom (real estate/IRA)

I don't see how she gets a refinance. [...] As somebody else pointed out, it is amazing she got the initial loans and why is she in the real estate business when she doesn't make any money or is even losing in it. Getting rid of these properties might be a life saver if she can get out intact. She ...
by bmay
Mon Mar 25, 2013 9:40 am
 
Forum: Investing - Help with Personal Investments
Topic: Advice for Mom (real estate/IRA)
Replies: 21
Views: 792

Re: Advice for Mom (real estate/IRA)

With perfect credit score, she might be able to refinance her home at a better rate. Is she paying PMI? How much equity does she have? What is PMI? Also, there is about $125,000 equity in the house. Unless she is paying more than the minimum on CCs she will take forever and pay a lot of interest be...
by bmay
Mon Mar 25, 2013 9:25 am
 
Forum: Investing - Help with Personal Investments
Topic: Advice for Mom (real estate/IRA)
Replies: 21
Views: 792

Re: Advice for Mom (real estate/IRA)

Home mortgage: ~$187,000 @ 4.875%; getting $1,200/month from renter(s) Condominium loan: ~$211,000 @ 7.25% fixed interest only (hopefully soon-to-be-refinanced to $218k @ 4.375%, 30 yrs); getting $2,000/month from renter Was there more income or savings when she got these loans? I don't see how she...
by bmay
Mon Mar 25, 2013 9:19 am
 
Forum: Investing - Help with Personal Investments
Topic: Advice for Mom (real estate/IRA)
Replies: 21
Views: 792

Re: Advice for Mom (real estate/IRA)

The first two things she needs to work out are why five CC with balances and why is she using CC for things she can't afford.Not trying to be mean but CC debt is a drag on her financial future.She needs a budget before an investment plan John Well, credit cards 2 and 4 were used to pay for the down...
by bmay
Mon Mar 25, 2013 8:44 am
 
Forum: Investing - Help with Personal Investments
Topic: Advice for Mom (real estate/IRA)
Replies: 21
Views: 792

Re: Advice for Mom (real estate/IRA)

There isn't enough information about the house and condo property taxes, insurance, condo fees, etc to see if she has positive cash flow. She also does not have enough cash to cover a large expense on the rentals like a new roof or a deadbeat renter. I will get back to you on this. How much equity ...
by bmay
Mon Mar 25, 2013 1:13 am
 
Forum: Investing - Help with Personal Investments
Topic: Advice for Mom (real estate/IRA)
Replies: 21
Views: 792

Advice for Mom (real estate/IRA)

My mom is starting to think about her financial future and I'm trying to get some general advice or tips from people if they have any. Here's her info: Tax Filing Status: Head of household Emergency funds: might have this (savings account of $8,000) Income: ~$35,000 Debt: Credit cards 1) $750 @ 8% 2...
by bmay
Mon Mar 25, 2013 12:07 am
 
Forum: Investing - Help with Personal Investments
Topic: Advice for Mom (real estate/IRA)
Replies: 21
Views: 792

Re: Company 401k Fund Selection

Roth IRA at Vanguard (~ 86%; ~$6,000; add $5.5k/yr) 86%, Target Retirement Plan 2055 (90% stocks, 10% bonds, 27% int'l), 0.18% ER 401(k ) (~ 14%; ~$1,000; add ~ $10k/yr plus match) 14%, SSgA U.S. Bond Index Securities Lending Series Fund - Class VIII: 0.72 ER, <= uses Barclays Capital U.S. Aggregat...
by bmay
Wed Mar 13, 2013 7:37 pm
 
Forum: Investing - Help with Personal Investments
Topic: Company 401k Fund Selection
Replies: 15
Views: 1049

Re: Company 401k Fund Selection

Roth IRA at Vanguard (~ 86%; ~$6,000; add $5.5k/yr) 86%, Target Retirement Plan 2055 (90% stocks, 10% bonds, 27% int'l), 0.18% ER 401(k ) (~ 14%; ~$1,000; add ~ $10k/yr plus match) 14%, SSgA U.S. Bond Index Securities Lending Series Fund - Class VIII: 0.72 ER, <= uses Barclays Capital U.S. Aggregat...
by bmay
Wed Mar 13, 2013 7:22 pm
 
Forum: Investing - Help with Personal Investments
Topic: Company 401k Fund Selection
Replies: 15
Views: 1049

Re: Company 401k Fund Selection

Those expense ratios are horrific. I would talk to HR about getting an index fund in there I would meet the company match, pay down your student loan, and then open up a roth ira and fully fund that with something reasonable like the Total Stock Market Yeah, I'm actually already doing the Roth. Jus...
by bmay
Tue Mar 12, 2013 10:48 pm
 
Forum: Investing - Help with Personal Investments
Topic: Company 401k Fund Selection
Replies: 15
Views: 1049

Re: Company 401k Fund Selection

Welcoime to the forum :) . Its good to see you are being aggressive about paying off the student loans, and that you are maxing out an IRA. Since you have an employer match in the 401k, and some modeately priced SSgA index funds in the 401k, you should be investing there too. Its a good idea to loo...
by bmay
Tue Mar 12, 2013 10:47 pm
 
Forum: Investing - Help with Personal Investments
Topic: Company 401k Fund Selection
Replies: 15
Views: 1049

Re: Company 401k Fund Selection

A few general remarks: 1) It may be a good idea to pay down the debt aggressively. The 5.5% rate you are paying on the debt is higher than you can get with any safe investment these days. I am doing this as well. I'm spending at least 10% of my monthly income on paying off those student loans. 2) W...
by bmay
Tue Mar 12, 2013 9:26 pm
 
Forum: Investing - Help with Personal Investments
Topic: Company 401k Fund Selection
Replies: 15
Views: 1049

Company 401k Fund Selection

Some background about me: Emergency fund: I have one. Debt: mid-4 figures @ ~5.5% (student loans) Tax Filing Status: Single Tax Rate: Don't know what to put here - I'm mid-5 figures income State of Residence: MD Age: early 20s Desired Asset allocation: age in bonds Desired International allocation: ...
by bmay
Tue Mar 12, 2013 6:56 pm
 
Forum: Investing - Help with Personal Investments
Topic: Company 401k Fund Selection
Replies: 15
Views: 1049

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