Search found 49 matches

by maxsamson
Wed May 08, 2019 1:01 pm
Forum: Personal Finance (Not Investing)
Topic: How to adjust my savings amount for inflation?
Replies: 4
Views: 474

How to adjust my savings amount for inflation?

Let's assume at the start of 2018 I established a plan to save $1k per month every month until retirement. But I want this amount to increase with inflation. So this calculator tells me that $1000 in 2018 is equal to $1012.33 in 2019. Is it as simple as that? I should just contribute $1012.33 each m...
by maxsamson
Thu Mar 14, 2019 10:37 am
Forum: Personal Investments
Topic: Should we pay down 4% loan more quickly or invest in bonds?
Replies: 42
Views: 3388

Re: Should we pay down 4% loan more quickly or invest in bonds?

I am in the camp of maxing out all pre-tax retirement space as well. A few people have mentioned it, but I would strongly encourage you to look at your $10,000 in monthly expenses and evaluate if that can be reduced. I can see that amount with two kids in full-time daycare, but for Dinks with $300,...
by maxsamson
Wed Mar 13, 2019 2:38 am
Forum: Personal Investments
Topic: Should we pay down 4% loan more quickly or invest in bonds?
Replies: 42
Views: 3388

Re: Should we pay down 4% loan more quickly or invest in bonds?

I agree with EnjoyIt - he/she is raising good points with respect to job security, etc. My take: I have mixed feelings about contributing to 401k/403b/retirement plan with this debt. I think I would live like a resident, no retirement contributions, and pay off the loan as fast as you can. With no ...
by maxsamson
Wed Mar 13, 2019 1:53 am
Forum: Personal Investments
Topic: Should we pay down 4% loan more quickly or invest in bonds?
Replies: 42
Views: 3388

Re: Should we pay down 4% loan more quickly or invest in bonds?

What's your income? Expenses? Some doctors could with discipline pay off a huge loan in just a few years. I wouldn't be too eager to take on more debt (mortgage) with this outstanding. I would continue contributing to tax-advantaged accounts, make sure you have an adequate emergency fund, and put e...
by maxsamson
Wed Mar 13, 2019 1:49 am
Forum: Personal Investments
Topic: Should we pay down 4% loan more quickly or invest in bonds?
Replies: 42
Views: 3388

Re: Should we pay down 4% loan more quickly or invest in bonds?

It's a strange way of looking at it. Why are you 75/25 if you're comfortable at 100/0, which you're alluding to when you say you want to use the bonds to pay off the loan? I guess I don't view it as the same as being comfortable at 100/0. From the wiki : If you have money that you could invest, but...
by maxsamson
Tue Mar 12, 2019 11:54 pm
Forum: Personal Investments
Topic: Should we pay down 4% loan more quickly or invest in bonds?
Replies: 42
Views: 3388

Should we pay down 4% loan more quickly or invest in bonds?

My wife will be refinancing her med school loans to a $300k, 15-year, 3.95% APR loan. At that APR, should we forgo buying bonds entirely until the loans are paid off? There is no penalty for paying off the loan early. We have a 75/25 asset allocation, so I'd consider paying down the loans as part of...
by maxsamson
Tue Mar 12, 2019 5:02 pm
Forum: Personal Finance (Not Investing)
Topic: Student loan refinancing -- 10 or 15 year term?
Replies: 3
Views: 490

Re: Student loan refinancing -- 10 or 15 year term?

grabiner wrote:
Mon Mar 11, 2019 11:06 pm
Compare it to the rate of return on low-risk bonds of the same duration, not to the return on any specific allocation. If you hold $100K in stock, $100K in bonds, and $100K in debt, you don't change your risk level if you sell the bonds to pay off the debt.
Ah, that makes sense! Thank you!
by maxsamson
Mon Mar 11, 2019 8:28 pm
Forum: Personal Finance (Not Investing)
Topic: Student loan refinancing -- 10 or 15 year term?
Replies: 3
Views: 490

Student loan refinancing -- 10 or 15 year term?

My wife has $300k of med school loans that she will be refinancing. First Republic has given us 10- and 15-year term options with the following rates: 10-year: 3.55% APR ($3760/month) 15-year: 3.95% ($2800/month) We can afford to pay the 10-year monthly amount, but I'm wondering whether we're better...
by maxsamson
Thu Mar 07, 2019 11:28 am
Forum: Personal Investments
Topic: Fees, taxes, or other issues with selling after a short time frame
Replies: 4
Views: 402

Re: Fees, taxes, or other issues with selling after a short time frame

Short term capitol gains taxes. Long term more than a year holding. Another transaction fee of $5. Do I still have to pay short term capital gains if I have simply been reinvesting dividends, not making any additional contributions? In other words, would the sale of shares purchased via dividend re...
by maxsamson
Wed Mar 06, 2019 11:43 am
Forum: Personal Investments
Topic: Fees, taxes, or other issues with selling after a short time frame
Replies: 4
Views: 402

Fees, taxes, or other issues with selling after a short time frame

I use Schwab as a brokerage, but I'm considering buying around $5k of Vanguard Tax-Exempt Bond ETF (VTEB) since it's only a $5 transaction fee at Schwab. I'm also considering opening an account at Vanguard so that I can have access to their funds. If I buy VTEB now and then later decide to sell it o...
by maxsamson
Mon Mar 04, 2019 10:58 am
Forum: Personal Investments
Topic: What are the main features of a fund that should be considered when looking for an alternative?
Replies: 8
Views: 1056

Re: What are the main features of a fund that should be considered when looking for an alternative?

0.09% is the expense ratio on Admiral shares of all of Vanguard's muni funds. If Vanguard offered a fund holding bonds with the same yield as your Oregon fund (and thus presumably the same risk level), it would yield 2.76%. Long-Term Tax-Exempt Admiral shares is very close to that risk level; its A...
by maxsamson
Sun Mar 03, 2019 4:13 pm
Forum: Personal Investments
Topic: What are the main features of a fund that should be considered when looking for an alternative?
Replies: 8
Views: 1056

Re: What are the main features of a fund that should be considered when looking for an alternative?

The fund you are asking about is a Oregon State muni bond fund. There are only 3-4 options available to you. Bond funds are driven by credit quality and duration. Pick the one that aligns with your risk tolerance and investment horizon. And the best alternative is probably a non-Oregon fund. The Aq...
by maxsamson
Sat Mar 02, 2019 1:29 pm
Forum: Personal Investments
Topic: What are the main features of a fund that should be considered when looking for an alternative?
Replies: 8
Views: 1056

Re: What are the main features of a fund that should be considered when looking for an alternative?

You are missing the main component of the fund, ie stock vs bond. The fund you mention is a bond fund, so some of the metrics you are talking about don’t apply. The best place to go for info on a fund is Morningstar.com https://www.morningstar.com/funds/xnas/ortyx/betaquote.html This tells us that ...
by maxsamson
Fri Mar 01, 2019 5:00 pm
Forum: Personal Investments
Topic: What are the main features of a fund that should be considered when looking for an alternative?
Replies: 8
Views: 1056

What are the main features of a fund that should be considered when looking for an alternative?

I'm looking for a comparable fund to ORTYX (Aquila Tax-Free Trust of Oregon Class Y). How do I determine if a fund is comparable? From what I can tell, the following are critical metrics: 1. Asset allocation / Risk 2. Yield 3. Expense ratio 4. Large vs small cap 5. Value vs growth 6. US vs Internati...
by maxsamson
Wed Nov 07, 2018 4:40 pm
Forum: Personal Investments
Topic: How often should I buy VASIX and ORTYX given that they have transaction fees?
Replies: 14
Views: 1240

Re: How often should I buy VASIX and ORTYX given that they have transaction fees?

ORTYX Aquila Tax-Free Trust of Oregon 0.56% At Schwab I found two other Oregon intermediate muni funds without transaction fees, but with higher expense ratios: COEAX Columbia AMT-Free Oregon Intermediate Muni Bond Fund 0.83% FOTAX Nuveen Oregon Intermediate Municipal Bond Fund 0.82% And none of th...
by maxsamson
Tue Nov 06, 2018 12:46 pm
Forum: Personal Investments
Topic: How often should I buy VASIX and ORTYX given that they have transaction fees?
Replies: 14
Views: 1240

Re: How often should I buy VASIX and ORTYX given that they have transaction fees?

ORTYX Aquila Tax-Free Trust of Oregon 0.56% At Schwab I found two other Oregon intermediate muni funds without transaction fees, but with higher expense ratios: COEAX Columbia AMT-Free Oregon Intermediate Muni Bond Fund 0.83% FOTAX Nuveen Oregon Intermediate Municipal Bond Fund 0.82% And none of th...
by maxsamson
Sun Nov 04, 2018 9:19 pm
Forum: Personal Investments
Topic: How often should I buy VASIX and ORTYX given that they have transaction fees?
Replies: 14
Views: 1240

Re: How often should I buy VASIX and ORTYX given that they have transaction fees?

Why are you buying a Vanguard fund if you don't wish to be at V? I would be looking for Schwab index funds or low cost balanced funds. I would not pay that much, except perhaps once or a few times a year at most. I like muni funds at V as well. I agree. There are so many good funds available for no...
by maxsamson
Sun Nov 04, 2018 9:15 pm
Forum: Personal Investments
Topic: How often should I buy VASIX and ORTYX given that they have transaction fees?
Replies: 14
Views: 1240

Re: How often should I buy VASIX and ORTYX given that they have transaction fees?

And are there good equivalents I should use for temporarily investing cash rather than just letting that cash sit uninvested? Cash is fine. But wouldn't some kind of temporary investment be better than nothing? In case it matters, this is being used to save for a down payment on a house, and we're ...
by maxsamson
Sun Nov 04, 2018 3:52 pm
Forum: Personal Investments
Topic: How often should I buy VASIX and ORTYX given that they have transaction fees?
Replies: 14
Views: 1240

How often should I buy VASIX and ORTYX given that they have transaction fees?

I have brokerage accounts with Schwab. Both VASIX and ORTYX have $25/transaction fees. How often/how much should I accumulate before purchasing more of those funds? And are there good equivalents I should use for temporarily investing cash rather than just letting that cash sit uninvested?
by maxsamson
Mon Aug 06, 2018 10:39 pm
Forum: Personal Investments
Topic: Nervous about not using a personal wealth manager. How do I do this myself?
Replies: 135
Views: 7451

Re: Planning to invest in these funds -- any issues?

livesoft wrote:
Mon Aug 06, 2018 10:04 pm
And some I would not use ever such as the inflation-protected fund.
Why is that?
by maxsamson
Mon Aug 06, 2018 7:58 pm
Forum: Personal Investments
Topic: Nervous about not using a personal wealth manager. How do I do this myself?
Replies: 135
Views: 7451

Re: Financial Planner is going to buy funds for me. What should I find out first before letting him?

BL wrote:
Fri Aug 03, 2018 7:37 pm
5. Please print out the exact recommendations with above information included.
MotoTrojan wrote:
Fri Aug 03, 2018 3:54 pm
Still suggest you post what was recommended. I know I’m curious. Hopefully it incorporated all account types you have (or should use).

Ok, I've posted the fund info here. Thanks!
by maxsamson
Mon Aug 06, 2018 7:57 pm
Forum: Personal Investments
Topic: Nervous about not using a personal wealth manager. How do I do this myself?
Replies: 135
Views: 7451

Re: Financial Planner is going to buy funds for me. What should I find out first before letting him?

livesoft wrote:
Fri Aug 03, 2018 11:30 pm
One should really make sure that the investments are usable for the long term. If they turn out to be improper they also need to be unrestricted and easy to unwind from without fees and taxes.
Ok, I've posted the fund info here. Do you see any issue with any of these?
by maxsamson
Mon Aug 06, 2018 7:56 pm
Forum: Personal Investments
Topic: Nervous about not using a personal wealth manager. How do I do this myself?
Replies: 135
Views: 7451

Re: Financial Planner is going to buy funds for me. What should I find out first before letting him?

I would simply ask your advisor which specific funds are being recommended and to educate you on why those funds in particular were selected. Request the name of each fund, as well as the ticker symbol (to eliminate any confusion). Then come back to this forum and post the responses and ask for fee...
by maxsamson
Mon Aug 06, 2018 7:54 pm
Forum: Personal Investments
Topic: Nervous about not using a personal wealth manager. How do I do this myself?
Replies: 135
Views: 7451

Planning to invest in these funds -- any issues?

[Thread merged into here, see below. --admin LadyGeek] I have posted a couple times recently ( here and here ) about how my wife and I have recently been seeing a financial advisor. At this point, we plan on managing the portfolio ourselves. He is recommending that we purchase the following funds. ...
by maxsamson
Fri Aug 03, 2018 5:05 pm
Forum: Personal Investments
Topic: Nervous about not using a personal wealth manager. How do I do this myself?
Replies: 135
Views: 7451

Re: Financial Planner is going to buy funds for me. What should I find out first before letting him?

If you want to do it just do it. Basically you are taking a risk of letting someone buy funds for you instead of spending the ~30 minutes to buy them yourself after he said here's the different ticker symbols and how much to buy of each fund. Are the risks of letting him buy the funds worth saving ...
by maxsamson
Fri Aug 03, 2018 3:43 pm
Forum: Personal Investments
Topic: Nervous about not using a personal wealth manager. How do I do this myself?
Replies: 135
Views: 7451

Re: Financial Planner is going to buy funds for me. What should I find out first before letting him?

If you want to do it just do it. Basically you are taking a risk of letting someone buy funds for you instead of spending the ~30 minutes to buy them yourself after he said here's the different ticker symbols and how much to buy of each fund. Are the risks of letting him buy the funds worth saving ...
by maxsamson
Fri Aug 03, 2018 1:50 pm
Forum: Personal Investments
Topic: Nervous about not using a personal wealth manager. How do I do this myself?
Replies: 135
Views: 7451

Re: Financial Planner is going to buy funds for me. What should I find out first before letting him?

I'm reading these two threads and it sure seems like folks are talking to a brick wall. Why is that? In my previous post I was asking whether to use wealth management. The advice was clearly that I should not and as a result I am not going to. Then why not construct your own plan, or at least let u...
by maxsamson
Fri Aug 03, 2018 1:49 pm
Forum: Personal Investments
Topic: Nervous about not using a personal wealth manager. How do I do this myself?
Replies: 135
Views: 7451

Re: Financial Planner is going to buy funds for me. What should I find out first before letting him?

Why do you want him to do the initial investments for you? I need advice from somewhere on what funds to invest in, and I have had a good experience with this financial planner and felt I could trust his advice on this. Whether he then makes the purchase of the funds or I do seems like a minor deta...
by maxsamson
Fri Aug 03, 2018 1:43 pm
Forum: Personal Investments
Topic: Nervous about not using a personal wealth manager. How do I do this myself?
Replies: 135
Views: 7451

Re: Financial Planner is going to buy funds for me. What should I find out first before letting him?

livesoft wrote:
Fri Aug 03, 2018 7:38 am
I'm reading these two threads and it sure seems like folks are talking to a brick wall.
Why is that? In my previous post I was asking whether to use wealth management. The advice was clearly that I should not and as a result I am not going to.
by maxsamson
Fri Aug 03, 2018 1:36 pm
Forum: Personal Investments
Topic: Nervous about not using a personal wealth manager. How do I do this myself?
Replies: 135
Views: 7451

Re: Financial Planner is going to buy funds for me. What should I find out first before letting him?

Where will the funds be held? Who will have access to the account? If it's at Schwab, you might to able to eventually have the advisor removed. Probably similar at other brokers too. In the meantime, your advisor may have control of the account and be expecting to handle it. At schwab, and the advi...
by maxsamson
Fri Aug 03, 2018 1:33 pm
Forum: Personal Investments
Topic: Nervous about not using a personal wealth manager. How do I do this myself?
Replies: 135
Views: 7451

Re: Financial Planner is going to buy funds for me. What should I find out first before letting him?

mhalley wrote:
Fri Aug 03, 2018 12:23 am
A few things to find out
1. Is he a fiduciary
2. What fee structure does he use, what will be the cost of funds, asset under management fees, etc.
1. Yes he is
2. He's not going to manage the assets, so no management fees
by maxsamson
Thu Aug 02, 2018 10:37 pm
Forum: Personal Investments
Topic: Nervous about not using a personal wealth manager. How do I do this myself?
Replies: 135
Views: 7451

Financial Planner is going to buy funds for me. What should I find out first before letting him?

[Thread merged into here, see below. --admin LadyGeek] My new wife and I just spent about $2k on a financial planner to get an investment plan in place. We really liked the advisor we worked with and found the process very helpful. After getting tons of helpful feedback in a previous post of mine o...
by maxsamson
Thu Aug 02, 2018 9:57 pm
Forum: Personal Investments
Topic: Nervous about not using a personal wealth manager. How do I do this myself?
Replies: 135
Views: 7451

Re: Nervous about not using a personal wealth manager. How do I do this myself?

One of the things I like least about some of these other places is they will place you in 15 to 50 funds that you do not understand. If you decide to leave, you may or may not be able to take those funds with you. Even if you can take them with you, you may not be able to buy any more. DFA funds ar...
by maxsamson
Thu Aug 02, 2018 1:15 am
Forum: Personal Investments
Topic: Nervous about not using a personal wealth manager. How do I do this myself?
Replies: 135
Views: 7451

Re: Nervous about not using a personal wealth manager. How do I do this myself?

The question is: does the advisor's prioritization match your prioritization? Our priority is to have the advisable emergency funds first, then max out tax-advantaged accounts second, then save for a down payment, then invest the rest in taxable retirement accounts. While it's clear that I need to ...
by maxsamson
Wed Aug 01, 2018 4:39 pm
Forum: Personal Investments
Topic: Nervous about not using a personal wealth manager. How do I do this myself?
Replies: 135
Views: 7451

Re: Nervous about not using a personal wealth manager. How do I do this myself?

Katietsu wrote:
Wed Aug 01, 2018 4:29 pm
My opinion is that you should not have a taxable retirement account while you have student loans.
But if the interest on the loans is lower than the expected gains in the taxable retirement account, isn't it beneficial to pay the loans back more slowly?
by maxsamson
Wed Aug 01, 2018 4:00 pm
Forum: Personal Investments
Topic: Nervous about not using a personal wealth manager. How do I do this myself?
Replies: 135
Views: 7451

Re: Nervous about not using a personal wealth manager. How do I do this myself?

BuckyBadger wrote:
Wed Aug 01, 2018 3:49 pm
All rebalancing happens in my 403b. No fees beyond the stated ERs. Optimized for taxes.
Thanks! How does all your rebalancing happen in your 403b? If your taxable account grows extra fast, won't you need to rebalance that? I'm sure I'm just misunderstanding what you're saying :)
by maxsamson
Wed Aug 01, 2018 3:57 pm
Forum: Personal Investments
Topic: Nervous about not using a personal wealth manager. How do I do this myself?
Replies: 135
Views: 7451

Re: Nervous about not using a personal wealth manager. How do I do this myself?

Meg77 wrote:
Wed Aug 01, 2018 3:18 pm
It's just so much cheaper, more efficient and easier - with much quicker trading/response times - to let an algorithm or other process do the investment management once you/they determine your AA and fund choices.
So are you recommending something like Betterment?
by maxsamson
Wed Aug 01, 2018 3:56 pm
Forum: Personal Investments
Topic: Nervous about not using a personal wealth manager. How do I do this myself?
Replies: 135
Views: 7451

Re: Nervous about not using a personal wealth manager. How do I do this myself?

Traditional IRA: 40k (same allocations as taxable retirement savings) Max out annually Roth IRA: $20k (same allocations as taxable retirement savings) Further contributions via back-door HUH????? Your traditional IRA needs to disappear if you intend to use the back door.... Good catch! Just for my ...
by maxsamson
Wed Aug 01, 2018 3:55 pm
Forum: Personal Investments
Topic: Nervous about not using a personal wealth manager. How do I do this myself?
Replies: 135
Views: 7451

Re: Nervous about not using a personal wealth manager. How do I do this myself?

Think about the fees as a portion of what you're expecting to make. Let's say you hope to earn a conservative 6 percent a year. If your fees are nearly 2 percent, that's a full third of the profits you need to live on in retirement. It's not 2 percent of a hundred percent. It's a full third or quar...
by maxsamson
Wed Aug 01, 2018 3:46 pm
Forum: Personal Investments
Topic: Nervous about not using a personal wealth manager. How do I do this myself?
Replies: 135
Views: 7451

Re: Nervous about not using a personal wealth manager. How do I do this myself?

The fee schedule you gave starts out at .9%/year. Over a 20 year period, that's about 18% of your wealth that will go to the advisor! (Because .9 x 20 = 18.) That's a helpful way to think about it. I guess my wife and I have been wondering whether having expert management of the portfolio could inc...
by maxsamson
Wed Aug 01, 2018 3:06 pm
Forum: Personal Investments
Topic: Nervous about not using a personal wealth manager. How do I do this myself?
Replies: 135
Views: 7451

Re: Nervous about not using a personal wealth manager. How do I do this myself?

What, in particular, makes you nervous? That you'll stop saving? That you'll miss important tax advantages? That you'll miss "hot" stock tips? Not worried about "hot" stock tips or our ability to save appropriately. But maybe there are other finer details I'm not aware of. For example, imagine I di...
by maxsamson
Wed Aug 01, 2018 3:01 pm
Forum: Personal Investments
Topic: Nervous about not using a personal wealth manager. How do I do this myself?
Replies: 135
Views: 7451

Re: Nervous about not using a personal wealth manager. How do I do this myself?

As others have said, this isn't tax optimized, and it looks like he's added a ton of complexity so that he can get you to pay him to manage it. Can you add the actual funds and fees? See the end of my comment here . I might be partly to blame for tax inefficiency by not having my traditional and ro...
by maxsamson
Wed Aug 01, 2018 2:55 pm
Forum: Personal Investments
Topic: Nervous about not using a personal wealth manager. How do I do this myself?
Replies: 135
Views: 7451

Re: Nervous about not using a personal wealth manager. How do I do this myself?

It is interesting looking at the advisor's conscious (or unconscious?) ordering of priorities. I agree that emergency funds should be at the top of the list, but see how he creates a sub EF with investments? Then comes the short term savings goal (with investments to manage). Then taxable retiremen...
by maxsamson
Wed Aug 01, 2018 2:47 pm
Forum: Personal Investments
Topic: Nervous about not using a personal wealth manager. How do I do this myself?
Replies: 135
Views: 7451

Re: Nervous about not using a personal wealth manager. How do I do this myself?

— Why wouldn't your advisor have you continue maxing out your Roth, through backdoor contributions if needed, before contributing to a taxable account for retirement savings? This is indeed the plan. I have updated my original post accordingly. — It looks like the proposal is to simplistically dupl...
by maxsamson
Wed Aug 01, 2018 1:04 am
Forum: Personal Investments
Topic: Nervous about not using a personal wealth manager. How do I do this myself?
Replies: 135
Views: 7451

Nervous about not using a personal wealth manager. How do I do this myself?

[See updates on pages 2 and 3 --admin LadyGeek] My new wife and I just spent about $2k on a financial planner to get an investment plan in place. We really liked the advisor we worked with and found the process very helpful. We're unsure of whether to do this. It appears that the general opinion on...
by maxsamson
Sun Aug 06, 2017 6:53 pm
Forum: Personal Investments
Topic: Should I make Roth 401k or Traditional 401k contributions?
Replies: 8
Views: 1276

Re: Should I make Roth 401k or Traditional 401k contributions?

How much pretax and pretax do you have available to save in your 401k right now? Not sure I understand what you're asking. I currently have $38k in a traditional IRA, and I plan on maxing out 401k contributions this year. Is your girlfriend going 100% pretax? Do you know what funds she is maxing ou...
by maxsamson
Sun Aug 06, 2017 11:10 am
Forum: Personal Investments
Topic: Should I make Roth 401k or Traditional 401k contributions?
Replies: 8
Views: 1276

Should I make Roth 401k or Traditional 401k contributions?

I just became eligible for my company's 401k plan, and they offer both Roth and Traditional. I'm unsure of the calculations I should be doing to guide whether its best to contribute to the Roth or traditional. Here are my financial details: Age: 34 Income: $105k/yr Traditional IRA: $38k Roth IRA: $2...
by maxsamson
Sat Aug 05, 2017 7:51 pm
Forum: Personal Investments
Topic: Which 401k Plan should I invest in?
Replies: 1
Views: 356

Which 401k Plan should I invest in?

Just became eligible for my company's 401k plan. The plan details are below, sorted by the last column, "Gross Expense Ratio" since this seemed to be perhaps the most important figure to consider judging by other posts like this one. A few questions: 1) Which plan should I choose? In case it matters...
by maxsamson
Sat Aug 05, 2017 7:45 pm
Forum: Personal Investments
Topic: Why haven't my Series-I Savings Bonds increased in value?
Replies: 9
Views: 2003

Why haven't my Series-I Savings Bonds increased in value?

I purchased $10k of Series-I Savings bonds that were issues 5/1/17. They say they have an interest rate of 1.96%, yet my account shows that the value is still precisely $10k. Should they have begun accruing interest yet?