Search found 3944 matches

by indexfundfan
Wed Mar 13, 2024 9:06 am
Forum: Investing - Theory, News & General
Topic: Purchasing MYGAs (multi year guaranteed annuities) - mega thread
Replies: 2224
Views: 286973

Re: Purchasing MYGAs (multi year guaranteed annuities) - mega thread

Anyone having trouble logging in to Americo customer portal?
by indexfundfan
Tue Mar 12, 2024 7:38 pm
Forum: Personal Investments
Topic: How is a broker going to make money off me?
Replies: 62
Views: 5785

Re: How is a broker going to make money off me?

Say you own TSLA stock within Fidelity. You do absolutely nothing with the stock and plan to hold it until you've exhausted your IRA and 401k in retirement. All this time, Joe and Bob and Ray all think TSLA is way overpriced and is going to nose dive and they're willing to put their money where their mouth is. So they all Sell Short. This means they're selling now (stock they don't have) and promise to buy it at some certain date. So where does that stock come from? It's borrowed from Fidelity who borrows it from you. The short sellers pay a fee to do this. Vanguard does this. Fidelity does this. Schwab does this. Fidelity cannot simply lend out your Tesla shares without your permission. In FZROX, for example, the prospectus states that th...
by indexfundfan
Tue Mar 12, 2024 6:14 pm
Forum: Personal Investments
Topic: How is a broker going to make money off me?
Replies: 62
Views: 5785

Re: How is a broker going to make money off me?

Say you own TSLA stock within Fidelity. You do absolutely nothing with the stock and plan to hold it until you've exhausted your IRA and 401k in retirement. All this time, Joe and Bob and Ray all think TSLA is way overpriced and is going to nose dive and they're willing to put their money where their mouth is. So they all Sell Short. This means they're selling now (stock they don't have) and promise to buy it at some certain date. So where does that stock come from? It's borrowed from Fidelity who borrows it from you. The short sellers pay a fee to do this. Vanguard does this. Fidelity does this. Schwab does this. This is one reason Fidelity can offer zero funds (a bunch of stocks) for zero expense ratio. The stocks within these funds are ...
by indexfundfan
Tue Mar 12, 2024 3:40 pm
Forum: Personal Investments
Topic: How is a broker going to make money off me?
Replies: 62
Views: 5785

Re: How is a broker going to make money off me?

Say you own TSLA stock within Fidelity. You do absolutely nothing with the stock and plan to hold it until you've exhausted your IRA and 401k in retirement. All this time, Joe and Bob and Ray all think TSLA is way overpriced and is going to nose dive and they're willing to put their money where their mouth is. So they all Sell Short. This means they're selling now (stock they don't have) and promise to buy it at some certain date. So where does that stock come from? It's borrowed from Fidelity who borrows it from you. The short sellers pay a fee to do this. Vanguard does this. Fidelity does this. Schwab does this. This is one reason Fidelity can offer zero funds (a bunch of stocks) for zero expense ratio. The stocks within these funds are ...
by indexfundfan
Fri Mar 08, 2024 10:50 am
Forum: Investing - Theory, News & General
Topic: Margin Accounts - Avoiding 'Payment In Lieu Of Dividends'
Replies: 34
Views: 3176

Re: Margin Accounts - Avoiding 'Payment In Lieu Of Dividends'

Why is it a issue they are usually grossed up to assume highest tax rate so you can actually come out ahead. Not all brokers do that. I had never heard of this before, but here is a link from Fidelity. FWIW I don't get a credit from any of my cheapo brokerages, which is why I've turned off securities lending in all taxable accounts. https://www.fidelity.com/tax-information/tax-topics/annual-credit-for-substitute-payments Incidentally, with cash accounts, it is different from the margin hypothecation process described above. The brokers call it a "Fully Paid Securities Lending Program." In theory, they share some of the lending revenue with you (in practice, it's a pittance like 10%.) Fidelity is one of the few that will pay you a...
by indexfundfan
Fri Mar 08, 2024 7:11 am
Forum: Investing - Theory, News & General
Topic: Margin Accounts - Avoiding 'Payment In Lieu Of Dividends'
Replies: 34
Views: 3176

Re: Margin Accounts - Avoiding 'Payment In Lieu Of Dividends'

JoeNJ28 wrote: Thu Mar 07, 2024 8:47 pm Why is it a issue they are usually grossed up to assume highest tax rate so you can actually come out ahead.
Not all brokers do that.
by indexfundfan
Wed Mar 06, 2024 9:30 am
Forum: Personal Finance (Not Investing)
Topic: Maximum ACH transfer?
Replies: 25
Views: 2702

Re: Maximum ACH transfer?

firedinky wrote: Wed Mar 06, 2024 9:28 am Not the original question but I'm surprised no one mentioned the $250k FDIC insurance limit as a possible concern. I would split this sum between two banks just to be safe.
Yes, they addressed it in the OP :
BogBod wrote: Thu Feb 22, 2024 8:51 am ... and made sure that my sibling and I were listed as contingent beneficiaries to increase the amount that would be covered by FDIC insurance.
by indexfundfan
Wed Mar 06, 2024 9:03 am
Forum: Personal Finance (Not Investing)
Topic: Maximum ACH transfer?
Replies: 25
Views: 2702

Re: Maximum ACH transfer?

I have done a number of ACH transfers between Wells Fargo and Vanguard over the last few years. They were mostly going to Vanguard. Yesterday morning around 7:00AM, I performed a ACH transfer from my Vanguard sweep account to my Wells Fargo checking account for $120,000 for a condo closing. It was in my checking account this morning when I checked around 8AM! I just assumed it would normally take a few days. Last Friday I ACH transferred a few $K from Fidelity to Wells Fargo. I did so just before noon Pacific. I did not expect the funds to be posted and available at WF until Tuesday. I was surprised to see it as pending at WF around 4pm Friday and it posted that night. Seems that something has quickened the transfer. Fidelity has been doin...
by indexfundfan
Sun Mar 03, 2024 10:39 am
Forum: Personal Finance (Not Investing)
Topic: Two 529 plans, which one to withdraw first?
Replies: 3
Views: 467

Re: Two 529 plans, which one to withdraw first?

Thanks for the comments. My first 529 plan was established much earlier than the second plan. When I moved to GA, I started the second plan because it offers tax benefits. The gains are lower in the GA plan, so this suggests I should make my qualified withdrawals from the older plan first. HOWEVER, GA recaptures the tax-benefit for non-qualified withdrawals. So this makes my choice a little more complicated. I will create a spreadsheet to model it out. But just to confirm my understanding, for any withdrawal, is it assumed that the withdrawal consists of both principal and gain? For example, suppose the plan's value is $10000, consisting of principal $8000 and gain $2000. If I make a $1000 withdrawal, then there is a $200 gain which is subj...
by indexfundfan
Sat Mar 02, 2024 7:36 pm
Forum: Personal Finance (Not Investing)
Topic: Two 529 plans, which one to withdraw first?
Replies: 3
Views: 467

Two 529 plans, which one to withdraw first?

If I have two 529 plans, what are the considerations for which plan should I withdraw the money first (for qualified education expenses)?

Is it better to withdraw and deplete the money from the plan which has accumulated more gains first, since in the event (however unlikely) that I want to make non-qualified distributions in the future, the remaining gain and therefore the tax is less?

Or is there a pro-rata rule (like for IRAs) to compute the basis/gain?

Assume the 529 plans are overfunded.
by indexfundfan
Tue Feb 27, 2024 12:22 pm
Forum: Investing - Theory, News & General
Topic: Purchasing MYGAs (multi year guaranteed annuities) - mega thread
Replies: 2224
Views: 286973

Re: Purchasing MYGAs (multi year guaranteed annuities) - mega thread

MYGA carriers that check these boxes o Electronic application for new policy o Electronic (ACH) funding o Electronic submission for partial withdrawals (no form printing, no fax) o Withdrawals credited directly to bank account (no paper checks) o Timely processing (a week or less) For withdrawals, I’m referring to penalty-free or full surrender withdrawals, not periodic monthly withdrawals. Some carriers will do monthly withdrawals by ACH but not for “one time” or surrender withdrawals. I know of only Gainbridge checking these boxes. But are there any others? By definition, the vast majority of annuity sales can’t have an “online application”, since those sales are made through an agent like Blueprint, Stan, or Annuity Advantage. Only dire...
by indexfundfan
Tue Feb 27, 2024 7:46 am
Forum: Investing - Theory, News & General
Topic: Purchasing MYGAs (multi year guaranteed annuities) - mega thread
Replies: 2224
Views: 286973

Re: Purchasing MYGAs (multi year guaranteed annuities) - mega thread

MYGA carriers that check these boxes

o Electronic application for new policy
o Electronic (ACH) funding
o Electronic submission for partial withdrawals (no form printing, no fax)
o Withdrawals credited directly to bank account (no paper checks)
o Timely processing (a week or less)

For withdrawals, I’m referring to penalty-free or full surrender withdrawals, not periodic monthly withdrawals. Some carriers will do monthly withdrawals by ACH but not for “one time” or surrender withdrawals.

I know of only Gainbridge checking these boxes. But are there any others?
by indexfundfan
Fri Feb 23, 2024 7:35 pm
Forum: Personal Investments
Topic: Can you purchase Avantis ETF at Merrill Edge?
Replies: 9
Views: 960

Re: Can you purchase Avantis ETF at Merrill Edge?

WeakOldGuy wrote: Fri Feb 23, 2024 7:15 pm ETFs are traded on the exchange like any other stock. I believe that Avantis ETFs are traded on the NYSE. There would be no reason, and maybe not a way, for Merrill to not allow you to buy them.
Merrill has been known to block certain ETFs in the past. You find instances of this on Reddit.
by indexfundfan
Thu Feb 22, 2024 9:50 am
Forum: Personal Finance (Not Investing)
Topic: Maximum ACH transfer?
Replies: 25
Views: 2702

Re: Maximum ACH transfer?

There is another rather traditional brink and mortar bank of substantially longer-standing that is also in walking distance (a bit further for her, but not much) and she would like to transfer the money there. Will she be able to do an ACH transfer for say, $475K or will there be a lower limit? Should she just transfer the money from savings to checking at NY Community Bank / Flagstar and then write a check to herself to be deposited in the next bank (or will that be a problem)? While banks provide the capability to use ACH to transfer money, the limits are nowhere close to $475k at most banks. The options to transfer that sum of money include a wire transfer, a cashiers check or a personal check. The wire transfer would most likely cost m...
by indexfundfan
Sun Feb 18, 2024 1:06 pm
Forum: Investing - Theory, News & General
Topic: Purchasing MYGAs (multi year guaranteed annuities) - mega thread
Replies: 2224
Views: 286973

Re: Purchasing MYGAs (multi year guaranteed annuities) - mega thread

For a MYGA funded using non-qualified funds, is it possible to surrender the policy early and then immediately use the proceeds to purchase a new policy (with the same carrier) without any tax consequence? This is assuming that it is worthwhile to pay the surrender penalty of the old penalty. The MYGA in question is held at Gainbridge. Has anyone done it before? I’m confident that you could do that (a 1035 exchange) from Gainbridge to another carrier. Whether Gainbridge would allow an “internal 1035 exchange” is a question I think you’ll need to ask Gainbridge. (And please post back when you find out the answer). When you’re considering the financial costs/benefits of such an exchange, also take into account any “market value adjustment” t...
by indexfundfan
Sun Feb 18, 2024 12:13 pm
Forum: Investing - Theory, News & General
Topic: Purchasing MYGAs (multi year guaranteed annuities) - mega thread
Replies: 2224
Views: 286973

Re: Purchasing MYGAs (multi year guaranteed annuities) - mega thread

For a MYGA funded using non-qualified funds, is it possible to surrender the policy early and then immediately use the proceeds to purchase a new policy (with the same carrier) without any tax consequence?

This is assuming that it is worthwhile to pay the surrender penalty of the old penalty. The MYGA in question is held at Gainbridge. Has anyone done it before?
by indexfundfan
Sat Feb 17, 2024 1:34 pm
Forum: Personal Finance (Not Investing)
Topic: E*Trade 2023 year end tax statement has consolidated USGO data!
Replies: 5
Views: 317

Re: E*Trade 2023 year end tax statement has consolidated USGO data!

Yes, I noticed this as well. This is only for the transactions after the transfer to Morgan Stanley.
by indexfundfan
Sat Feb 10, 2024 1:59 pm
Forum: Personal Finance (Not Investing)
Topic: CD discussion thread
Replies: 1214
Views: 188425

Re: CD discussion thread

lazyday wrote: Fri Feb 02, 2024 7:07 am Advancial FCU has had a 5 year jumbo at 5.4 APY for some months now. Impressive compared to the 5 year Treasury at 3.8 yesterday.

$50,000 minimum. Join a dog agility association for eligibility.

Credit unions can be a pain to deal with, especially if opening an IRA certificate.

Discussion https://www.depositaccounts.com/banks/a ... promo55239

https://www.advancial.org/rates
I can confirm that you can join this credit union through the dog agility association (free). The 5yr 5.4% and 4yr 5.2% jumbo CDs ($50k) are still available.

The eligibility requirement of this credit union has varied over the past years. It is easy to qualify at this current moment.
by indexfundfan
Fri Feb 09, 2024 8:53 am
Forum: Personal Finance (Not Investing)
Topic: Fidelity Fully Paid Lending program - anyone?
Replies: 19
Views: 2490

Re: Fidelity Fully Paid Lending program - anyone?

My experience is that the lending rates are similar at Etrade and Fidelity. For taxable account, Fidelity does say that they will try to "return shares prior to a dividend record date" to avoid "cash-in-lieu" distributions, but no guarantees. Nevertheless, in the event you do get a "cash-in-lieu" distribution, "Fidelity will credit participating taxable accounts with an additional credit adjustment equal to 26.98% of the qualified portion of the distribution. This adjustment will occur annually after all reclassification information is made available." So do I understand correctly that the stocks you have lent could be sold, and you would get that cash? So, in a tax deferred account, the worst case s...
by indexfundfan
Fri Feb 09, 2024 8:24 am
Forum: Personal Finance (Not Investing)
Topic: Fidelity Fully Paid Lending program - anyone?
Replies: 19
Views: 2490

Re: Fidelity Fully Paid Lending program - anyone?

My experience is that the lending rates are similar at Etrade and Fidelity.

For taxable account, Fidelity does say that they will try to "return shares prior to a dividend record date" to avoid "cash-in-lieu" distributions, but no guarantees.

Nevertheless, in the event you do get a "cash-in-lieu" distribution, "Fidelity will credit participating taxable accounts with an additional credit
adjustment equal to 26.98% of the qualified portion of the distribution. This adjustment will occur annually after all reclassification information is made available."
by indexfundfan
Sat Feb 03, 2024 8:22 am
Forum: Investing - Theory, News & General
Topic: Purchasing MYGAs (multi year guaranteed annuities) - mega thread
Replies: 2224
Views: 286973

Re: Purchasing MYGAs (multi year guaranteed annuities) - mega thread

I submitted a partial withdrawal (online form) from American Equity last Monday. Received the money on Friday (ACH). My Canvas MYGA has reached the initial 3-yr guarantee period last week and I requested a full surrender. Forms were printed, signed and emailed back three weeks ago. Funds can only be returned to me by a check in the mail. I just talked to a rep who told me the withdrawal is still in process but "can take up to 15 business days" to process. :annoyed This kind of service is infuriating i bought some of these in my and wife's name keeping it low under state guarantee limits due to their smaller size etc. Paper and delays when they immediately let you connect ACH via Plaid and deposit can only be an effort to keep you...
by indexfundfan
Sat Feb 03, 2024 8:18 am
Forum: Personal Finance (Not Investing)
Topic: Fidelity as a one stop shop
Replies: 5973
Views: 1008326

Re: Fidelity as a one stop shop

kojima wrote: Sat Feb 03, 2024 3:48 am If I buy a 10 year US Treasury on Fidelity, am I able to put a portion of the total amount on the secondary market or will I have to sell 100% of the total?
You can sell as little as one "bond" (which is worth around $1000). You won't get a good price though since the best price usually requires a quantity of 30 or so at Fidelity.
by indexfundfan
Sat Feb 03, 2024 8:16 am
Forum: Personal Finance (Not Investing)
Topic: Fidelity as a one stop shop
Replies: 5973
Views: 1008326

Re: Fidelity as a one stop shop

prettybogle wrote: Fri Feb 02, 2024 6:48 am
prettybogle wrote: Sun Jan 28, 2024 2:16 pm Which option is faster to transfer funds from Bank of America to Fidelity cma ?

1. Initiate transfer at fidelity
2. Initiate transfer at Bank of America

Thanks
Quick update. I did option 1. It took 2 days !
For an ACH transfer initiated at Fidelity before 2pm ET, it has always been completed on the same day for me.
by indexfundfan
Wed Jan 31, 2024 8:25 am
Forum: Investing - Theory, News & General
Topic: Purchasing MYGAs (multi year guaranteed annuities) - mega thread
Replies: 2224
Views: 286973

Re: Purchasing MYGAs (multi year guaranteed annuities) - mega thread

End of contract options terminology. My American Equity 3 yr MYGA matures shortly and I received a document in the mail listing my options. I assume option "D" is what I want since I just want to transfer the money elsewhere and not renew it. Also it is just "regular" money and not any kind of IRA/Roth. It states "I elect to surrender this contract in full without MVA or surrender charges. Please also complete pages 1-4". The other options state things such as renew, annualize, partial withdrawal. I'm going to give them a call just to verify I'm doing this correctly. While the renewal rate is nice I just have an issue with giving my money to someone else. Probably sounds strange but I just want it all under a ...
by indexfundfan
Tue Jan 30, 2024 11:29 pm
Forum: Investing - Theory, News & General
Topic: Purchasing MYGAs (multi year guaranteed annuities) - mega thread
Replies: 2224
Views: 286973

Re: Purchasing MYGAs (multi year guaranteed annuities) - mega thread

I submitted a partial withdrawal (online form) from American Equity last Monday. Received the money on Friday (ACH). My Canvas MYGA has reached the initial 3-yr guarantee period last week and I requested a full surrender. Forms were printed, signed and emailed back three weeks ago. Funds can only be returned to me by a check in the mail. I just talked to a rep who told me the withdrawal is still in process but "can take up to 15 business days" to process. :annoyed This kind of service is infuriating i bought some of these in my and wife's name keeping it low under state guarantee limits due to their smaller size etc. Paper and delays when they immediately let you connect ACH via Plaid and deposit can only be an effort to keep you...
by indexfundfan
Tue Jan 30, 2024 9:55 am
Forum: Investing - Theory, News & General
Topic: Purchasing MYGAs (multi year guaranteed annuities) - mega thread
Replies: 2224
Views: 286973

Re: Purchasing MYGAs (multi year guaranteed annuities) - mega thread

I submitted a partial withdrawal (online form) from American Equity last Monday. Received the money on Friday (ACH).

My Canvas MYGA has reached the initial 3-yr guarantee period last week and I requested a full surrender. Forms were printed, signed and emailed back three weeks ago. Funds can only be returned to me by a check in the mail. I just talked to a rep who told me the withdrawal is still in process but "can take up to 15 business days" to process. :annoyed
by indexfundfan
Thu Jan 25, 2024 7:41 pm
Forum: Personal Investments
Topic: Anyone build a "TIPS" ladder with iShares iBonds?
Replies: 35
Views: 3631

Re: Anyone build a "TIPS" ladder with iShares iBonds?

Under the "Portfolio Characteristics" section, it lists the real yield of the ETF from the prior business day.

But I haven't bought into any of the iShares iBonds. I buy the individual TIPS.
by indexfundfan
Thu Jan 25, 2024 7:25 pm
Forum: Personal Finance (Not Investing)
Topic: Ameriprise Transfer Out (How long?)
Replies: 5
Views: 531

Re: Ameriprise Transfer Out (How long?)

No reason to talk to Ameriprise at this time. As long as the form is properly submitted (" Be sure to provide the requested information exactly as it appears on your old account. "), the old firm has to adhere to a timeline for an ACATS transfer. The old firm has one business day to validate or reject the transfer request. If the assets in an account can be transferred through ACATS, the old firm can reject a transfer request only if the form has been completed incorrectly or there is a question about the ownership of the account or the number of shares. Once the transfer request is validated by the old firm, the account is frozen for transfer to the new firm. The old firm will send a list of the assets to be transferred to the ne...
by indexfundfan
Tue Jan 23, 2024 7:41 pm
Forum: Personal Investments
Topic: Fidelity CMA overdraft
Replies: 66
Views: 9237

Re: Fidelity CMA overdraft

This thread is causing a lot of confusion and worry for people who are attracted to the MMF auto-liquidation feature from Fidelity. I have the Fidelity CMA account (previously known as mySmartCash) since it was first introduced (in 2007 I believe). What OP was doing was to purchase the MMF in a separate brokerage account and then tried to depend on the overdraft mechanism to pull money from the brokerage account into the CMA for an ATM debit. This sometimes fails for those (instantaneous) point-of-sale or ATM usage. I recall this happens even in the early days and I don't think this was ever properly fixed. There is no change in the rules. If you want the MMF auto-liquidation to happen reliably in the CMA, purchase the MMF in the CMA. It ha...
by indexfundfan
Tue Jan 23, 2024 11:46 am
Forum: Investing - Theory, News & General
Topic: Schwab is struggling
Replies: 48
Views: 11798

Re: Schwab is struggling

Fidelity does have auto-liquidate on money funds in case you forget to sell, but here is an interesting thread where someone was using a fund they thought would auto-liquidate (FZDXX), but it didn't. It seems the rules for the fund were changed this week without notification and it won't auto-liquidate for overdraft but apparently will auto liquidate for bill pay and check writing except that that makes no sense to many as they seem to be the same thing and Fidelity isn't really saying. https://www.bogleheads.org/forum/viewtopic.php?p=7221085#p7221085 I had the Fidelity CMA account since it was first introduced (in 2007 I believe). What the person was doing in the post was to purchase the MMF in a separate brokerage account and then depend...
by indexfundfan
Thu Jan 11, 2024 8:34 am
Forum: Investing - Theory, News & General
Topic: Purchasing MYGAs (multi year guaranteed annuities) - mega thread
Replies: 2224
Views: 286973

Re: Purchasing MYGAs (multi year guaranteed annuities) - mega thread

soretired wrote: Wed Jan 10, 2024 4:06 pm ...
Thanks. It didn't work for me though. It keeps alternating between "go to dashboard" and the second log in screen.

There's no urgency for me to view my policies. I will try again another day.
Did you try to login at the 2nd login page? I did and it took me right to my policy info. Maybe clear your cache/cookies before you try again.
It didn't work, even with multiple logins. Tried a new browser / clearing cache as well.

I ended up calling them. They fixed it in 5 minutes. Still need to do the second login though. This is weird.
by indexfundfan
Tue Jan 09, 2024 12:54 pm
Forum: Investing - Theory, News & General
Topic: Purchasing MYGAs (multi year guaranteed annuities) - mega thread
Replies: 2224
Views: 286973

Re: Purchasing MYGAs (multi year guaranteed annuities) - mega thread

Does anyone have trouble getting to the Gainbridge Dashboard? After logging in, I was given two options 1. Buy a new product 2. Go to dashboard When I click on "Go to dashboard", the system prompts me to login again. I have tried on two different browsers, same problem. The Gainbridge website has been acting a little flaky for me for the last several weeks. But I was just now able to log in and see my active policy. Start off at gainbridge.io Log in with user name and password. It sends me a verification code. When entered, I get to the same screen as you had (buy a new product or go to dashboard). Select "go to dashboard", log in again (a different log in screen than before, with no text verification), and then I can s...
by indexfundfan
Tue Jan 09, 2024 10:48 am
Forum: Personal Investments
Topic: VUSXX Alternatives
Replies: 3
Views: 833

Re: VUSXX Alternatives

app wrote: Tue Jan 09, 2024 8:31 am Correct me if I'm wrong, but I believe I've read elsewhere that VUSXX is not completely state tax free in California. What are alternative investments that share a similar ease of use and return as VUSXX, but are state tax free in California? Also, ideally it'd be something that I can purchase through Vanguard.
I use GABXX at Etrade (no transaction fees). So far it's all in USGO, so state tax free. It's expense ratio is also 1 basis point lower than VUSXX.
by indexfundfan
Tue Jan 09, 2024 10:21 am
Forum: Investing - Theory, News & General
Topic: Purchasing MYGAs (multi year guaranteed annuities) - mega thread
Replies: 2224
Views: 286973

Re: Purchasing MYGAs (multi year guaranteed annuities) - mega thread

Does anyone have trouble getting to the Gainbridge Dashboard? After logging in, I was given two options

1. Buy a new product
2. Go to dashboard

When I click on "Go to dashboard", the system prompts me to login again.

I have tried on two different browsers, same problem.
by indexfundfan
Wed Jan 03, 2024 4:07 pm
Forum: Investing - Theory, News & General
Topic: Purchasing MYGAs (multi year guaranteed annuities) - mega thread
Replies: 2224
Views: 286973

Re: Purchasing MYGAs (multi year guaranteed annuities) - mega thread

My 3-yr Canvas MYGA will reach the end of the initial guarantee period later this month. I just emailed in the surrender form (print, sign, scan, email).

For those interested, they require a copy of your ID which shows your signature. "One-time" withdrawals are only sent by check. No electronic fund transfers.
by indexfundfan
Sun Dec 31, 2023 5:22 pm
Forum: Personal Finance (Not Investing)
Topic: Bank of America/Merrill Edge - Preferred Rewards
Replies: 7041
Views: 878788

Re: Bank of America/Merrill Edge - Preferred Rewards

You can direct deposit and debit from ME directly. I use the ABA and account numbers from the check book.
by indexfundfan
Sat Dec 30, 2023 8:10 am
Forum: Personal Finance (Not Investing)
Topic: DAF - Vanguard, Fidelity, or ?
Replies: 28
Views: 2387

Re: DAF - Vanguard, Fidelity, or ?

Regarding the fees, how are they charged? For example, you donate $5000 in shares to the Fidelity DAF. Once the money is posted, you immediately request all the money to be donated to your favorite charities, reducing the balance to zero. Does Fidelity send you a bill for fees or would they close the account if you repeatedly zero out the account?
by indexfundfan
Fri Dec 22, 2023 4:09 pm
Forum: Investing - Theory, News & General
Topic: Daffy - new low fee donor advised fund provider
Replies: 46
Views: 9599

Re: Daffy - new low fee donor advised fund provider

tj wrote: Thu Dec 21, 2023 11:24 am
toddthebod wrote: Thu Dec 21, 2023 7:39 am
tj wrote: Thu Dec 07, 2023 11:32 am Vanguard charitable is definitely not as competitive as fidelity charitable or Schwab charitable for "small" accounts. I believe both have a $100 minimum fee, which effectively gives a $17k minimum to not pay more than is necessary,
Did Schwab eliminate their minimum fee? I don't see it mentioned here: https://www.schwabcharitable.org/fees-a ... t-minimums
That's a good question. I have no idea.
Interesting. The fee calculator on Schwab Charitable also does not show the minimum fee

https://www.schwabcharitable.org/featur ... d-minimums
by indexfundfan
Mon Dec 18, 2023 8:23 pm
Forum: Investing - Theory, News & General
Topic: Purchasing MYGAs (multi year guaranteed annuities) - mega thread
Replies: 2224
Views: 286973

Re: Purchasing MYGAs (multi year guaranteed annuities) - mega thread

Super Hans wrote: Mon Dec 18, 2023 8:05 pm Is the Gainbridge website working for others? I wanted to check on an existing annuity and probably buy the new FastBreak one, but I couldn't accomplish anything. Instead, I was in an endless loop of sign on screens--even after changing computers and browsers. Maybe they're down while they lower the rates.
I tried and have the same issue.
by indexfundfan
Mon Dec 18, 2023 2:08 pm
Forum: Investing - Theory, News & General
Topic: Purchasing MYGAs (multi year guaranteed annuities) - mega thread
Replies: 2224
Views: 286973

Re: Purchasing MYGAs (multi year guaranteed annuities) - mega thread

The Gainbridge FastBreak product summary says the following

"This annuity is not a tax-deferred annuity. Each year, you will be taxed on the interest credited to your annuity contract, regardless of whether you make a withdrawal. You will pay tax at the same rate that applies to your other ordinary income. Because this annuity is not tax-deferred, you will not pay a 10% federal excise tax on any interest you withdraw before you reach age 59 ½. The base contract is non-qualified and is not eligible for a tax-free exchange under Section 1035 of the Internal Revenue Code."

Current rates

3yr : 6.15%
4yr : 6.05%
5yr : 6.00%
6yr~9yr : 5.95%
10yr 5.9%
by indexfundfan
Sat Dec 16, 2023 8:17 pm
Forum: Investing - Theory, News & General
Topic: The Final, Definitive Thread on Brokerage Transfer Bonuses
Replies: 7737
Views: 1337539

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

michaeljc70 wrote: Sat Dec 16, 2023 7:46 pm I'm getting my $2500 bonus from WF as I said above. I have accounts at Fidelity and Schwab. Which is more likely to offer me something to move $500k-$900k more there? What is the best method to contact them for this discussion? It is mostly retirement $$$ so a lot of the public offers won't work for me. I was probably going to pick one or the other to consolidate even if I get nothing.
I spoke to Fidelity recently. The rep told me they currently don't have any bonus for transfers less than $1m.
by indexfundfan
Fri Dec 15, 2023 8:45 am
Forum: Investing - Theory, News & General
Topic: Purchasing MYGAs (multi year guaranteed annuities) - mega thread
Replies: 2224
Views: 286973

Re: Purchasing MYGAs (multi year guaranteed annuities) - mega thread

FastBreak certainly looks like an unique product at this time. I was looking at the IRS website for exceptions to the 10% distribution penalty before age 59.5

https://www.irs.gov/retirement-plans/pl ... tributions

I think the closest one could be

"Automatic enrollment" "permissive withdrawals from a plan with auto enrollment features"

I suppose with FastBreak, they will distribute the interest yearly, whether you want it or not (but can be reinvested back into the policy), just as Stinky mentioned in the prior post.

Any other thoughts?

Link to product https://www.gainbridge.io/fastbreak
by indexfundfan
Wed Dec 13, 2023 12:51 pm
Forum: Personal Investments
Topic: Transferring from Etrade to Merrill Edge
Replies: 7
Views: 1051

Re: Transferring from Etrade to Merrill Edge

I recently transferred from Etrade to Fidelity. The option I chose, on the Fidelity website, was "Etrade from Morgan Stanley". It worked. See if there is something similar on Merrill.
by indexfundfan
Mon Dec 11, 2023 8:09 am
Forum: Investing - Theory, News & General
Topic: Purchasing MYGAs (multi year guaranteed annuities) - mega thread
Replies: 2224
Views: 286973

Re: Purchasing MYGAs (multi year guaranteed annuities) - mega thread

Found a link that may be relevant to the discussion https://advisors.principal.com/wps/portal/advisor/resource-center/education-training/advanced-markets-info/annuities/annuities-advanced-markets-partial-1035-restrictions-distributions Appreciate the link, indexfundfan. Here's another related one I found: https://www.immediateannuities.com/1035-annuity-exchanges/ Yes, that's a good source on 1035 exchanges, that goes into a lot of depth on the topic. Stinky and others, is it fair to boil down "lesson learned" (especially related to tax-reporting implications) to something like this: Withdrawals to yourself before policy term ends are pulled interest first, whereas 1035 transfers to a new policy are not--instead, they create a pro...
by indexfundfan
Fri Dec 08, 2023 11:20 pm
Forum: Investing - Theory, News & General
Topic: Purchasing MYGAs (multi year guaranteed annuities) - mega thread
Replies: 2224
Views: 286973

Re: Purchasing MYGAs (multi year guaranteed annuities) - mega thread

Let’s say I invested $100,000 in a 3-year MYGA policy that went into effect on 3/1/21 earning 3.0%. On 2/28/23, I did a 1035 exchange of my allowable 10% penalty-free withdrawal ($10,300, to use a round number, the first $3,000 of which is interest that was credited on 3/1/22) into a new MYGA at a different company, thinking it would defer the $3,000 of interest (credited on 3/1/23) until the NEW MYGA comes to term. Then, on 9/1/23, I did another 1035 exchange of an allowable 10% (the first ~$3,000 of which is interest) into yet another new MYGA. So here I was thinking that I had deferred ~$6,000 interest to later years to avoid taxes. I think I get what you are trying to say. Your thinking is that the first 1035 exchange should have moved...
by indexfundfan
Fri Dec 08, 2023 5:44 pm
Forum: Personal Consumer Issues
Topic: Electrical Question - 20 Amp Circuit Breaker with White Romex 14 Gauge Wiring
Replies: 20
Views: 2544

Re: Electrical Question - 20 Amp Circuit Breaker with White Romex 14 Gauge Wiring

The breaker should be matched to the wire. If the wire is 14/2 romex, then the breaker should be 15A.

As for whether the 14/2 wire is OK for the dishwasher, check the dishwasher name plate. If this is not accessible, you can google the model and probably find the information online.
by indexfundfan
Thu Dec 07, 2023 9:08 am
Forum: Investing - Theory, News & General
Topic: The Final, Definitive Thread on Brokerage Transfer Bonuses
Replies: 7737
Views: 1337539

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Serendipity wrote: Thu Dec 07, 2023 8:59 am I got $3000 for moving $2.xM to Fidelity. I had assets there already and had decided to consolidate from another brokerage regardless of bonus but figured it didn't hurt to ask.
I'm thinking of moving assets to Fidelity. May I know when did the bonus post to the account and any hold period for the assets?
by indexfundfan
Mon Dec 04, 2023 5:52 pm
Forum: Investing - Theory, News & General
Topic: Purchasing MYGAs (multi year guaranteed annuities) - mega thread
Replies: 2224
Views: 286973

Re: Purchasing MYGAs (multi year guaranteed annuities) - mega thread

I'm shocked that this Oceanview fiasco is still not resolved. And they are allowed to delay paying out any matured funds? I'm curious if there is any regulation that addresses this.

I can't imagine the same delay being allowed to happen at a bank or a brokerage firm.