What would you do to lower our oversized emergency fund?

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BashDash
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What would you do to lower our oversized emergency fund?

Post by BashDash » Fri May 11, 2018 11:55 am

A recent post got me thinking that our emergency fund is too big and I am brainstorming for something to do about it. Thanks in advance for all responses :)

Option 1) Do nothing. Embrace the security that an oversized emergency fund would bring. No new big purchases on horizon. Possible house purchase in future but not a need. Be okay that the cash is a drag on our overall return.


Option 2) Make a lump sum taxable account investment into index funds

Option 3) Fill up our tax deferred buckets from our paychecks more than we would usually be able to. Thus we would be spending our emergency fund down as the 457 and 403b gets filled up. We already max our 403b's, Roth's and partially max our 457. We have capability of around 72 of tax deferred space per year. Currently we max our NY 457 plans and probably less than half of our 403b.


Option 4: Pay off part of the mortgage principal

Option 5: None of the above


Background info:

Debt:
no student, CC, or car debt ( two healthy cars, one of them just purchased new to drive forever)

current residence debt: 224K at 4% ( taxes 11k)

Tax Filing Status: married, 2 small children
Tax Rate: Each of us have 106k salary
State of Residence: NY
Age: Upper 30s

Tax Deferred in 403b and 457 plans ( 60 stock 40 bond)
Him:150k
Her 95k

Roth IRA ( 100% stock index funds )
Him:13k
Her: 13k

Taxable

10k in checking account.
160k in ally savings no penalty cd ( 1.6% )

130k in Merril Edge.
Mostly large cap stocks and 40% index funds. All future dividends going to index funds.

2 future NYSTRS pensions at age 55 if retired:
Percent of final average salary. NYSTR

College NY 529 plan
60K in vanguard funds and contributing $50 per month.
Vanguard Institutional Total Stock Market Index Fund 70%
Vanguard Total International Stock Index Fund 30%

Jack FFR1846
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Re: What would you do to lower our oversized emergency fund?

Post by Jack FFR1846 » Fri May 11, 2018 12:13 pm

Take out a no cost HELOC, then put it towards the mortgage.

How much do you consider oversized, anyways? I see everything from 3 months of spending to me....sitting on a year spending plus another 7 years spending in savings bonds.

Oh, yah. Savings bonds?
Bogle: Smart Beta is stupid

KlangFool
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Re: What would you do to lower our oversized emergency fund?

Post by KlangFool » Fri May 11, 2018 12:23 pm

BashDash wrote:
Fri May 11, 2018 11:55 am

Tax Deferred in 403b and 457 plans ( 60 stock 40 bond)
Him:150k
Her 95k

Roth IRA ( 100% stock index funds )
Him:13k
Her: 13k

Taxable

130k in Merril Edge.
BashDash,

1) Why do you keep 130K in your taxable account and pay tax when you can move that money into your 403B and 457 account?

2) Your emergency fund is not large as compared to your annual income.

KlangFool

ExitStageLeft
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Re: What would you do to lower our oversized emergency fund?

Post by ExitStageLeft » Fri May 11, 2018 12:31 pm

This seems like a wonderful reason to update that Investment Policy Statement.

I vote for Option 3. It puts the money in tax-deferred now and gives you something to work with down the road if Roth conversions make sense. Unless you have a compelling urge to go to Vegas...

Grt2bOutdoors
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Re: What would you do to lower our oversized emergency fund?

Post by Grt2bOutdoors » Fri May 11, 2018 12:36 pm

How is it oversized? $170K in cash divided by $20K in monthly expenses is 5.5 months worth of efund.
On the other hand, if your job is secure, if you have 1 years worth of efund there, then investing it in a taxable account according to IPS asset allocation may be a more profitable thing to do.
"One should invest based on their need, ability and willingness to take risk - Larry Swedroe" Asking Portfolio Questions

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kellyfj
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Re: What would you do to lower our oversized emergency fund?

Post by kellyfj » Fri May 11, 2018 12:47 pm

Over $300k in taxable . . . . hmmm

I like #3 increase and max out tax deferred deductions
OR
#4 Payoff principal while refinancing into a shorter term mortgage
Also try to boost those 529 monthly contributions
Or some of all of the above

My 2 cents

-Frank

mega317
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Re: What would you do to lower our oversized emergency fund?

Post by mega317 » Fri May 11, 2018 1:13 pm

I'm solidly on team #3.
Grt2bOutdoors wrote:
Fri May 11, 2018 12:36 pm
How is it oversized? $170K in cash divided by $20K in monthly expenses is 5.5 months worth of efund.
Where do you see 20k monthly expenses? That's more than their income (which I guess doesn't make it untrue).

BashDash
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Re: What would you do to lower our oversized emergency fund?

Post by BashDash » Fri May 11, 2018 1:13 pm

OP here. Thanks for all contributions!

Jack FFR1846 : Can you point me in the right direction for more info on zero cost HELOC?

KlangFool: Not sure why we have such funds not in the tax deferred. We have basically been substantially increasing our tax deferred contributions to the point where our paychecks don't have much money actually making it to us. My wife just re-entered the work force again so I didn't want to overdo her tax deferred contributions. I know this may not make much sense but to her maybe it may feel like she is not being "paid" if there is hardly any money on her paycheck.

ExitStageLeft: Agreed. Boglehead's helped us initially sort out our high fee 403b. Has taken some time to get the entire financial house in order. Have to get a solid IPS.

Grt2bOutdoors : I don't think we have close to 20k in monthly expenses. Mortgage is 1400 plus 900 in taxes. Of course there is some gray area that we need to actually keep track of with a budget but I don' think we are even close to 5 or 6k. Jobs are very secure with tenure.

Frank: Thanks for your contribution. For some reason, I'm just not excited about the limitations of a 529. The plan is to use the Roth for college or just cash flow it while working with a taxable account.

Jack FFR1846
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Re: What would you do to lower our oversized emergency fund?

Post by Jack FFR1846 » Fri May 11, 2018 1:22 pm

BashDash wrote:
Fri May 11, 2018 1:13 pm

Jack FFR1846 : Can you point me in the right direction for more info on zero cost HELOC?
I'd start with your friendly local credit union. That's where I got mine.
Bogle: Smart Beta is stupid

Grt2bOutdoors
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Re: What would you do to lower our oversized emergency fund?

Post by Grt2bOutdoors » Fri May 11, 2018 1:22 pm

Fund the 529 plan such that you can pay for 2 state university costs including room and board. This year a four year bill will run you about $100K. (*2 = $200K), you have 60K there. NYS gives you a 10K tax deduction against your state income tax return for married filing jointly. When kids are a few years older, take them to Disney World - expensive yes, but you can afford it and you're only 5 or 6 once in your life. NYSTRS is nearly fully funded, so no worries there - it's not Kentucky. Don't use Roth for college, that is tax-free money, that is an estate planning tool for those who don't need it for retirement.

My vote is to pay down the mortgage and throw some in taxable, take the Disney World vacation or whatever floats your boat.
"One should invest based on their need, ability and willingness to take risk - Larry Swedroe" Asking Portfolio Questions

KlangFool
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Re: What would you do to lower our oversized emergency fund?

Post by KlangFool » Fri May 11, 2018 1:35 pm

BashDash wrote:
Fri May 11, 2018 1:13 pm

KlangFool: Not sure why we have such funds not in the tax deferred. We have basically been substantially increasing our tax deferred contributions to the point where our paychecks don't have much money actually making it to us. My wife just re-entered the work force again so I didn't want to overdo her tax deferred contributions. I know this may not make much sense but to her maybe it may feel like she is not being "paid" if there is hardly any money on her paycheck.
BashDash,

1) Move the equal amount to her checking account as her paycheck being deducted.

2) You are probably paying 20+% or more taxes on that money. It is crazy to pay that taxes with 130K in the taxable account.

KlangFool

boglewill34
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Re: What would you do to lower our oversized emergency fund?

Post by boglewill34 » Fri May 11, 2018 2:12 pm

BashDash wrote:
Fri May 11, 2018 11:55 am
We already max our 403b's, Roth's and partially max our 457. We have capability of around 72 of tax deferred space per year. Currently we max our NY 457 plans and probably less than half of our 403b.
There's conflicting logic in this statement, hard to parse what's meant.

I'd definitely max out ALL tax deferred space, no hesitation about using the EF for that if needed. Then set some sort of a goal for when you'd like to pay the house off, like: in 10 years, when the first kid graduates hs, in 2025, whatever, and put enough to that to fulfill the goal.

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Sandtrap
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Re: What would you do to lower our oversized emergency fund?

Post by Sandtrap » Fri May 11, 2018 2:17 pm

#1
Emergency Fund is fine. Some on the forum have EF 10x that.
Sometimes "not" doing something when there's an urge to "do something" is "doing something".

aloha
j

aristotelian
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Re: What would you do to lower our oversized emergency fund?

Post by aristotelian » Fri May 11, 2018 2:39 pm

Sandtrap wrote:
Fri May 11, 2018 2:17 pm
#1
Emergency Fund is fine. Some on the forum have EF 10x that.
Sometimes "not" doing something when there's an urge to "do something" is "doing something".

aloha
j
I doubt there are many with $1M+ in EF and only $13K x 2 Roth IRA's. OP should absolutely his advantaged accounts. There is no downside to maxing Roth as contributions can be withdrawn in emergency. I would argue for "do something" as any of the proposed options are better than having over $100K losing real value to inflation.

JohnFiscal
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Re: What would you do to lower our oversized emergency fund?

Post by JohnFiscal » Fri May 11, 2018 2:41 pm

fwiw: I haven't had or used an "emergency fund" in a very long long time, if ever (back when I might have needed it I didn't have the cash for one).

But I have and do keep a lot of "cash" relatively readily available for what I call "Reserves". I keep a number of electronic "envelopes" for budgeting purposes and accrue in them for those expenses that are "predictable but not so their precise date of arrival". Such things like home repairs, appliance repair/replacement, tires/battery/etc for the cars. And a potpourri of other categories. Some people might think of this as an emergency fund, but I prefer to quantify and qualify it more precisely and in more granular terms. With this I can pretty much keep on eye on the overall size of the reserves and apportion some to higher paying accounts versus money that is more immediately available.

Grt2bOutdoors
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Re: What would you do to lower our oversized emergency fund?

Post by Grt2bOutdoors » Fri May 11, 2018 2:46 pm

mega317 wrote:
Fri May 11, 2018 1:13 pm
I'm solidly on team #3.
Grt2bOutdoors wrote:
Fri May 11, 2018 12:36 pm
How is it oversized? $170K in cash divided by $20K in monthly expenses is 5.5 months worth of efund.
Where do you see 20k monthly expenses? That's more than their income (which I guess doesn't make it untrue).
Its a hypothetical, intended to get the OP to be more precise on just how much oversized the fund actually is?
"One should invest based on their need, ability and willingness to take risk - Larry Swedroe" Asking Portfolio Questions

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sergeant
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Re: What would you do to lower our oversized emergency fund?

Post by sergeant » Fri May 11, 2018 3:28 pm

Option #3.
Lincoln 3 EOW!

CnC
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Re: What would you do to lower our oversized emergency fund?

Post by CnC » Fri May 11, 2018 3:43 pm

100% option 3. I did that to my wife and she wasn't happy but it was for the good of the family.


We had been spending 50% of what we make and just plunking thr rest into the checking and buying CD's when it got too high.


Luckily she got on board when I got excited about it.

Now I'm very mean to her since her megacorp lets her contribute post tax money to a secondary 401k that we will be rolling into a Roth IRA once a year "mega backdoor Roth" eventually I'll be taking ±50k a year out of her paycheck. :twisted:


Our goal is to flatten the gap between what we make and what we spend. Which seems to grow every year. First world problems I guess.

Darth Xanadu
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Re: What would you do to lower our oversized emergency fund?

Post by Darth Xanadu » Fri May 11, 2018 4:20 pm

Use EF as many have said to max all tax-advantaged space.
"A courageous teacher, failure is."

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Sandtrap
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Re: What would you do to lower our oversized emergency fund?

Post by Sandtrap » Fri May 11, 2018 4:21 pm

aristotelian wrote:
Fri May 11, 2018 2:39 pm
Sandtrap wrote:
Fri May 11, 2018 2:17 pm
#1
Emergency Fund is fine. Some on the forum have EF 10x that.
Sometimes "not" doing something when there's an urge to "do something" is "doing something".

aloha
j
I doubt there are many with $1M+ in EF and only $13K x 2 Roth IRA's. OP should absolutely his advantaged accounts. There is no downside to maxing Roth as contributions can be withdrawn in emergency. I would argue for "do something" as any of the proposed options are better than having over $100K losing real value to inflation.
Very true in that respect.
A bit lopsided. . . EF vs Roth IRA's.
j

gluskap
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Re: What would you do to lower our oversized emergency fund?

Post by gluskap » Fri May 11, 2018 5:44 pm

I'll add my vote to maxing all your tax advantaged space. I think of having a 2 tiered EF. One that is much smaller say 2-3 months worth for small predictable emergencies or more cash flow type issues. And then a larger pool for long term emergencies like extended illness or job layoff that is 6-9 months worth in a taxable account. Even if you have a long term emergency during a stock downturn and have to sell some stocks, the money you lose would still be less than having cash sitting around when you don't need it. So that money would be accumulating a return also so that if you do have need you'll probably have made more than you might lose in a downturn. Using this strategy you'd only need 15-20k in a cash or CD account based on your expenses and you already have the $130k in the Merrill Edge taxable account so you could invest the rest to fill up your tax advantaged space.

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dratkinson
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Re: What would you do to lower our oversized emergency fund?

Post by dratkinson » Fri May 11, 2018 5:51 pm

Max your annual contributions to your tax-advantaged retirement space. Your retired self will thank you.



Keep all Roth accounts for retirement. Your retired self will thank you.



If you begin taxable investing....

Start with the bond fund. It's safer than equities so performs double-duty as an extended tier of your EFs and as part of your retirement bond allocation.

Assuming you are in the 22% fed tax bracket, I'd be temped to use Vanguard's LT NY muni bond fund (VNYTX). Why? It should produce more after-tax income than TBM, but with more risk.

You could also use any safer muni fund that produced more after-tax-income than current/best CDs. Vanguard's IT national muni fund (VWITX) should do that.

Note. Daily-accrual muni funds (not ETFs) are exempt from IRS >6mo holding period requirement to protect tax-exempt dividends. Meaning you can sell at any time and the tax-exempt benefit is preserved. VWITX is a daily-accrual fund. Don't know about VNYTX, so you'll need to read the prospectus.

Compute TEY (taxable-equivalent yield) as a first-level check on the goodness of a muni fund to produce after-tax income.
--National muni fund TEY = SEC yield / (1 - fed tax bracket).
--Single-state muni fund TEY = SEC yield / (1 - fed tax bracket - state tax bracket - city tax bracket).

Note. Above formulas assume you don't deduct state taxes on fed return. You'll need to search for the other formulas.

Student exercise. Compute the TEYs of your muni candidates. Compare TEY to TBM SEC yield and CD APY.



Use ABP by CC technique to earn ~2%/yr tax-free on existing easy-to-live-with low-yield cash accounts.
See: ABP by CC technique: viewtopic.php?p=3794477#p3794477



Above will give you an EF structure that looks like this.
--1st-tier, 1yr EFs (existing ~0% checking, savings, mmkt) earning 2%/yr tax-free from ABP by CC technique.
--2nd-tier EFs are appropriate double-duty bond funds in taxable earning the market rate.
--3rd-tier EFs are retirement equity funds in taxable earning the market rate.
--4th-tier EFs (doomsday scenario) are all tax-advantage retirement accounts earning the market rate.
d.r.a, not dr.a. | I'm a novice investor, you are forewarned.

3funder
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Re: What would you do to lower our oversized emergency fund?

Post by 3funder » Sat May 12, 2018 9:17 am

Option 3.

student
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Re: What would you do to lower our oversized emergency fund?

Post by student » Sat May 12, 2018 9:20 am

I also concur with option 3.

letsgobobby
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Re: What would you do to lower our oversized emergency fund?

Post by letsgobobby » Sat May 12, 2018 9:34 am

"partially max"

Is that different from "don't max"

?

letsgobobby
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Re: What would you do to lower our oversized emergency fund?

Post by letsgobobby » Sat May 12, 2018 9:38 am

KlangFool wrote:
Fri May 11, 2018 1:35 pm
BashDash wrote:
Fri May 11, 2018 1:13 pm

KlangFool: Not sure why we have such funds not in the tax deferred. We have basically been substantially increasing our tax deferred contributions to the point where our paychecks don't have much money actually making it to us. My wife just re-entered the work force again so I didn't want to overdo her tax deferred contributions. I know this may not make much sense but to her maybe it may feel like she is not being "paid" if there is hardly any money on her paycheck.
BashDash,

1) Move the equal amount to her checking account as her paycheck being deducted.

2) You are probably paying 20+% or more taxes on that money. It is crazy to pay that taxes with 130K in the taxable account.

KlangFool
Not so sure. With two generous state pensions coming in during retirement, there is no guarantee whatsoever they will be in a lower tax bracket during retirement.

KlangFool
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Re: What would you do to lower our oversized emergency fund?

Post by KlangFool » Sat May 12, 2018 9:50 am

letsgobobby wrote:
Sat May 12, 2018 9:38 am
KlangFool wrote:
Fri May 11, 2018 1:35 pm
BashDash wrote:
Fri May 11, 2018 1:13 pm

KlangFool: Not sure why we have such funds not in the tax deferred. We have basically been substantially increasing our tax deferred contributions to the point where our paychecks don't have much money actually making it to us. My wife just re-entered the work force again so I didn't want to overdo her tax deferred contributions. I know this may not make much sense but to her maybe it may feel like she is not being "paid" if there is hardly any money on her paycheck.
BashDash,

1) Move the equal amount to her checking account as her paycheck being deducted.

2) You are probably paying 20+% or more taxes on that money. It is crazy to pay that taxes with 130K in the taxable account.

KlangFool
Not so sure. With two generous state pensions coming in during retirement, there is no guarantee whatsoever they will be in a lower tax bracket during retirement.
letsgobobby,

OP is 30+ years old. The pensions are coming in at 55. Do not count the chicken before the eggs hatched.

<<With two generous state pensions coming in during retirement, >>
<< there is no guarantee whatsoever they will be in a lower tax bracket during retirement.>>

1) If that happened, it is not too bad. Paying 20+% taxes at retirement meant that they are doing very well. But, by deferring taxes at 20+% now, they hedge their bet. If the pensions are not so generous, they are protected. They only lose if the retirement tax bracket is higher. Aka, 30+%.

2) Personally speaking, I seriously doubt that the public pension system could continue as it is over the next 20+ years. Almost all of them are underfunded.

KlangFool

Grt2bOutdoors
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Re: What would you do to lower our oversized emergency fund?

Post by Grt2bOutdoors » Sat May 12, 2018 12:07 pm

KlangFool wrote:
Sat May 12, 2018 9:50 am
letsgobobby wrote:
Sat May 12, 2018 9:38 am
KlangFool wrote:
Fri May 11, 2018 1:35 pm
BashDash wrote:
Fri May 11, 2018 1:13 pm

KlangFool: Not sure why we have such funds not in the tax deferred. We have basically been substantially increasing our tax deferred contributions to the point where our paychecks don't have much money actually making it to us. My wife just re-entered the work force again so I didn't want to overdo her tax deferred contributions. I know this may not make much sense but to her maybe it may feel like she is not being "paid" if there is hardly any money on her paycheck.
BashDash,

1) Move the equal amount to her checking account as her paycheck being deducted.

2) You are probably paying 20+% or more taxes on that money. It is crazy to pay that taxes with 130K in the taxable account.

KlangFool
Not so sure. With two generous state pensions coming in during retirement, there is no guarantee whatsoever they will be in a lower tax bracket during retirement.
letsgobobby,

OP is 30+ years old. The pensions are coming in at 55. Do not count the chicken before the eggs hatched.

<<With two generous state pensions coming in during retirement, >>
<< there is no guarantee whatsoever they will be in a lower tax bracket during retirement.>>

1) If that happened, it is not too bad. Paying 20+% taxes at retirement meant that they are doing very well. But, by deferring taxes at 20+% now, they hedge their bet. If the pensions are not so generous, they are protected. They only lose if the retirement tax bracket is higher. Aka, 30+%.

2) Personally speaking, I seriously doubt that the public pension system could continue as it is over the next 20+ years. Almost all of them are underfunded.

KlangFool
Actuarial Funded ratios is 96.7%. https://www.nystrs.org/About-Us/Press-R ... he-Numbers
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yogesh
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Re: What would you do to lower our oversized emergency fund?

Post by yogesh » Sat May 12, 2018 12:43 pm

OP needs IPS and prioritised list of goals before heading into asset allocation or fund choices.
Emergency: FDIC | Taxable: VT | Retirement: TR2040

FoolMeOnce
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Re: What would you do to lower our oversized emergency fund?

Post by FoolMeOnce » Sat May 12, 2018 1:39 pm

BashDash wrote:
Fri May 11, 2018 11:55 am
130k in Merril Edge.
Mostly large cap stocks and 40% index funds. All future dividends going to index funds.
You can take the dividends for cash flow while increasing your tax-deferred contributions instead of reinvesting in taxable.

NYCwriter
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Re: What would you do to lower our oversized emergency fund?

Post by NYCwriter » Sat May 12, 2018 2:02 pm

Depends on your short- and long-term goals.

I'd pay down debt and max out retirement. I have a healthy taxable/cash funds and wish I had done it a lot sooner than I did. But I'm not planning to make a big purchase in the near future, etc.

Not sure about someone with very large tax-deferred retirement funds, but deferring tax during prime earning years is usually considered the better choice.

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aj76er
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Re: What would you do to lower our oversized emergency fund?

Post by aj76er » Sun May 13, 2018 5:58 pm

Option #3.

Alternatively, you could buy some I-bonds as well, which give you some tax deferred money that will at least keep up with inflation. Max purchase is $10k per SSN per year (so $20k total for you and spouse).
"Buy-and-hold, long-term, all-market-index strategies, implemented at rock-bottom cost, are the surest of all routes to the accumulation of wealth" - John C. Bogle

BashDash
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Re: What would you do to lower our oversized emergency fund?

Post by BashDash » Wed May 16, 2018 12:01 pm

OP here. Thank you for all of detailed responses!!

We are going to use OPTION 3.

Currently we are maxing the NY 457, and Roth. I see no reason not to start maxing the 403b until we get the cash down to a level we are comfortable with. Only we can answer what that number is I guess. I think I will drastically up our contributions in July and August since we get paid over the summer even though we aren't working. Plus, health insurance and daycare expenses won't be taken out over the summer. Why not just replace those numbers with 403b contributions. Luckily, thanks to this forum all my contributions are going to amazingly low fee options.


Thanks again!!

boglewill34
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Re: What would you do to lower our oversized emergency fund?

Post by boglewill34 » Wed May 16, 2018 2:45 pm

Grt2bOutdoors wrote:
Sat May 12, 2018 12:07 pm
Actuarial Funded ratios is 96.7%. https://www.nystrs.org/About-Us/Press-R ... he-Numbers
NYSTRS is known to be, even among the NYS system, a very well run pension system. NYS pension is (state) constitutionally protected, and we just last year voted down a once-in-20yr possibility of a constitutional convention. At least with us non-NYSTRS workers, they've changed the pension tiers to make it at very least more well funded; I'll pay into the system for my full career.

None of the above is a guarantee of course. Just saying that it's not a shoestring operation run on a year to year whim.

Grt2bOutdoors
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Re: What would you do to lower our oversized emergency fund?

Post by Grt2bOutdoors » Wed May 16, 2018 4:41 pm

boglewill34 wrote:
Wed May 16, 2018 2:45 pm
Grt2bOutdoors wrote:
Sat May 12, 2018 12:07 pm
Actuarial Funded ratios is 96.7%. https://www.nystrs.org/About-Us/Press-R ... he-Numbers
NYSTRS is known to be, even among the NYS system, a very well run pension system. NYS pension is (state) constitutionally protected, and we just last year voted down a once-in-20yr possibility of a constitutional convention. At least with us non-NYSTRS workers, they've changed the pension tiers to make it at very least more well funded; I'll pay into the system for my full career.

None of the above is a guarantee of course. Just saying that it's not a shoestring operation run on a year to year whim.
That’s my point to Klang Fool who may have been under impression that pension plan would degrade over the next 30-40 years to the point of failing.
"One should invest based on their need, ability and willingness to take risk - Larry Swedroe" Asking Portfolio Questions

PhilosophyAndrew
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Re: What would you do to lower our oversized emergency fund?

Post by PhilosophyAndrew » Wed May 16, 2018 6:42 pm

OP, I would make lump-sum investments according to the asset allocations specified in my IPS and in accordance with the tax deferred/taxable savings goals included in that plan.

If I didn’t have a fully-developed IPS, I would do nothing until I had written my IPS, and I would do that only after identifying and filling in any significant gaps in my investing knowledge.

Andy.

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