Retirement thoughts Past Present Future

[scott_vt]

The interest fell to pennies each month as rates declined and bank’s policy now is essentially leave this type account a non interest account but for those ready to close the account they offer a new elite High Yield account totally unrestricted 4.25%

Good Morning Ultraunner,
I have a cash account with Merrill Lynch presently paying 4.75%, totally unrestricted as far as withdrawls.
Although I dont think it will go much higher unless the FED keeps raising rates !

 

[Oaktree]

I wonder how many retired seniors have money earning nothing in these old high yield accounts paying nothing which is also where the trust money is?

That said I can honestly say I love my Credit Union except geographically.

It is something you have to stay on top of, it's way too easy to put something into an account that was a good deal years ago but is now kind of meh.

I looked into a credit union a few years ago, but didn't see that it offered anything all that much better than the bank I use. Obviously, in a large city where you live there are more options than there are here.

I have a cash account with Merrill Lynch presently paying 4.75%, totally unrestricted as far as withdrawls.
Although I dont think it will go much higher unless the FED keeps raising rates !

I'd be interested in hearing others' thoughts on online banks. Are they easy to work with? How would one deposit a check for example? Would you have to transfer thru another bank to make deposits/withdrawals? How quickly do you get your money if you try to make a withdrawal?
I'm a bit old school, so cellphone aaps aren't gonna cut it for me.

 

[scott_vt]

I'd be interested in hearing others' thoughts on online banks. Are they easy to work with? How would one deposit a check for example? Would you have to transfer thru another bank to make deposits/withdrawals? How quickly do you get your money if you try to make a withdrawal?
I'm a bit old school, so cellphone aaps aren't gonna cut it for me.

Good Morning Oaktree,
Yes you are correct, these accounts are linked to your primary bank. In my case it is linked to my checking account. Usually the money is transferred either way within three business days.
So if I wanted to deposit a check, I would deposit in my primary bank first and after it cleared would then make the transfer to the high yield account !

Hope this helps !

 

[jigs_n_fixtures]

Well, I’m kinda-Sorta retired. Had the three bad days at work, where my management acted like ignorant bung holes, and I pulled the pin.

I am 66, and have reach full Social Security retirement age. But, am also not ready to retire.

I’m a Licensed Engineer, and am considering opening up a part time Engineering office to serve the two rural counties I have been working in. I don’t think there is enough of a workload to keep an Engineer working forty hours a week, but somewhere between an average of twenty hours a week, would be nice. Let me write of the cost of computers and software, some of my mileage, etc. Right now I’m trying to figure out what I’m willing to do as a consultant. Light structural, building code overrides, water and sewer system design. Possibly home inspections. Possibly offer a Construction Inspection service to the adjacent county. Also, thinking of getting a high quality LIDAR drone, and doing lot development, drainage and flood, irrigation, and crop health surveys. Started thinking about the Drone survey mostly because I’m working on a design for an ADA compliant retirement home for my sister, and I can’t find a surveyor willing to mobilize up here and topo a 1.13, acre lot.

Still thinking it through, and trying to decide on whether or not to do it. Need to look into costs for professional liability insurance, and figure out how much I would need to charge, and then talk to a few people about whether they think there is a market.

 

[California]

I'd be interested in hearing others' thoughts on online banks. Are they easy to work with? How would one deposit a check for example?

For our Fidelity account, get on their phone app, take a photo of a check you wish to deposit, and it transfers instantly. Then its a good idea to write 'deposited' on the check so you don't mistakenly repeat that.

Golden 1 Credit Union, same process. No need to ever go inside there.

Wife still insists on not using the credit card for everything. Rather, she drives a quarter mile to the credit union to get pocket cash from the ATM, for miscellaneous minor shopping. I can't persuade her that the grocery store is happy to give her cash over the cost of the groceries when she (always) uses the Fidelity card there. Stores encourage that, it means less cash for them to count and deposit at the end of the day.

In other countries many people use their phone everywhere as a credit card, with no need for a bank at all if you aren't wealthy.

 

[California]

... considering opening up a part time Engineering office to serve the two rural counties I have been working in.

At least for the (buyer's) home inspection specialty, I've read that most everyone who has tried it has gotten burned when buyer's remorse sets in and new problems are discovered subsequently, or invented. I think there's a high turnover for that specialty and lots of net losses.

And for that and most of the other specialties you mentioned, you might find that insurance is so costly that there's nothing left for you. I would research that aspect thoroughly!

Good luck with this. Sounds like you have lots of options.

 

[ultrarunner]

Good Morning Ultraunner,
I have a cash account with Merrill Lynch presently paying 4.75%, totally unrestricted as far as withdrawls.
Although I dont think it will go much higher unless the FED keeps raising rates !

I checked awhile back and Schwab was disappointing compared to credit union but worth looking into again

 

[Gale Hawkins]

How You Are Programmed To Be Poor - New Trader U

I grew up being programmed the two main choices in life are Heaven or Wealth .
My father passed in 1993 so I am 30 years into reprogramming.

 

[Paddy]

Speaking of financial institutions, why don't 401k accounts have better security against fraud?

We inquired about MFA, Multi Factor Authentication and they don't even offer it!

The company I work for requires we load facial recognition apps on our phones just to access our E-mail. The travel booking sight we use will send a code to your phone just to log in.

Europeans think it's funny that a signature is all that is required to use a US credit card, they use 4 digit pins.

 

[Gale Hawkins]

I hope to stay around to see the early net effect of this wealth transfer.

Boomers' $72 trillion Great Wealth Transfer to millennials may come with strings attached

Millennials just don't know what to do with their slice of the piece.

fortune.com