I’m in a state where you don’t get much deduction in taxes. Our grandparents said they started something for the kids but won’t say what or how much. You can only pull $10k out a year for each kid. It seems like the benefit of tax free growth to get to $40k per kid max is limited. Am I missing something? I should also say my kids are only 10 years away from college because my spouse is a doctor and it took a long time to get out of school / training and we still have his school debt to pay off which is 6.5% interest and if we paid the minimum would take 7 years to pay back. We could pay it of ..read more

I'm 25 and I want to put my money to work and get the maximum use out of it. I have the following • Vanguard brokerage account (auto advisor managed), Traditional IRA (auto advisor managed), Roth IRA (auto advisor managed, max contributions). • High yield savings account with a 4.25 APY/savings account. • 401k • CD with a 5.30% APY I have about $70,00 liquid, what can I invest in that increases my returns? submitted by /u/Temporary_Step4119 [visit reddit] [comments ..read more

My dad died last year before he needed to take RMD's, at age 72. Per IRS, I need to empty the inherited retirement account within 10 years. That I understand. However, if he is going to be 73 this year (2024), does that mean I need to start taking RMD's too, based on his "would-have-been" age? Or do I just need to follow the 10 year rule? Thanks in advance. submitted by /u/askimbebe [visit reddit] [comments ..read more

Hey everyone, so just a quick feedback I have about six grand in my personal savings account Plus at work I do have the Roth 403B where I have about five grand in there but I want to know if it recommended to invest into my personal saving account etc submitted by /u/FewMobile4119 [visit reddit] [comments ..read more

It originally came from a 401k match from a company i was with for a short time. I want to withdraw the money and put it somewhere else where it at least can make more interest. What can I do with it without getting hit with penalties and taxes? submitted by /u/joeschmo945 [visit reddit] [comments ..read more

I make $4200 a month after putting money into my 401k (like $1200 a month). I pay $1300 for rent every month. I spent about another $1200 for food, gas, activities, etc. the rest of what I have left for that month goes to my saving or IRA. Those numbers I’m telling ya now are rough estimates, some months fluctuated since I had to pay for car insurance, car repairs, or other stuff. Now, my ole car is gonna be done soon. Transmission is gonna be out and I am not paying $4000 for repairs! I am kinda having it with repairing my car myself and taking it to the shop -.- I am now considering on fina ..read more

Okay, so this is a little complicated. I'm 37 and a stay at home mom. I was a teacher in Colorado for 9 years. Colorado has its own pension for public employees (PERA) só during that time I was not putting into social security. During that time I was putting money into a 403b account as well, and another retirement account. Between those three accounts, I currently have: Colorado PERA: $43,201.29 (their calculator says I should get $1500 a month from this) Retirement account: $17,840.93 403(b): $11,192.22 After teaching, I started having babies and have been home raising my kids and running a ..read more

I have $5000 worth of debt spread between three different credit cards. They are all gathering late fees since I haven’t been able to keep up with payments. My credit score is now a 550 and I need to raise it ASAP. I was wondering if getting a $5000 loan and pay off the credit cards would be smart. With the loan I would be able to pay off all three cards and from there I would just be paying back the loan. Is this a smart idea? Will I be able to even get a $5000 loan with my credit score? submitted by /u/popping-boba [visit reddit] [comments ..read more

My parents are in their 80’s and aren’t able to live by themselves (my father fell yesterday and broke several ribs months after obtaining a brain bleed from a different fall). They currently own their house. It’s paid off. They get monthly social security checks, as well as Medicare and Medicaid. I’m worried about them selling the house and not qualifying for SS checks and medicaid (Oklahoma) and medicare. Is this a valid concern? Can we move the house deed to my name then sell it, and avoid any impact on their eligibility for SS checks and medicaid/medicare? Any other ideas? submitted by ..read more

Hey r/FinancialPlanning, I recently learned about the opportunity with HSAs - it looks like spending cash out of pocket today, saving receipts, and reimbursing myself from future HSA funds after the account has grown is the best way to maximize value. What's the best way to go about this? Are there any tools people use to help keep track of these? Or are there HSA providers that help with this? Thanks! submitted by /u/OatmealRaisin13 [visit reddit] [comments ..read more