U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Retirement
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 07-26-2019, 03:46 PM
 
29,967 posts, read 35,040,515 times
Reputation: 11858

Advertisements

Quote:
Originally Posted by mathjak107 View Post
I havenít logged a thing in decades ....all our bills with one exception are all autopaid and anything I need to see is right there .... I never let our checking account ever get anywhere near a point we are living hand to mouth ..... there is no way I want to track anything manually
Yup, we keep a very satisfactory floor in our checking account. If it approaches that I just move money from savings. At end of month and perhaps other times move excess usually to investments or bank savings.
Reply With Quote Quick reply to this message

 
Old 07-26-2019, 03:46 PM
 
25 posts, read 9,838 times
Reputation: 94
OP...thanks for posting this thread, these are some of the things I need to work thru in the next several months.
Reply With Quote Quick reply to this message
 
Old 07-26-2019, 04:55 PM
 
2,393 posts, read 611,340 times
Reputation: 4186
For us, our largest expense each year by far is our Federal Income Tax obligation. I tend to keep quarterly estimated payments for the year in cash or in near risk free short term notes. I also keep a fair bit of cash on hand for inevitable large bills.

I tend to reinvest dividends via DRIP.
Reply With Quote Quick reply to this message
 
Old 07-26-2019, 05:48 PM
 
7,493 posts, read 8,750,267 times
Reputation: 9547
Spending is/will be from checking, high yield savings, maturing CDs, and taxable brokerage.

Can't withdraw from pre-tax accounts without incurring a 10% penalty, except for doing conversions to Roth, but besides that the goal is to wait as long as possible before spending anything in those accounts. Roth is also for long-term, not intending to spend for at least several years.

All divs, interest, cap gains get reinvested.
Reply With Quote Quick reply to this message
 
Old 07-26-2019, 06:59 PM
 
Location: Florida -
8,809 posts, read 10,932,478 times
Reputation: 16816
Quote:
Originally Posted by mathjak107 View Post
I havenít logged a thing in decades ....all our bills with one exception are all autopaid and anything I need to see is right there .... I never let our checking account ever get anywhere near a point we are living hand to mouth ..... there is no way I want to track anything manually
We use the same approach -- Almost everything is either auto-deposited or auto-paid, including using a CC in the transaction (for points) ... and then auto-pay the CC each month. There are a few periodic payments that I don't want to automate and, instead, pay online, using CC's. Likewise, we rarely pay cash for anything, but, instead use a CC (which provides an audit trail -- if ever needed). -- For many years, my wife tracked the bills using Quicken as an online checkbook, but, we rarely even write checks anymore, so that has gone away! I REALLY don't want to spend time tracking, managing, posting and balancing.

In terms of investments, we've kept 401K's/IRA's/403B's in managed fund accounts - which produce 8-10-percent yearly. Again, a hands-off situation, except for monitoring and taking whatever action is necessary if things drop-off (Hasn't happened yet, in over 10-years). I also REALLY don't want to spend time managing, tracking, switching funds and fretting about up/down markets.
Reply With Quote Quick reply to this message
 
Old 07-27-2019, 01:28 AM
 
72,551 posts, read 72,428,525 times
Reputation: 50055
i use fidelity full view ... i linked all accounts and credit cards .. now i can click and see what we spent with no input at all from me .

it can even code stuff automatically if it recognizes what the charge or check is for .

i don't care where the money was spent as much as care how much was spent
Reply With Quote Quick reply to this message
 
Old 07-27-2019, 07:07 AM
 
Location: Loudon, TN
5,910 posts, read 4,918,278 times
Reputation: 19959
We have pensions, SS, and DH's TSP monthly payment automatically deposited in our checking account. All our home bills are on autopay. We use debit cards from that account for all other costs, except travel. For travel costs, I have a rewards credit card and we pay that off every month from the main checking. Any excess leftover in checking at the end of the month is transferred to savings for emergencies or planned major expenditures like bathroom renovation, new heat pump, etc. Our rental property income stays in it's own business checking account and is used for improvements and other overhead costs for the rental. This is mainly for expense tracking purposes, so that income is not co-mingled with our personal expenses. When it gets to a point that we feel that account balance is too high, we take a draw from that to our personal checking or savings accounts. Investment dividends are all reinvested. I have a high yield checking account at my brokerage and sweep money is deposited there. If I want to spend a significant amount from the investments for some reason, I just have them do the sale and deposit in the investor checking account.

It sounds complicated to have 3 checking accounts but they each serve their own purposes. My DH also has his own savings account for "mad money", and I use the investor checking for my "mad money". These are for our "It's your money, so do what you want with it" type stuff, purchases we don't have to justify or explain to each other. We never have fights over money, we just discuss the situation and figure out what's the best thing to do.
Reply With Quote Quick reply to this message
 
Old 07-27-2019, 07:44 AM
 
224 posts, read 82,831 times
Reputation: 1010
Default Do you use Fidelity cash management?

Quote:
Originally Posted by mathjak107 View Post
i use fidelity full view ... i linked all accounts and credit cards .. now i can click and see what we spent with no input at all from me .

it can even code stuff automatically if it recognizes what the charge or check is for .

i don't care where the money was spent as much as care how much was spent

I see full view and it seems like a good idea. It's free and you can't move any money in it, it is just a view. However, do you use Fidelity cash management? I see pros and cons of this service on websites. It seems like a good place to auto deposit pension, social security, etc.
Reply With Quote Quick reply to this message
 
Old 07-27-2019, 07:49 AM
 
Location: North Las Vegas
444 posts, read 339,065 times
Reputation: 359
Been retired for almost 9 years. My strategy is K.I.S.S.
Reply With Quote Quick reply to this message
 
Old 07-27-2019, 11:32 AM
 
Location: Forests of Maine
30,793 posts, read 49,670,138 times
Reputation: 19265
My US Navy pension goes directly into our checking account. My Dw uses her laptop to go online to pay any bills.

We get a few rent checks in the mail every month, they are deposited in a separate LLC account that we use just for making repairs on the rental real estate.

I have another six years to go before I plan to take SS.

I have been retired for 18 years.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply

Quick Reply
Message:


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Retirement
Follow City-Data.com founder on our Forum or

All times are GMT -6.

© 2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top