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Old Today, 10:45 AM
 
187 posts, read 69,235 times
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Quote:
Originally Posted by bpollen View Post
I have my SS sent to my checking account, with Medicare deducted.

When I have a build-up of too much cash in the checking account, or not enough, I transfer to/from my FDIC insured online savings account (I get 2.2% interest right now). That's where I keep enough cash for big emergencies or could pay expenses for a certain length of time if necessary.

I have a MM in my investment accounts. It's part of my investments. I use it as a holding area for cash, used for buying or selling holdings, or receiving dividends.
Can I ask what online savings account you use and for how long? I am looking to set one up soon. I am reading some reviews on some of the banks and think I may go with HSBC Direct Savings account.

Thank you!
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Old Today, 06:56 PM
 
Location: Florida
5,381 posts, read 3,089,077 times
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The earnings from our funds are automatically reinvested in those funds. We keep them not as a rainy day fund but as a hurricane fund. If necessary we can access $$ from them in a few days. We have done this only when a big expense has come up suddenly such as when we needed a new AC for the house.

By living prudently our SS and pension are quite adequate.
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