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I will not be able to handle my retirement accounts for some months in the future.. Can anyone recommend the best way for Schwab to take over my accounts for me? or should I set things up the way I like and leave it until the future?
There are robo programs, and then Schwab charges a large fee to take over professional management. Does anyone have experience with any of this?
This comes at such a bad time, when my TD Ameritrade accounts just rolled over to Schwab. I am sick and will not be able to focus on my investments at all. Even if I did, I wouldn't trust my judgment during this time, except some basic things I automatically do.
I'd appreciate any comments, especially from people who have gone through something similar.
What are you trying to manage?
My retirement accounts don't need managing for years at a time.
Are you paying bills from that account?
We have our bills auto-paid using our bank checking account but Schwab should be able to tell you how to set up
a "cash management" account to pay bills. Fidelity has it.
It takes time to go to each monthly bill that is due and set it up. I don't know any person who can do this other than you or designated person with access.
You could put enough money in that account for 6 months of bills or longer.
Not sure why your accounts need managing? Are you an active trader? My accounts just sit there. I could be sick for three months and they would be fine.
I would leave investments in things that don't need attention or management. Index funds, money market funds, CDs, T-Bills etc. Like Twinkle said above, get all of your monthly bills set up for auto-pay. I am a control freak in that sense, I shudder at the idea of someone else muddling in my personal financial decisions and having access / power to change things in my account.
How long will you be away for? You won't have access to the internet at all? As the other posters said, there shouldn't be much to "manage" at all depending on how you invest. If you're an active trader, it might behoove you to sit on some stocks for a period of time anyway. I would not trust any robo or actively managed advisers to touch my money.
I'm sick and will be unavailable for awhile. I just assumed someone. would need to watch over my accounts just in case a recession hit or something big happened. I also have quite a bit of cash that should have been invested before, but I never could quite determine where to put it all, So I stuck it in a money market fund.
I don't do much trading, but I do a bit of trading, particularly focusing on dividends. So I will have those dividends coming in, Building up more cash.
I think you are all correct. I need to clean up my accounts a bit, get rid of a few things. I also am in the process of changing my checking account from Comerica to Schwab.. I just transferred over to Schwab, So just found out that Schwab has checking. So I can transfer my checking to Schwab, and my bills to be automatically paid out of that account.
I could also set. some of my dividends to be reinvested, taking care of not building up too much cash.
I've never been in this situation before. So I just assumed someone would need to be watching things And making moves, if something earth shattering happened. But I think if I just clean things up a bit. the accounts can sit there for quite a while and do okay. I'm not a trader, though. Although I do like to add a bit if a favorite stock hits a low, and I like to sell a bit when it hits an all time high. I have funds, ETFs, Reits, Blue chip stocks, A money market fund, etc.
When you say "sick" are you comfortable sharing what that means? Are we talking gravely ill or something less serious? Because if this is a serious diagnosis you really do want to ensure all your beneficiary information is set up and, of course, ensure you have a will (or trust, depending on your situation) in place. Sorry to hear you're not well, hopefully it's not serious.
When you say "sick" are you comfortable sharing what that means? Are we talking gravely ill or something less serious? Because if this is a serious diagnosis you really do want to ensure all your beneficiary information is set up and, of course, ensure you have a will (or trust, depending on your situation) in place. Sorry to hear you're not well, hopefully it's not serious.
For your cash think of investing in some CD's to lock in todays rates.
You do not mention age but I see these are for retirement. Thus I would assume long term and just let them ride. If you have a problem company, then think of selling. If you want to invest some cash go for ETF index funds.
You are going to have to file a tax return. I would find a CPA to handle if you will not be able to handle.
Do you have someone you would trust with a power of attorney? If you do Schwab may have a form for you to set up a POA. Also look at the Schwab trusted individual person.
What are you doing with your mail?
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