We've been saving for 40 years, now trying to figure out the best way to get our $ as DH will be retiring at the end of this year.
I want to move approximately 60K per year from our Fidelity 401K to an online savings bank. Gross amount will be 80K and will have Fidelity withhold 20K in taxes.
Looking at GS Bank/Marcus savings account as per Bankrate it is paying 1.9%. Want to do this about January 1 each year and have it sit there but withdraw monthly.
Then each month I want to transfer $5000 from GS to our local bank for our everyday expenses.
1)--Is Goldman Sachs/Marcus ok to use/do you recommend another? Should I not use an online bank?
2) Can I set up an automatic monthly transfer from GS to my local bank? Can I do this from a GS savings account (better interest rate) rather than from an online checking account? (crummy rate)
3) Is this considered a wire transfer each month? Is there a charge for this? Is there a delay from when I request the transfer to when the $ lands in our everyday expenses account?
4) Is there a maximum number of transfers per year from the GS savings account (or another online account)? I would ideally like to do this monthly.
5) Would you "not" recommend transferring the 60K each year to an online account at all? The interest gives us around $1000 per year= $90 per month = another dinner out!
6) Is there another way you recommend to do this?
We will also be getting SS and pensions. Yahoo!
Can't believe I've been smart/lucky enough to save this but can't figure out the best way to get the $ out to spend.
Thanks!!
I want to move approximately 60K per year from our Fidelity 401K to an online savings bank. Gross amount will be 80K and will have Fidelity withhold 20K in taxes.
Looking at GS Bank/Marcus savings account as per Bankrate it is paying 1.9%. Want to do this about January 1 each year and have it sit there but withdraw monthly.
Then each month I want to transfer $5000 from GS to our local bank for our everyday expenses.
1)--Is Goldman Sachs/Marcus ok to use/do you recommend another? Should I not use an online bank?
2) Can I set up an automatic monthly transfer from GS to my local bank? Can I do this from a GS savings account (better interest rate) rather than from an online checking account? (crummy rate)
3) Is this considered a wire transfer each month? Is there a charge for this? Is there a delay from when I request the transfer to when the $ lands in our everyday expenses account?
4) Is there a maximum number of transfers per year from the GS savings account (or another online account)? I would ideally like to do this monthly.
5) Would you "not" recommend transferring the 60K each year to an online account at all? The interest gives us around $1000 per year= $90 per month = another dinner out!
6) Is there another way you recommend to do this?
We will also be getting SS and pensions. Yahoo!
Can't believe I've been smart/lucky enough to save this but can't figure out the best way to get the $ out to spend.
Thanks!!