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11-08-2018, 11:37 AM
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#41
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jan 2018
Location: Tampa
Posts: 11,295
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 Quote:
Originally Posted by audreyh1
Yes, I will always have a substantial amount in a high yield savings account independent of my brokerage. I also have a bank checking account.
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+1
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TGIM
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11-08-2018, 11:40 AM
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#42
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Thinks s/he gets paid by the post
Join Date: Apr 2016
Location: Ex-Cali
Posts: 1,245
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Quote:
Originally Posted by pb4uski
To be clear though... you cannot have joint accounts for a tIRA or a Roth IRA... the I in IRA is Individual. But you can set it up so that you and your spouse accounts show up when you use your log-in.
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It's also not a bad idea to get a "bank power of attorney" (or other specific financial institution form POA) over your IRAs so your spouse can access if you are disabled. Otherwise the account could theoretically be locked down other than by online access which technically you aren't supposed to do since it's not your account.
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The plan was September 1, 2022 and I am 95% there. Still working a few hours a week at the real job.
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11-08-2018, 12:06 PM
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#43
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Thinks s/he gets paid by the post
Join Date: Nov 2006
Posts: 1,639
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Like others have said, both DW and I have Full Agent Authority over each others accounts at VG. If I recall, there was some paperwork to be filled out and notarized, but it was an easy enough process. Since I handle all of the finances, it was best to set things up this way in order to "legally" do the stuff I was already doing. It's worked out great and I really like logging into my account and seeing everything in one place.
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11-09-2018, 07:14 AM
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#44
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Apr 2010
Posts: 5,907
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Six plus years ago we consolidated and moved it over to professional management. Very pleased after six years with the results and with the fact that I no longer have to do it myself.
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11-09-2018, 07:48 AM
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#45
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Recycles dryer sheets
Join Date: Aug 2013
Posts: 437
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Consolidation is a major effort for me. I counted 17 financial institutions I deal with.
credit cards, checking accounts, cd's, HSA, paypal, investments etc
I can't move some of them w/out cap gains or other penalty..
But, yeah, I really want to simplify
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11-09-2018, 08:37 AM
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#46
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Thinks s/he gets paid by the post
Join Date: Jul 2011
Location: The Bay Area
Posts: 2,736
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Quote:
Originally Posted by jetpack
Consolidation is a major effort for me. I counted 17 financial institutions I deal with.
credit cards, checking accounts, cd's, HSA, paypal, investments etc
I can't move some of them w/out cap gains or other penalty..
But, yeah, I really want to simplify
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Although there might be some initial inconvenience (time & loss of affinity points, to name two), it seems one could consolidate almost all these functions at a large financial institution (FI) right? In fact, PayPal is the only function I don’t know how to replicate at large FI.
__________________
You may be whatever you resolve to be.
100% x 10% > 10% x 100%
Small pensions & SS cover essentials
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11-09-2018, 09:02 AM
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#47
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jan 2018
Location: Tampa
Posts: 11,295
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Quote:
Originally Posted by jetpack
Consolidation is a major effort for me. I counted 17 financial institutions I deal with.
credit cards, checking accounts, cd's, HSA, paypal, investments etc
I can't move some of them w/out cap gains or other penalty..
But, yeah, I really want to simplify
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Just 5 institutions for me. Can't really reduce further.
__________________
TGIM
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11-09-2018, 09:27 AM
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#48
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Thinks s/he gets paid by the post
Join Date: Jun 2017
Location: Western NC
Posts: 4,633
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Don't forget it also makes it easier on your heirs.
Or if someone else has to manage your finances.
I'm caregiver for a loved one & have found accounts left open at different places with $5 or $10 left in them...I think I've finally found them all & am consolidating to one financial institution.
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11-10-2018, 06:27 AM
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#49
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Thinks s/he gets paid by the post
Join Date: Jun 2013
Posts: 2,522
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Quote:
Originally Posted by audreyh1
We filled out the paperwork and gave each other trading authority in our respective accounts, and now I see all.
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+1. I handle all transaction by accessing just one platform.
Sent from my iPad using Early Retirement Forum
__________________
"Luck favors the prepared mind"
Pasteur
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11-10-2018, 06:34 AM
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#50
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jan 2018
Location: Tampa
Posts: 11,295
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Quote:
Originally Posted by Golden sunsets
+1. I handle all transaction by accessing just one platform.
Sent from my iPad using Early Retirement Forum
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+2
__________________
TGIM
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11-10-2018, 07:55 AM
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#51
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Thinks s/he gets paid by the post
Join Date: Apr 2008
Posts: 1,251
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DW and I have everything except checking at Fidelity. Separate accounts but accessible from either login.
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11-10-2018, 08:12 AM
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#52
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Moderator
Join Date: Oct 2010
Posts: 10,720
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Separate HSA: Cheaper
Separate 401k: Stable Value Available
Separate trading account: Cheaper xactions
Separate savings account: Better APR without games
Two financial houses: In case of one having a glitch at the wrong time
Separate checking accounts: to keep my sanity
That's as simple as it gets, lol!
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11-10-2018, 08:18 AM
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#53
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Full time employment: Posting here.
Join Date: May 2015
Location: Atlanta suburbs
Posts: 633
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Apart from "cash", all our financial assets are at Vanguard. I don't worry about it being concentrated.
Trying to make it easier for the family, we have reduced the number of funds this year from 7 to 3.
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11-10-2018, 09:41 AM
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#54
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Sep 2005
Location: Northern IL
Posts: 26,886
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Quote:
Originally Posted by ncbill
Don't forget it also makes it easier on your heirs.
Or if someone else has to manage your finances.
I'm caregiver for a loved one & have found accounts left open at different places with $5 or $10 left in them...I think I've finally found them all & am consolidating to one financial institution.
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+1
I found CD (and local banks in general), to be the worst when helping to settle my FIL's estate. Each CD had to be dealt with on its own. Then you have the maturity dates to deal with, so timing is messy, and decisions to make.
-ERD50
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