COcheesehead
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I agree with this and will look at changing as I age. But SWVXX has a current yield in excess of 5.2%, so there's that.
Fidelity has similar options.
I agree with this and will look at changing as I age. But SWVXX has a current yield in excess of 5.2%, so there's that.
Fidelity has similar options.
As does Vanguard. And to their credit, their MM has a better yield than Fidelity.
I wouldn’t be surprised if Schwab starts cutting costs elsewhere, like Vanguard has with customer service. I’m waiting to see what Fidelity does. It’s a tough business.
Don't know if this will be helpful or not. Go to the Investment Income page that shows the monthly income. On the right hand side of the table is a few options, one of which is export as a .csv file. If you choose that you can download data for 2022, 2023 and for the next 12 months. It has the date, which account, security description, amount, type, symbol, and weather is received or estimated.
Not a calendar, but gives you the information.
Just got off the phone with Schwab, and I have to say I'm pretty flabbergasted. Turns out they don't offer a way to automatically sell a set amount of their premium money market fund (SWVXX) on a recurring, monthly basis. This seems like a very basic function that any full-featured brokerage would offer. How does Schwab think their older/retired customers should go about setting up a monthly, automated income stream to fund their spending?
If this is actually not possible, and you have to manually log into your Schwab account and click through the "sell" procedure every month like a robot, then I'll be transferring all my funds out of Schwab to a more user-friendly brokerage . It's almost beyond belief that something this basic is not possible at Schwab.
Has anyone else found this to be a major annoyance, or is it just me?
I see estimated annual income by security but no by month... the cash flow stmt shows estimated income by security type but not by security...
I might be missing something or you get a better stmt than I do...
I'm sure this is by design. Fidelity and Vanguard have money market mutual funds that you can use for auto-sweeps, so perhaps they are better brokerages for those in the distribution stage rather than the accumulation stage.
Sounds like Fidelity is currently offering big bucks if you get the right person on the phone:
https://www.bogleheads.org/forum/viewtopic.php?p=7397687#p7397687
Prime money markets, the high yielding MMs at Fidelity, are not auto sweeps. To move money into a prime money market, you must do a buy, otherwise your cash moves to a core settlement account, with good, but not superior yields. Withdrawals follow a hierarchy of core settlement fund, then money market.
I mean, SPAXX is almost at 5% at the moment and that (or FZFXX) the core in the Fidelity brokerage accounts which is clearly better than Schwab's cash sweep. Even Fidelity's CMA cash sweep is over 2% IIRC. I just use FDLXX and Fidelity auto liquidates it.
I am gong to throw in a question I am interested in now.
I saw that Schwab has an income screen that estimates how much income you will receive for the next year. It is broken down by month so IMO a good thing.
Anybody know if some other broker does this? I was checking VG and did not see it there either...
Just got off the phone with Schwab, and I have to say I'm pretty flabbergasted. Turns out they don't offer a way to automatically sell a set amount of their premium money market fund (SWVXX) on a recurring, monthly basis. This seems like a very basic function that any full-featured brokerage would offer. How does Schwab think their older/retired customers should go about setting up a monthly, automated income stream to fund their spending?
If this is actually not possible, and you have to manually log into your Schwab account and click through the "sell" procedure every month like a robot, then I'll be transferring all my funds out of Schwab to a more user-friendly brokerage . It's almost beyond belief that something this basic is not possible at Schwab.
Has anyone else found this to be a major annoyance, or is it just me?
Etrade does.