Do ER Member Have all their "Eggs" in One Basket?

[Dawg52]

Fidelity, Penfed and a regional bank.

 

[target2019]

We have 7 unique banks/institutions:

02%  LOCAL BANK
01%  INTERNET BANK
09%  TAXABLE INVESTMENTS
44%  TAXFREE, ROTHs, SEP-IRA
13%  403(B)
25%  401(K)
06%  401(K)

When we retire, that will probably become 5 entities.

We average 2-4 investments in each, meaning 25 separate funds or investments.

My guess is that all of these have operations and records in different cloud locations, so a disaster in one city would not affect the ability of an institution to conduct business.

 

[frayne]

Eggs are in three baskets, Fido, Vanguard and local bank.

 

[NW-Bound]

Do you need 20? Good to consolidate same types of accounts for investing scale and administrative ease.

We have tIRAs, roths, rollover IRA and taxable at Etrade. 6 accounts.

Plus co 401k at Schwab. Cash at Capital one. HSA at HSA Bank. One brick and mortar bank for checking.

No, definitely not 20. At this point, 70% of our investable assets is at Merrill Edge that offers no-fee trading on stock/ETF, and $3 on option trading. They offered me a few grands to move money over, and that's why they have my money.

I can consolidate the smaller accounts held directly at some MFs, but have not bothered because the thought is that I am in the distribution phase and can just withdraw to cash and spend it. A couple of smaller IRAs are good for 1 year expense, for example.

Even then, I will not have less than 6 institutions: Merrill Edge, Schwab, Vanguard, Treasury (for the I-bond), plus 2 401k administrators that have decent Stable Value funds.

 

[rodi]

I have about 70% at Schwab, DH has an IRA at vanguard and the 529s are there also. I have a small IRA at Fido. Two credit unions and Schwab bank. One of the credit unions has a bunch of DH's CD IRAs.

 

[rodi]

Forgot... TIPs at treasury direct.

 

[candrew]

Maybe this question hasn't yet been fully explored. Could be an opportunity for a poll.

If you're speaking of "Poles" I grew up in a neighborhood largely comprised of them. So I'll ask, do you prefer your pierogies savory or sweet? And how about your paczkis - with fruit or cheese filling? When it comes to Poles, these are important questions that should be fully explored.

 

[pacergal]

Bank, credit union, 457 administrator , and investment brokerage.

 

[corn18]

401k is at FIDO (still working)
Everything else is at USAA. I use the free FIDO funds @ USAA, so basically all my retirement savings is with FIDO.

I keep it simple for my wife. I used to have money all over the place chasing rewards and churning cards. The I had 2 heart attacks and that changed everything. There is value in simplicity.

 

[kcowan]

DB Pension
Government Pensions (2)
Insurance Company
Discount brokerage (9 accounts)
Registered Accounts (2)
4 banks in 2 countries

19 accounts in total

 

[GravitySucks]

Stocks and bonds at Fido
Credit card with Barclay
Money (checking) at credit union
Gold and Silver in multiple holes in the back 40

 

[NW-Bound]

Please consider consolidating. While we expect and hope you will be around for a long, long time, this many accounts can be a real exercise for your loved ones. It seems every bank, every institution has its own requirements when it comes to settling an estate, and they make you jump through their hoops. My FIL had accounts at numerous banks, and DW and I spent a lot of time getting everything settled.

Two or three, plus maybe a local place for banking should be plenty.

-ERD50

My two children are named as heirs in all our accounts. I don't know if that is enough. When we croak, hopefully a decade or two from now, the smaller accounts will be already spent.

To be sure my children know where the money is if something unexpected happens to both of us, I give them a list of all our accounts. They do not know yet how much money is there. I think they suspect it's more than $1M, but not how much more.

 

[Major Tom]

I have about 12-18 months worth of cash in a savings account, about 2-3 months worth of living expenses in a checking account, and the rest (97-98%) with Vanguard. I have no rationale or justification for such a move, other than the fact that I trust them, and wanted to keep things simple.

They do not know yet how much money is there. I think they suspect it's more than $1M, but not how much more.

It would be fun, wouldn't it, if we were able to look down on earth after our departure, and see the faces of the folk to whom we leave money.

The problem is, we might get to see and hear things we'd rather not. Perhaps things are better left the way they are

 

[PatrickA5]

96% of Retirement Accounts (and 87% of total Investments) at Vanguard. Of the retirement accounts 96% in one fund (VG Lifestyle Moderate).

 

[kimcdougc]

75% with Fido, 20% with Capital One High interest savings in cash, 5% in local credit union with checking and savings account. One small checking account with another credit union that my "semi-retired" paycheck goes into until I can transfer over to main credit union.

 

[kevdude]

BofA/Merrill Edge, Vanguard, Fidelity. Majority of net worth tied up in rental property, but when we ultimately sell I'm sure it will be with the same institutions. May actually have Fidelity transferred to one or the other (leaning towards Vanguard) to simplify.

 

[eytonxav]

80% at Fidelity, the rest split between 3 other brokerage houses. Use only one bank for checking and safe deposit boxes.

 

[NW-Bound]

It would be fun, wouldn't it, if we were able to look down on earth after our departure, and see the faces of the folk to whom we leave money.

The problem is, we might get to see and hear things we'd rather not. Perhaps things are better left the way they are

Maybe my children expect some money, so they are so nice to us. Like buying me expensive booze for Father's Day and birthday.

Anyway, just two children, both doing well financially now, and they get along well (they hang out together a few times a week, and take vacation together), and I leave them 50/50 so there will not be any fighting.

 

[target2019]

Maybe my children expect some money, so they are so nice to us. Like buying me expensive booze for Father's Day and birthday.

Anyway, just two children, both doing well financially now, and they get along well (they hang out together a few times a week, and take vacation together), and I leave them 50/50 so there will not be any fighting.

13 eggs, and must be shared equally by 2 children. Would love to see that!

 

[jollystomper]

Our cash is across 4 institutions, but 2 of them hold 90% due to the interest rate they pay. The other 10% is for immediate and short term needs. I plan to consolidate this down to 3 after I retire.

Investments are across 4 institutions. One I will get out of once my income drops to avoid paying a lot of capital gains (the fund has done very well over 25 years). One is just a low-cost brokerage account with the few individual stocks I own that I'm not sure if I will leave as is (I rarely trade, maybe 1-2 trades a year) or move to the discount brokerage arms of one of the other 2.

 

[NW-Bound]

13 eggs, and must be shared equally by 2 children. Would love to see that!

Why can't the 13th egg get turned into a scrambled omelette, then shared?

 

[AtlasShrugged]

100% Fidelity

 

[aja8888]

Vanguard - 60%
Schwab - 20 %
PenFed - 5%
Ally - 10%
Chase/others - 5% (scattered)

Those are approximate percentages.

 

[Splash]

55% Former employer (401k and pension)
40% Vanguard (taxable account and IRAs)
3% DH former employer (401k - will rollover into Vanguard IRA)
1% Optum (2 HSAs)
1% Local bank

 

[davebarnes]

Well, I sold all my socks and went all in with eggs.
They are all in one basket and I am eating them as fast as I can.