Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Old 09-15-2020, 07:34 AM   #41
Thinks s/he gets paid by the post
 
Join Date: Mar 2004
Posts: 2,219
Quote:
Originally Posted by pb4uski View Post
^^^ You make me sad. I wish that I had thought to do that for me and DW.
I almost hesitated because the rates were still at 3.5 to 3.7% but like I said I looked at it as a conservative small "investment" for myself and my wife. I'll be able to put in up to 500K with POD.
I hope GTE continues to do well for at least the next 4 years while we take advantage of their promo. They'll be paying out an extra (ouch) 2%+ on all that added money. GTE's current 5 year certificate is at .40%.
__________________
I look to the present moment because that's where I live my life.
MJ is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 09-15-2020, 11:25 AM   #42
Recycles dryer sheets
 
Join Date: Apr 2004
Posts: 120
Pen Fed was great years ago but has fallen to the bottom on CD rates. I had a 5 year cd ladder and have been withdrawing each year. This year will be the final good bye.
bobbee25 is offline   Reply With Quote
Old 09-15-2020, 12:43 PM   #43
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jan 2018
Location: Tampa
Posts: 6,708
Quote:
Originally Posted by MJ View Post
I almost hesitated because the rates were still at 3.5 to 3.7% but like I said I looked at it as a conservative small "investment" for myself and my wife. I'll be able to put in up to 500K with POD.
I hope GTE continues to do well for at least the next 4 years while we take advantage of their promo. They'll be paying out an extra (ouch) 2%+ on all that added money. GTE's current 5 year certificate is at .40%.
Did the same in the IRA and Taxable space. I would load even more in there past the NCUA limit, but don't know what the financial effect will be on GTE with all these 3%+ payments.
__________________
TGIM
Dtail is offline   Reply With Quote
Old 09-16-2020, 03:21 PM   #44
Thinks s/he gets paid by the post
OAG's Avatar
 
Join Date: Jun 2006
Location: Central, Ohio, USA
Posts: 2,628
Quote:
Originally Posted by jazz4cash View Post
Yes....I'm savoring those certificates!
I even went back and perused some of the threads where they were discussed. You started one of the first threads and I wrote the last post. There was quite a bit of drama surrounding the way they were offered. They tried to use the promo to encourage renewal of maturing CDs. Is it too much to hope for Penfed to offer a promotion to keep many of us from taking our money and running? Or, maybe Penfed is savoring the date they no longer have to pay 5%! Apparently it was a $240M offering.

https://www.early-retirement.org/for...fer-51751.html
I have over $200K some of which is in 5% (plus almost 10 years of accrued interest) all set to move to NFCU automatically by a PENFED option at maturity. Will let you know if PENFED offers me a deal to leave that $200K there at PENFED. Frankly, doubt it but who knows as I think they will see very few rollovers at the current CD rates at PENFED. Better, but not by much, at NFCU.
__________________
Vietnam Veteran, CW4 USA, Retired 1979
OAG is offline   Reply With Quote
Old 09-16-2020, 03:27 PM   #45
Recycles dryer sheets
 
Join Date: Nov 2013
Posts: 217
Quote:
Originally Posted by OAG View Post
I have over $200K some of which is in 5% (plus almost 10 years of accrued interest) all set to move to NFCU automatically by a PENFED option at maturity. Will let you know if PENFED offers me a deal to leave that $200K there at PENFED. Frankly, doubt it but who knows as I think they will see very few rollovers at the current CD rates at PENFED. Better, but not by much, at NFCU.
Would you mind providing some details regarding how you set up the auto transfer to NFCU?

Also are your funds in a IRA CD account or regular CD account?
34rlsa is offline   Reply With Quote
Old 09-16-2020, 05:46 PM   #46
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
audreyh1's Avatar
 
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 26,845
You can set up a transfer to an external account when a CD matures.
__________________
Retired since summer 1999.
audreyh1 is online now   Reply With Quote
Old 09-16-2020, 06:14 PM   #47
Thinks s/he gets paid by the post
 
Join Date: Aug 2016
Location: Northern Virginia
Posts: 2,056
Well with the Fed promising near-zero short-term rates till end of 2023, my 3.35% CDs with Signal Federal from last year are looking good, even though they reneged on my ability to add to them at anytime.

Wish I had done more. Meantime I think I'll be primarily in short-term bond funds with my expiring CDs-wheee they were before rates rose.
Montecfo is online now   Reply With Quote
Old 09-16-2020, 06:19 PM   #48
Recycles dryer sheets
retired1's Avatar
 
Join Date: Jun 2011
Posts: 215
Quote:
Originally Posted by Koolau View Post
No idea of current rates, but you could look into SPDAs (Single Premium Deferred Annuity.) Years ago, I beat current CD rates with a SPDA. The SPDA had a short term (3 years.) IIRC, I beat CDs by 1%. Penalties for early withdrawal were fairly severe as I recall, so caution advised. Just a thought so YMMV.
I recently opened a DYIA at 3.45% for 5 yrs. Taxes on the interest is deferred and after 5 years you can cash out just like CD.
__________________
Dreaming of ER in 2023 !!
retired1 is offline   Reply With Quote
Old 09-16-2020, 07:33 PM   #49
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
pb4uski's Avatar
 
Join Date: Nov 2010
Location: Vermont & Sarasota, FL
Posts: 26,945
What is a DYIA? What company was it with? 3.45% for 5 years sounds pretty good.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.

Retired Jan 2012 at age 56...target 65/35/0 AA TBD
pb4uski is online now   Reply With Quote
Old 09-16-2020, 07:37 PM   #50
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Aug 2004
Location: Laurel, MD
Posts: 5,304
Quote:
Originally Posted by audreyh1 View Post
You can set up a transfer to an external account when a CD matures.


I donít have that option since my CD is IRA. I guess because additional paperwork is required for an IRA transfer. Anyway I would prefer to wait and see what new rates will be. Donít forget, these promo rates were a follow up to a promo three years before and it was structured as an incentive to keep funds from transferring out of PFCU. Maybe theyíll do it again but not likely.
__________________
...with no reasonable expectation for ER, I'm just here auditing the AP class.Retired 8/1/15.
jazz4cash is online now   Reply With Quote
Old 09-16-2020, 08:40 PM   #51
Recycles dryer sheets
retired1's Avatar
 
Join Date: Jun 2011
Posts: 215
Quote:
Originally Posted by pb4uski View Post
What is a DYIA? What company was it with? 3.45% for 5 years sounds pretty good.
Sorry I meant MYGA (not DYIA). MYGA stands for "Multi Year Guaranteed Annuity" (CD like product from Insurance Company). I got it from here: https://www.stantheannuityman.com/myga-rates

Note It's as good as the strength of the insurance company. I opened only a small amount ($10K) to test it out. This is my first MYGA
__________________
Dreaming of ER in 2023 !!
retired1 is offline   Reply With Quote
Old 09-16-2020, 08:41 PM   #52
Recycles dryer sheets
 
Join Date: Apr 2004
Posts: 120
I have transferred IRAs and Roth IRAs numerous times.
1 rollover a year or as many transfers as you want.


For a transfer just notify the receiving facility, they will have you fill out a transfer form, specify the CD date maturity date. If you are new to this facility you will also fill out an IRA account form.
bobbee25 is offline   Reply With Quote
Old 09-16-2020, 08:58 PM   #53
Recycles dryer sheets
 
Join Date: Jun 2014
Posts: 179
Quote:
Originally Posted by retired1 View Post
Sorry I meant MYGA (not DYIA). MYGA stands for "Multi Year Guaranteed Annuity" (CD like product from Insurance Company). I got it from here: https://www.stantheannuityman.com/myga-rates

Note It's as good as the strength of the insurance company. I opened only a small amount ($10K) to test it out. This is my first MYGA
I have bought a few MYGAs in the past few months, the latest being Americo's 5-yr MYGA at 3.2%. Americo is rated A by AM Best.

Another caveat about MYGAs is their punishing early withdrawal penalties. Buy a MYGA only if you are certain you won't need the entire sum of money until its maturity.
catotx is offline   Reply With Quote
Old 09-16-2020, 09:34 PM   #54
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Aug 2004
Location: Laurel, MD
Posts: 5,304
While itís true the early withdrawal penalties (aka surrender charges and market value adjustments) are generally severe for MYGA products, most of the ones Iíve reviewed permit 10% withdrawals per year without penalty. Thatís actually better than a CD.
__________________
...with no reasonable expectation for ER, I'm just here auditing the AP class.Retired 8/1/15.
jazz4cash is online now   Reply With Quote
Old 09-17-2020, 04:29 AM   #55
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jan 2018
Location: Tampa
Posts: 6,708
Quote:
Originally Posted by retired1 View Post
Sorry I meant MYGA (not DYIA). MYGA stands for "Multi Year Guaranteed Annuity" (CD like product from Insurance Company). I got it from here: https://www.stantheannuityman.com/myga-rates

Note It's as good as the strength of the insurance company. I opened only a small amount ($10K) to test it out. This is my first MYGA
Yup comes down to the credit rating. Your yield appears to be fairly high.
__________________
TGIM
Dtail is offline   Reply With Quote
Old 09-17-2020, 08:50 AM   #56
Recycles dryer sheets
retired1's Avatar
 
Join Date: Jun 2011
Posts: 215
Quote:
Originally Posted by catotx View Post
I have bought a few MYGAs in the past few months, the latest being Americo's 5-yr MYGA at 3.2%. Americo is rated A by AM Best.

Another caveat about MYGAs is their punishing early withdrawal penalties. Buy a MYGA only if you are certain you won't need the entire sum of money until its maturity.
Yes Agreed. This is first MYGA I hesitantly (has word Annuity in it) bought.
Whether MYGA or CD, once I open them I forget about them until I get a reminder at Maturity. Just like CDs, you've to shop for best rates for MYGA. Let me know which site you use for MYGA rates.
__________________
Dreaming of ER in 2023 !!
retired1 is offline   Reply With Quote
Old 09-17-2020, 09:13 AM   #57
Thinks s/he gets paid by the post
 
Join Date: Jun 2003
Location: Historic Florida
Posts: 4,463
I would stick with A and above rating for the insurance companies. There have been a lot of insurance claims lately.

I use this one for rates.

https://www.immediateannuities.com/deferred-annuities/
__________________
"Never Argue With a Fool, Onlookers May Not Be Able To Tell the Difference." - Mark Twain
ShokWaveRider is offline   Reply With Quote
Old 09-17-2020, 09:17 AM   #58
Recycles dryer sheets
 
Join Date: Jun 2014
Posts: 179
Quote:
Originally Posted by retired1 View Post
Yes Agreed. This is first MYGA I hesitantly (has word Annuity in it) bought.
Whether MYGA or CD, once I open them I forget about them until I get a reminder at Maturity. Just like CDs, you've to shop for best rates for MYGA. Let me know which site you use for MYGA rates.
I use Blueprint Income https://www.blueprintincome.com/fixed-annuities
catotx is offline   Reply With Quote
Old 09-17-2020, 09:30 AM   #59
Recycles dryer sheets
retired1's Avatar
 
Join Date: Jun 2011
Posts: 215
Quote:
Originally Posted by catotx View Post
Thank you! My MYGA was opened with Upstream Life (B++). Keeping fingers crossed
__________________
Dreaming of ER in 2023 !!
retired1 is offline   Reply With Quote
Old 09-17-2020, 09:54 AM   #60
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Aug 2004
Location: Laurel, MD
Posts: 5,304
I like that blueprint income site. One thing I never considered is the withdrawal policy for MYGAs wrt RMDs. I many the permit 10% withdrawals on the anniversary date, some that permit accumulated interest to be withdrawn, and at least one so far allows RMD withdrawals w/o penalty. I'll need to study that some more but I'm a long ways from RMDs.
__________________
...with no reasonable expectation for ER, I'm just here auditing the AP class.Retired 8/1/15.
jazz4cash is online now   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 2 (1 members and 1 guests)
Montecfo
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
ridiculous songs to play while house cleaning Martha Other topics 42 05-30-2011 03:26 PM
Ridiculous retirement advice programs steelyman Other topics 33 04-14-2011 10:27 PM
Penfed closing costs on a refi...Ridiculous JohnDoe FIRE and Money 8 12-19-2008 11:16 PM
Doomsday talk ridiculous, be of good heart haha FIRE and Money 13 09-22-2008 08:35 AM
Ridiculous sprinkler repair cute fuzzy bunny Other topics 6 04-14-2007 01:42 PM

» Quick Links

 
All times are GMT -6. The time now is 08:33 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2020, vBulletin Solutions, Inc.