Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Old 09-06-2021, 07:33 AM   #41
Recycles dryer sheets
 
Join Date: Apr 2014
Posts: 159
Quote:
Originally Posted by Midpack View Post
Mortgage companies always ask for proof of income, it would be irresponsible and a big PITA for sellers, realtors and mortgage companies if they didn't. For retirees with little to no income from outside sources (e.g. we have ZERO outside income), it only makes sense for a mortgage company to ask for proof of assets as an alternative.
Totally get that. I worked in banking operations for 28 years. It wasn't proof of assets they were asking for - they had that with the statements I provided. It was proof that I was going to take a certain amount of income from those assets. And a confirmation of an automatic withdrawal wasn't enough - it needed to be a letter.

Quote:
Originally Posted by Katsmeow View Post
Were you taking the income from an IRA or from a non-retirement account. For those taking from IRA it is easy to print out something showing you have set up the withdrawals. I could see it being different if it was coming out of a non-retirement account.
They wouldn't consider retirement assets, just non-retirement. And as noted above, confirmation of the auto-withdrawal wasn't what they were looking for. Doesn't make sense to me.

In any case, the original intent of this post wasn't the actual request, it was how the request was handled.
ChicagoGal 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 09-06-2021, 08:06 AM   #42
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
target2019's Avatar
 
Join Date: Dec 2008
Location: On a hill in the Pine Barrens
Posts: 8,695
Schwab website produces a Balance Letter on demand for any of the accounts we hold there. It includes an average balance for a period you pick between 2-12 months.
target2019 is offline   Reply With Quote
Old 09-06-2021, 09:24 AM   #43
Thinks s/he gets paid by the post
Out of Steam's Avatar
 
Join Date: Mar 2017
Posts: 1,384
Quote:
Originally Posted by Graybeard View Post
As to no July statement, if your brokerage account did not have any activity for July there would not be a statement.
I had this problem with a Capital One account recently. I ended up making a small transfer from the account to assure that there would be a statement for the following month.
Out of Steam is offline   Reply With Quote
Old 09-06-2021, 11:31 AM   #44
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Midpack's Avatar
 
Join Date: Jan 2008
Location: NC
Posts: 19,355
Quote:
Originally Posted by ChicagoGal View Post
Totally get that. I worked in banking operations for 28 years. It wasn't proof of assets they were asking for - they had that with the statements I provided. It was proof that I was going to take a certain amount of income from those assets. And a confirmation of an automatic withdrawal wasn't enough - it needed to be a letter.
OK, I didn't catch that. Not sure how any letter could actually force you to withdraw from your assets if you decided not to, but I don't doubt your story. In our case they just wanted written proof we had the assets to pay for the house.
__________________
No one agrees with other people's opinions; they merely agree with their own opinions -- expressed by somebody else. Sydney Tremayne
Retired Jun 2011 at age 57

Target AA: 50% equity funds / 40% bonds / 10% cash
Target WR: Approx 2.5% Approx 20% SI (secure income, SS only)
Midpack is offline   Reply With Quote
Old 09-06-2021, 12:08 PM   #45
Thinks s/he gets paid by the post
teejayevans's Avatar
 
Join Date: Sep 2006
Posts: 1,675
Quote:
Originally Posted by ChicagoGal View Post
The letter was very odd. Sidetrack here: They wanted a letter that said I intended to withdraw $6K/month from my brokerage account as a substitute for income. I didn't actually have to make the withdrawal, just say that I intended to (both my broker and I thought it was ridiculous, but worth a shot if that's what the underwriters wanted).
My issue was with the service aspect, not the result of the request. Getting forced into a full mailbox and disconnected on the next call just confirmed my frustration.
I had same problem, except the full mailbox/disconnect, I ended up just sending them the confirmation pdf I downloaded off the website.
I used the Voyager phone number if it matters.
teejayevans is offline   Reply With Quote
Old 09-06-2021, 06:23 PM   #46
Recycles dryer sheets
 
Join Date: Jul 2020
Location: Sector 001 - Alpha Quadrant
Posts: 202
Unless you frequently buy the Admiral shares of actively managed Vanguard funds, there isn't a recent to keep assets there. Once you have $1M+ at Schwab (not sure about Fidelity) you can request that Vanguard purchase fees be waived. If you do want to purchase an actively managed Admiral share which Schwab and Fido can't do, then keep an account at Vanguard and submit an ACAT transfer to Fido or Schwab online immediately after purchase. The transfer is free.
Ncc1701 is offline   Reply With Quote
Old 09-06-2021, 09:21 PM   #47
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Katsmeow's Avatar
 
Join Date: Jul 2009
Location: Texas
Posts: 5,113
Quote:
Originally Posted by ChicagoGal View Post
They wouldn't consider retirement assets, just non-retirement. And as noted above, confirmation of the auto-withdrawal wasn't what they were looking for. Doesn't make sense to me.

In any case, the original intent of this post wasn't the actual request, it was how the request was handled.
I know the intent of your post wasn't the actual request, but various people read these threads so I did want to comment on this briefly.

I now realize that you are not talking about withdrawals from an IRA. I found your initial post here which indicated you were 51 in 2014. So you are below 59 1/2 right now. Often when people are talking about using structured withdrawals from an account to take a mortgage they have set up a monthly withdrawal from an IRA. Those withdrawals can be used to meet income qualification requirements for a mortgage. Those are usually proved simply by downloading the information about how much is being withdrawn. I've qualified for 3 different mortgages doing this.

For people under retirement age, it is a little more complicated. (Some people can look into an asset depletion loan). I realize that is not the topic of your original post but wanted to make sure for the readers of this thread that they realize that some people are talking about monthly IRA withdrawals but your situation is different which is undoubtedly why you were being asked for information that is not typical for the older retiree withdrawing from an IRA.
Katsmeow is online now   Reply With Quote
Old 09-07-2021, 07:19 AM   #48
Thinks s/he gets paid by the post
teejayevans's Avatar
 
Join Date: Sep 2006
Posts: 1,675
In related news: when I open my VG app this morning it post a notification that a new app is coming. Ooohhhhhh nnooooo!
I don’t want to sound like the guy that looks fondly of good old days, but I tried their Beacon app and thought it was terrible. I just get to where I know how to do everything and now they’re going to change it?!
teejayevans is offline   Reply With Quote
Old 09-07-2021, 08:12 AM   #49
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
target2019's Avatar
 
Join Date: Dec 2008
Location: On a hill in the Pine Barrens
Posts: 8,695
Just made a SEP-IRA withdrawal from Vanguard to my external checking. It will take 3-5 days electronic transfer. That is fine with me. The interface is definitely simpler than Schwab, so I see some of the VG attraction, at least in this one transfer.
target2019 is offline   Reply With Quote
Old 09-07-2021, 08:21 AM   #50
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
RunningBum's Avatar
 
Join Date: Jun 2007
Posts: 12,664
^^
That relates to a point that discourages me from doing a transfer out of VG. For good or for bad, I've learn how to do all of the things I need to do at Vanguard. I have my HSA at Fidelity, and it took a while for me to figure out how to exchange some shares in one fun to a new fun. Last year I was helping someone out on Schwab and found it hard to find a simple index fund I wanted to use. Maybe their interfaces are bad, or maybe it'd be easy enough for me to adapt, but they aren't immediately intuitive.
RunningBum is offline   Reply With Quote
Old 09-07-2021, 08:46 AM   #51
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
target2019's Avatar
 
Join Date: Dec 2008
Location: On a hill in the Pine Barrens
Posts: 8,695
^
We'll probably stay with Vanguard and Schwab as things play out.

At Schwab I use the VG ETFs.
target2019 is offline   Reply With Quote
Old 09-07-2021, 08:48 AM   #52
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
OldShooter's Avatar
 
Join Date: Mar 2017
Location: City
Posts: 9,187
Quote:
Originally Posted by target2019 View Post
Just made a SEP-IRA withdrawal from Vanguard to my external checking. It will take 3-5 days electronic transfer. That is fine with me. The interface is definitely simpler than Schwab, so I see some of the VG attraction, at least in this one transfer.
I think this is another area where competition has or will hone service levels. On Friday I made a similar transfer from Schwab to a USBank account and the funds should be good there today. 1 business day.

The place where Schwab's interface is klunky is in setting up external accounts for transfers. External accounts are associated with individual Schwab accounts, so although that USBank acccount had been set up connected to my tIRA I had to do the whole dance again to set it up connected to my cash account.

I think a lot of these "which broker?" threads with anecdotes being reported are a lot like the old blind men and the elephant story. Each of us are accurately reporting our elephant anecdotes, but they are difficult to fit together enough to evaluate the three whole elephants involved.
__________________
Ignoramus et ignorabimus
OldShooter is offline   Reply With Quote
Old 09-07-2021, 09:17 AM   #53
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
target2019's Avatar
 
Join Date: Dec 2008
Location: On a hill in the Pine Barrens
Posts: 8,695
^
^^
At least for us, Schwab is the newer guy, but about 10 years into the relationship. I did stumble a bit with the external transfer thing as it doesn't cross accounts by default. I don't regret the choice at all. The fact that there is a Schwab bank, checking, and bill payment has been useful too. Both children have Schwab too.
target2019 is offline   Reply With Quote
Old 09-07-2021, 09:36 AM   #54
Full time employment: Posting here.
 
Join Date: May 2017
Posts: 779
This sort of thing is why we left Vanguard. The last straw was that they kept asking us to verify our address and threatening to freeze our accounts if we didn't. We haven't moved in a decade and we verified it numerous times.
brokrken is offline   Reply With Quote
Old 09-07-2021, 07:41 PM   #55
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: May 2005
Posts: 16,181
So Schwab is a good alternative?


I have tried Fidelity and Merrill Lynch... Fidelity is OK but limited me buying some preferred shares, otherwise they seem better than Vanguard.


Merrill I just never got into much... my biggest complaint is I got a cold call from a rep wanting to 'manage' my account.. I got pissed because when he first started to talk I asked if he was trying to manage it (it cost money) and he said no... but it was a sales call... then I come to find out he is in a different city!!! I raised hell about that to a few levels higher than he was...



My goal is to have a place that has financial advisors that are free or mostly free to help manage the accounts when I pass as my DW has zero financial abilities...
Texas Proud is offline   Reply With Quote
Old 09-07-2021, 07:56 PM   #56
Full time employment: Posting here.
 
Join Date: May 2017
Posts: 779
Iíve been with Schwab for a few years now and have no complaints
brokrken is offline   Reply With Quote
Old 09-07-2021, 09:14 PM   #57
Dryer sheet aficionado
 
Join Date: Dec 2012
Location: Pleasant Valley
Posts: 45
After 30 years of managing my own investments, last year I hired a company called E3 Wealth. I have been there a little over a year, and I couldn't be happier. Anytime I have a question, I send an email or call and they always have an answer. I have sent an email at 10:00 or 11:00 PM and within a few minutes they send me a response. I like that they don't just put you in a 60% - 40% allocation. They have alternative investments that usually are just for the rich.
rrs26ja is offline   Reply With Quote
Old 09-08-2021, 04:34 PM   #58
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: May 2005
Posts: 16,181
Quote:
Originally Posted by rrs26ja View Post
After 30 years of managing my own investments, last year I hired a company called E3 Wealth. I have been there a little over a year, and I couldn't be happier. Anytime I have a question, I send an email or call and they always have an answer. I have sent an email at 10:00 or 11:00 PM and within a few minutes they send me a response. I like that they don't just put you in a 60% - 40% allocation. They have alternative investments that usually are just for the rich.



Went and looked... it seems to be made up of independent investment firms... but NO mention of costs...


The good thing is they say they are fiduciaries....
Texas Proud is offline   Reply With Quote
Old 09-08-2021, 04:58 PM   #59
Dryer sheet aficionado
 
Join Date: Dec 2012
Location: Pleasant Valley
Posts: 45
I paid .62% of the total assets that they manage for me.



https://e3wealth.com/foundations/
rrs26ja is offline   Reply With Quote
Old 09-10-2021, 03:29 PM   #60
Dryer sheet wannabe
 
Join Date: Mar 2021
Posts: 11
My wife and I have our assets split between Vanguard and Fidelity. We made this decision quite a few years ago to try and mitigate against hacking risks, etc... Over time I have come to love Fidelity and tolerate (barely) Vanguard. We recently created a joint trust and had to change ownership on taxable accounts. Fidelity was fast, easy and painless. Vanguard took days and I lost many many hours sitting on hold waiting for an agent.
BoldPelikan is offline   Reply With Quote
Reply

Tags
flagship status, vanguard, vanguard service


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
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
The straw that broke the camels back... rayinpenn Other topics 68 07-24-2016 06:42 PM
Auto service "shop supply charge" last straw JoeWras Other topics 124 06-25-2014 10:11 AM
Might be the last straw brewer12345 Other topics 12 02-23-2006 05:36 PM
See @ Last, See @ Last, Thank God I Can See @ Last Beachbumz Other topics 24 02-18-2005 07:16 PM

» Quick Links

 
All times are GMT -6. The time now is 02:53 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2023, vBulletin Solutions, Inc.