- May 29, 2024
- Posted by: legaleseblogger
- Category: Related News
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hello everyone, is the health savings account (hsa) worth it?
1] can i open an hsa account if i don’t have a high deductible health plan? i pay like 300$ a month in health insurance for me only
2] i’m fairly healthy. my regular health insurance covers for my once a year doctor visit. i do my 20$ co-pay and off i go. can i keep my money growing on an hsa and cash it out down the road to buy a new car for example or uncle sam has to approve where i spend my money?
3] is it worth to have an hsa if i’m healthy, if i’m not in any medical need?
4] can i use it abroad to buy aspirin for example?
5] fast forward a few decades, i’m 100 years old. still an ox, no health issues of any kind but i know the end is near. what can i do with my hsa account?
Torn between these two brick and mortar banks near me:
[High Yield Savings Account | 4.65% Annual Percentage Yield APY (pnc.com)](https://www.pnc.com/en/personal-banking/banking/savings/high-yield-savings.html)
[RockFed High Yield Savings 4.30% APY* – Rockland FCU (rfcu.com)](https://www.rfcu.com/personal/accounts/personal-savings/rockfed-high-yield-savings/)
Would there be any reason to opt for the credit union vs PNC?? The credit union has a limit on external transfers of “$5,000 per day/week/month”
I like the brick and mortar because I’ve been less-than-thrilled with customer service of online HYSA through 2 different banks. I also find the lag time between transferring the money to my brick and mortar (where I can easily access it) is painfully slow.
Any thoughts? What would persuade you to pick one vs the other for a HYSA?
Should I pay off my car loan? I have $10,300 left on my loan at 3.2%. I have $26,000 between my checking and savings. My savings account currently gains interest at 3.45% and has 14,000 in it. So I could pay the loan off or transfer the same amount to my savings account to earn interest. I’ve been $350 on the car every month (I pay $30 extra each month).
Been trying to balance a fair few bills, a lot of which tie into a close family member’s medical bills. Had to take some pretty nasty hits to my credit because insurance is a bitch, but a godsend has been TD Bank’s early payday thing they rolled out. Been getting my payday earlier. However, the day payroll is submitted (monday) was a holiday in the US. Previously, that didn’t affect the day I actually got paid (fridays), but I don’t know if it’ll affect anything with TD’s early pay as I’ve gotten use to planning and budgeting around getting paid on wednesdays over the last 2 months. Does anyone know if my pay still ought to come today(Wednesday), or if it will be delayed?
I have a personal line of credit open from 2021 at 2.75% that I am repaying over the next three years. I could pay it back now, or I could put the money into a CD and earn 4.5% or so. But after taxes on the interest (household is in the 35% tax bracket), isn’t it mostly a wash? What else do I need to consider
Background: My step-mom is on the wait list for a lung transplant. In order to maintain eligibility, she needs to sign off on having someone living with her who can attest to being available to her 24/7 for 3 months to provide critical care. This is a huge burden and often people rely on spouses or family for this. My step-mom is widowed. The price to hire a home aid for 24/7 care for 3 months is about $60,000. I was able to raise $12,000 from the family. My mother is a newly retired NP and offered to take my step-mom into her own home for 3 months free-of-charge. There will be expenses during this time that will accrue that my mom doesn’t want to be on the hook for and will be using the funds to cover. For example my step mom currently pays $200 for electric every month because she needs AC on 24/7/365, her Cpap and oxygen tanks draw a ton of electricity too. She will be an extra mouth to feed, extra fuel to drive her to hospital and Dr visits, gauze, bandages, renting a hospital bed, etc. We decided it’s okay to use the funds (gifts) to reimburse my mom for these expenses (will keep receipts).
The issue is that my mom is worried about these expenses raising an eyebrow with Medicare and it affecting her eligibility for benefits. These funds are considered “gifts” and are below the $17,000 IRS designation of gift according to gofundme and IRS. My original idea was to open a checking account in my name and put the funds there and my mom can use the card for expenses. She doesn’t want the account in her name because she’s worried that the $12,000 will conmingle her income and affect her eligibility if they look back. People on r/banking warned me this is fraudulent to open an account in my name and let my mom use the card. I’m worried if we make it joint, it will affect my mom’s benefits. What is the legal thing to
Am I an idiot for have a $290k mortgage (6.5%), $140k in cash, and $113k in 401k? Savings account pays 4.25%. I know I could do better investing somewhere but hard to part with my cash that’s paying out ~$500/month and risk-free. Convince me I’m dumb and should apply more to 401k, pay off more of my mortgage, or another investment.
Hello all, I’m looking for some input on my next investment. Just as some background:
* 23YO, no bills or debts
* IRA maxed out for 2024
* 20% match on 3.5% matched 401k contributions
* $60k in a HYSA
I’m looking to lock in around 5-10k into CDS. I will not be moving out for another couple years, so I figured I would cash in to some locked in rates while I can still afford the illiquidity. My question is, how can I determine which CD strategy would best suit my goals (Ladder, Barbell, or single long term CD)?
I don’t see myself needing this cash within the next five years, so I thought a single 5 year CD would be best, but the rates are seeming to actually favor shorter term CDs. Basically what I’m saying is, my brain is fried and I need some advice. Thanks!
Where should I keep my money?
I was recently paralyzed in a car accident and as a result of it I received a large sum of money from a lawsuit. However I have almost no idea where to keep all of it. After buying my house and all the essential items I need, I’m left with about $7 million. I have a financial advisor managing about $5 million (because I have no interest in stocks/bonds things like that) and I have the rest just sitting in my bank account, unsure what to do with it (I also have an annuity that pays out about $8000 a month). I’m planning on using most of the money in my bank account to invest in a real estate property, however I want to become more knowledgeable in this area before I make this type of investment so I’m not sure what to do with the money until then. Do I just leave it in the bank account until I’m ready to use it? I also want to set some aside for emergencies. Would it be smart to have a large amount of cash in a safe that I keep in my house? Or should I just open a savings account and leave the money in there? Also what is the best way to track my spending? I would like to see how much I’m spending and make sure that I’m not overspending every month as I’m only trying to spend the money that I get from my stock investments and my annuity.
My 2 year old daughter has just come into settlement for a product liability lawsuit. Our lawyer advised that a blocked savings account is a better option than a trust/annuity account given the size of her settlement.
Can anyone recommend a good HYSA specifically for a blocked account situations? We would need a court order to change her account so would probably need a stable account that won’t change interest rate offerings. Any help or experience with blocked accounts in general is much appreciated!
Currently under contract on a house and still haven’t locked in our interest rate yet. It has been hovering around 7% for a while and we were hoping for a little bit of a dip below 7% before locking. After today’s Treasury news, though, it jumped to 7.35%.
Looking for general advice or any major reports/news to look out for that would impact mortgage rates in the next couple weeks. Our deadline to lock in is June 10th, so we’ll be before the next big inflation report on the 15th. I’m leaning towards waiting this out since we have a fair amount of time, but obviously afraid of getting burned if it just keeps edging upward between now and then.
I have an old employer 401k. I want to consolidate my non active stuff to a schwab rollover ira. Their process was seamless when transferring an IRA to IRA but 401k to 401k (originally was going to rollover and the process would be too long and would lose possible gains) is proving to be annoying. Can i convert my 401k to an ira? Then transfer that ira to a rollover ira? I want this small fund to be my “aggressive” portfolio of ETFs and such and leave my regular 401k be the conservative approach. Is there anything to worry about? Any tax implications?
Basically 401k broker 1 CONVERT to IRA with broker 1 TRANSFER to rollover IRA with broker 2 to consolidate.
My wife and I had our first child in late March. I’m trying to understand how to update my W4. Here are our numbers (we file married, filing jointly):
My gross: $157,000 with a bonus received for $3,069. So total on the year of $160,069. Paid every two weeks.
Paid earnings for last period: $6,491.36
Federal Taxable for last period: $5,527.15
Taxes paid for last period: $1,316.80
Total taxes paid so far: $14,781.90
My wife: ~$20,000 self-income. Probably going to be less than that this year. She teaches piano and performs, but is expected to do less because of our kid. I’d be surprised if it’s more than this.
Taxes Paid so far: $0, but puts ~33% into savings account to pay taxes at end of year.
I did the IRS calculator, and it looks like I’m projected way over at the moment. It’s to the point where I’m not sure I filled out the information correctly and would like a sanity check.
Would it make sense for me to not pay for health insurance and keep that money in a savings account instead, for future health needs?
I don’t have a great health plan. I pay $311 per month for my premium. Deductible is $4,600 and Individual MOOP is $9,450. After I reach my deductible I would still have to pay 50% of health costs that come up. I’m healthy, don’t have any chronic healthcare needs.
I’ve already researched it and I’m not eligible for a HSA.
My friend was suggesting that maybe I could not pay for health insurance and keep that money in a HYSA, or potentially invest it, for any health needs that may come up. This way I’m not putting the money towards a bad health insurance plan that wouldn’t cover very much anyway.
I’m self-employed, I get this insurance through the NY State of Health marketplace.
Thank you.
Put rental sale into home or something safe like an HYS or CD?
My aunt is selling her rental unit. Initially, the idea was to sell the rental and put the money into her current home.
Assume her current home loan is $300k @ 3.5%, mortgage payment is $2k, and that she puts $150k into the house and remorse, we think that should drop her monthly payment to somewhere around $1.2k?
She’s fine making the current payments and has emergency cash for about 6 months.
Does it make sense for her to put the money in the house to have a smaller payment, or should she simply hold on to it in a high-interest account? I can’t quite figure out what percentage it would need to be to offset the 3.5% on the current $300k mortgage including taxes on the interest.
Looking to Sell NVDA – question on timing – before or after split?
My wife and I bought in NVDA around summer of 2015, when the stock was around $40/share – we’ve done very well, and would like to reduce our position to use the money to buy our first home.
Can anyone give advice on exit strategies, so we can maximize our return? Would you advise to sell before or after the split?
Obviously nobody can predict for sure, but we would like to time things as best as we can, to try and exit at a peak. Any advice is appreciated – thanks!
I have money in a CD that will mature in a month. I plan to use it as a down payment for a house, but I won’t be buying for another five years. Should I add more money to the CD or invest it in stocks?
Debating paying off a car loan at ~3% interest. I get 5% at a bank but my marginal rate is 44%, so from my calculations the after tax benefits are kind of a wash. I’m moving soon to a higher cost of living area so the extra cash would be nice to make my budget a bit more flexible. What say you internet?
I max out my 401k, have 1 year of expenses saved, yada yada yada.
Got a collection letter addressed to the previous tenant of my current apartment unit from a collection agency about a past due utility balance, didn’t realize it wasn’t addressed to us until after I opened it. Should I do anything on my end to notify them they have the wrong address or just ignore it?
I’m currently looking for a good, user-friendly high yield savings account. I have seen many promoted online, but their terms are extensive and they often require hefty minimum monthly deposits to achieve the advertised interest rate.
Right now, I have about 12k (total) to deposit and leave somewhere, and likely wouldn’t be depositing often as I’m trying to pay medical bills. I wouldn’t be the most active banker, but l’d like my money to do something other than sit in a safe depreciating.
I’m located in Florida, I don’t mind exclusively online banking but would prefer in person options if there are any.
Thank you
I’m very new to personal finances. However, I just opened a Fidelity account and started to moving money from a saving account and buying ETF. Slowly, I’m learning. Here’s my question.
I have $30,000 in a Health savings account that my employer opened and contributed to. The HSA account is not earning me any interest. Is there any HSA that can earn me interest?? Thank you all.
Finished paying off my vehicle after two years of ownership (woohoo), where is the best place to park money to save up for my next vehicle? My plan is to drive my current vehicle until the wheels fall off so hopefully 15-20 years later. HYSA seems like the obvious answer now (maybe?) but if interest falls off where is the best place to pivot to? Would love to pay cash outright on the next one.
Does buying VMFXX with Vanguard still make sense over high yield savings account like Wealthfront Cash (5%)? Looking to park a significant amount for a few months before a large purchase.
Does anyone have any good financial advisor recommendations? I got a new job and I’m moving to NYC from LA and I want to find someone to help me figure out if it makes more sense to sell my house and buy something in NYC.
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When should I retire from high end escorting? I started in October and have 16k saved currently. My monthly expenses, now that I pay for my school too, doesn’t exceed 4k a month- which is just 4 hours of my time. So, I have the clientele and service to provide, but I feel I am kinda aimless out here with my goals in terms of saving. It is overwhelming as I was homeless and broke not too long ago. I want to get back to 20k but some of it was taken from a legal order. I will have my master’s degree next Feb but then plan to start a phd program. So, Ill qualify for at least an 80k average career after that, that I can then transition to in my field. But Id like to save as much as possible before then? Or should I continue this work through my phd program to pay through it with that, so I can keep my savings?
How come I see people posting questions in the sub, but I mine keeps getting removed and I’m told to come here instead? In my experience these general question threads don’t get a lot of traction
Wtf should I do with the money my dad left me? My dad passed and I was left with 2 very large sums of money. One is an IRA with $270,000. Additionally, I got a life insurance claim of $225,000, which currently is just sitting in my savings account.
Basically, my question is where do I put this $225,000 that is collecting dust in my savings? For context, I am 22, just graduated college, and will be starting a new job in July making $51k/yr. Obviously my first action is paying off my student loans, which is about $50,000. After that, what should I do with the remaining $175,000?