PinotGris
We too are an older couple long into retirement (me 87, she 89). Our SS benefits and my pension cover most of our retirement budget needs. Yes, I still monitor our annual expenses and make any adjustments to our budget as may be needed. Two-thirds of our RMDs is taken in the form of QCDs in the early spring. As we approach the end of the year we take the remaining RMD and it usually goes into our savings account to be used if needed. The market has generally been good to us in these 22 years of retirement.
As to banking, I have been with Navy Federal CU (NFCU) since 1961 where our checking account currently pays 0.45% interest monthly. Our savings account and most CDs are held online at Live Oak Bank (LOB) in Wilmington NC. Their savings account pays 4.40% and 12 month and 18 month CDs currently pay 4.90% and 4.65%. These CD rates have recently dropped from slightly above 5% and I expect they may drift a bit lower in the future. LOB has historically been up near the top as an online bank. I have absolutely no trouble moving any needed money online between our two banks.
I am a bit of the oddball in that I prefer to keep more cash than most people would, but that is what we want and don't mind paying the tax on the interest each year. I cannot say that we hold cash in any particular percentage, but rather just what we want to do. We do have a joint taxable account where funds in excess of the above mentioned items are invested. Otherwise we have traditional IRAs and Roth IRAs.
We too are an older couple long into retirement (me 87, she 89). Our SS benefits and my pension cover most of our retirement budget needs. Yes, I still monitor our annual expenses and make any adjustments to our budget as may be needed. Two-thirds of our RMDs is taken in the form of QCDs in the early spring. As we approach the end of the year we take the remaining RMD and it usually goes into our savings account to be used if needed. The market has generally been good to us in these 22 years of retirement.
As to banking, I have been with Navy Federal CU (NFCU) since 1961 where our checking account currently pays 0.45% interest monthly. Our savings account and most CDs are held online at Live Oak Bank (LOB) in Wilmington NC. Their savings account pays 4.40% and 12 month and 18 month CDs currently pay 4.90% and 4.65%. These CD rates have recently dropped from slightly above 5% and I expect they may drift a bit lower in the future. LOB has historically been up near the top as an online bank. I have absolutely no trouble moving any needed money online between our two banks.
I am a bit of the oddball in that I prefer to keep more cash than most people would, but that is what we want and don't mind paying the tax on the interest each year. I cannot say that we hold cash in any particular percentage, but rather just what we want to do. We do have a joint taxable account where funds in excess of the above mentioned items are invested. Otherwise we have traditional IRAs and Roth IRAs.
Statistics: Posted by tomd37 — Fri Aug 16, 2024 4:31 pm — Replies 26 — Views 2405