A SoFi account can provide a base 3.60% APY, but new clients can get a 0.70% boost for up to 6 months for a total APY of 4.30%. That’s over ten times the national deposit savings rate, according to the FDIC’s November report.These function like regular savings accounts but offer much higher interest rates. For example, a SoFi checking and savings account can help you build your wealth base through a combination of high-interest rates, zero fees and ease of access.Rather than spending more, many households a ...

In evaluating the costs of investing, you may find that asset location is just as important as asset allocation . “Asset location” refers to the account that your money is actually sitting in. Since the $750,000 that you’re asking about is currently in a 401(k), you’d want to first review the particulars of your plan. Does your plan give you the option of taking partial withdrawals, allowing you to use your savings as needed, or does it limit your withdrawal options to required minimum distributions (RMDs) ...

ojbyrne / Flickr Quick Read Cramer advises withdrawing money needed within five years from the stock market due to short-term volatility. Investing without understanding the underlying business exposes investors to significant risk and potential losses. Bear markets are temporary. Staying invested during downturns benefits patient long-term investors. If you’re thinking about retiring or know someone who is, there are three quick questions causing many Americans to realize they can retire earlier ...

Core Insights - The article emphasizes the importance of smart investing for wealth preservation, particularly in light of the U.S. dollar's significant depreciation since 1971, losing over 87% of its value [1][2] Investment Trends - A 2024 Bank of America study indicates that 93% of wealthy young Americans plan to increase their allocation to alternative investments, reducing their traditional stock holdings to only 25% of their portfolios [3] - High Net Worth Individuals (HNWIs), defined as those with over $1 million in liquid assets, typically maintain an average of just 15% of their wealth in cash and cash-like instruments, allowing them to navigate market volatility effectively [6] Investment Strategies - The article highlights Warren Buffett's investment strategy, noting that his cash reserves, approximately $190 billion, are primarily held in short-term Treasury Bills and cash-like instruments, rather than in traditional cash [4] - It suggests that investors who have remained fully invested since the 2008 Global Financial Crisis have significantly outperformed those who hold larger cash positions, which continue to lose value [5]

Core Insights - Merrick Bank, founded in 1997, is among the top 20 credit card issuers in the U.S., serving nearly 3 million cardholders [1] Product Overview - Merrick Bank offers two types of credit cards: the Merrick Bank® Credit Card, which requires no security deposit and features automatic credit line reviews, and the Classic Secured Card, which requires a security deposit between $200 to $3,000 [2] - The bank provides loans for recreational vehicles and personal loans through partnerships with dealers [3] - Certificates of deposit (CDs) are available with terms ranging from three months to five years, offering rates as high as 4.1% APY, with a minimum deposit requirement of $25,000 [4] Fees and Charges - Merrick Bank has a low fee structure, although certain specific services may incur fees [5] Advantages and Disadvantages - Pros include access to free FICO scores and credit improvement tools, competitive CD rates, and a user-friendly mobile banking experience [9] - Cons include the absence of checking or savings accounts and a high minimum opening deposit for CDs compared to other banks [9] Mobile Banking Experience - The Merrick Bank mobile application is rated 4.7 on the App Store and 4.6 on Google Play, allowing customers to manage their accounts, view FICO scores, and set up notifications [10] Additional Information - Merrick Bank is FDIC-insured, providing federal insurance for deposits up to $250,000 per depositor [10] - The bank operates as an online entity without physical branches [12]

Group 1 - Certificates of deposit (CDs) are a popular investment option for generating income with minimal risk, where investors lock up cash for a set period in exchange for interest payments at an agreed annual percentage yield (APY) [1] - The average yields of 12-month CDs have climbed to 5%-6% due to the Federal Reserve's interest rate hikes in 2022 and 2023, making them appealing to investors [4] - The Federal Reserve has already reduced its benchmark rate three times in 2024 and once in 2025, leading to expectations of further rate cuts, which will decrease the attractiveness of CDs [5] Group 2 - As interest rates decline, income-oriented investors are likely to shift towards blue chip dividend stocks that offer higher yields than CDs, such as AT&T with a forward dividend yield of 4.3% [7] - Altria, focusing on smoke-free products, offers an even higher forward yield of 6.6%, making it an attractive alternative for income-seeking investors [9] - Investors locking up cash in CDs may miss out on more attractive investment opportunities as rates decline, potentially leading to suboptimal investment decisions [6][8]

Financial Data and Key Metrics Changes - TrustCo Bank reported a net income of $16.3 million for Q3 2025, a 26.3% increase compared to Q3 2024, with a return on average assets of 1.02% and return on average equity of 9.29% [8][9] - The efficiency ratio improved by almost 9% year-over-year, indicating enhanced profitability and operational efficiency [5] - The consolidated equity-to-assets ratio was 10.90% for Q3 2025, slightly down from 10.95% in Q3 2024 [9] Business Line Data and Key Metrics Changes - Average loans grew by 2.5% or $125.9 million to $5.2 billion year-over-year, with home equity loans increasing by 15.7% [10][14] - The residential real estate portfolio increased by $34 million or 0.8%, while average commercial loans rose by $34.6 million or 12.4% [10] - Non-performing loans decreased to $18.5 million, with non-performing loans to total loans at 0.36%, down from 0.38% a year ago [9][17] Market Data and Key Metrics Changes - Total deposits reached $5.5 billion, up $217 million compared to the prior year, reflecting strong customer confidence [11] - The net interest margin for Q3 2025 was 2.79%, an increase of 18 basis points from the prior year [12] - The yield on interest-earning assets increased to 4.25%, while the cost of interest-bearing liabilities decreased to 1.9% [12] Company Strategy and Development Direction - TrustCo Bank aims to enhance shareholder value through a disciplined share repurchase program, having repurchased nearly half of the approved one million shares [7][9] - The company focuses on maintaining high-quality underwriting standards and conservative lending practices to manage credit risk effectively [10][16] - Expansion opportunities are being explored in Pasco County, Florida, and downstate New York, with a focus on strategic locations [29][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the bank's long-term strength and the potential for meaningful net interest income upside due to maturing CDs [25][26] - The real estate market remains strong, contributing to recoveries and demand for loans, particularly in residential and home equity segments [28][14] - The bank is well-positioned to continue delivering strong financial performance despite potential easing from the Federal Reserve [12] Other Important Information - The wealth management division had approximately $1.25 billion in assets under management, contributing significantly to non-interest income [12][13] - Total non-interest expense was $26.2 million, slightly down from the prior year, indicating effective cost management [13] Q&A Session Summary Question: What is the average rate for maturing CDs compared to new CDs? - The average rate on the $1 billion in CDs coming due is about 3.75%, with the highest rate currently offered at 4% for a three-month term [25][26] Question: Can you explain the recoveries in New York? - The recoveries are largely due to a strong real estate market, with $194,000 in recoveries relating to approximately five properties taken back [28] Question: What are the company's expansion plans? - TrustCo is looking at opportunities in Pasco County, Florida, and other locations in downstate New York for potential growth [29][30]

Core Insights - SoFi and Barclays are both online banks that offer minimal fee accounts and competitive interest rates, making them suitable for customers with simple banking needs [1] Group 1: Company Overview - SoFi, founded in 2011, is a financial technology company that serves over 6.9 million customers and offers a range of products including lending, investing, and personal banking [2] - Barclays Bank has a history of over 300 years and serves 48 million customers globally, providing retail banking, credit cards, and investment services [3] Group 2: Deposit Account Options - SoFi offers an interest-bearing checking account with a 0.5% APY, no overdraft fees, and no minimum balance requirements, while Barclays does not offer checking accounts [4][5] - Both banks provide high-yield savings accounts, with Barclays offering 3.7% APY and SoFi providing a limited-time offer of up to 4.5% APY for six months [7] Group 3: Additional Products and Services - SoFi has a broader range of products including student loan refinancing, personal loans, and insurance, while Barclays primarily offers savings accounts and CDs [9][10] - Barclays offers CDs with terms from six months to five years and competitive interest rates up to 4% APY, which SoFi does not provide [9] Group 4: APYs and Fees - SoFi generally offers higher APYs compared to Barclays on the products they both provide, but Barclays has competitive rates on CDs [11] - Both banks are low-cost options compared to traditional banks, but SoFi has an advantage for customers who frequently use ATMs [12] Group 5: Customer Suitability - SoFi is ideal for customers looking to earn high rates on savings and prefer having both checking and savings accounts at the same bank [13] - Barclays is suitable for savers interested in top CD rates and those starting out, as it has no monthly service fees or minimum balance requirements [14]

Core Insights - The article discusses strategies for managing a $1.5 million IRA to ensure it lasts throughout retirement, emphasizing the importance of balancing income generation and spending needs [5][10]. Investment Strategies - Mixed assets such as index funds and bond portfolios can provide a balance of growth and security, albeit with increased volatility [1]. - Annuities are highlighted as a secure income option for retirees, with a $1.5 million fixed-income annuity potentially yielding $8,000 monthly or $96,000 annually [2]. - Income investing through bonds and dividend stocks is recommended, with bonds averaging a 4% to 5% return, potentially generating around $67,500 annually without depleting principal [3]. Cash Management - Moving portions of the IRA into cash assets like high-yield savings accounts or CDs can ensure safety, but returns may only match inflation, with current rates around 4.5%-5% [4]. Social Security Considerations - Social Security benefits should be factored into retirement planning, with an estimated $24,000 annually from a $2,000 monthly benefit starting at age 62 [7][8]. Lifestyle and Spending - Understanding personal lifestyle costs is crucial for retirement planning, as expenses can vary significantly based on individual preferences and living situations [11]. - Inflation impacts retirement planning, with average national rates around 2%-4%, but potentially higher in expensive areas [12]. Required Minimum Distributions (RMDs) - RMDs must begin at age 75, with a $1.5 million IRA requiring a minimum withdrawal of $56,603 annually to avoid penalties [13][14]. Tax Implications - Income taxes will apply to withdrawals from a pre-tax IRA, necessitating careful planning to manage tax liabilities [15]. - Rolling an IRA into a Roth IRA can eliminate federal taxes on retirement income, but requires paying taxes on the rolled-over amount upfront [16]. Healthcare and Insurance Costs - Planning for healthcare and insurance costs is essential, as retirees may need long-term care insurance and will face increasing healthcare expenses [17][18]. Overall Planning - Comprehensive retirement planning should integrate income generation, spending needs, and potential healthcare costs to ensure the longevity of the IRA [19].

Core Insights - The article discusses strategies for retirees to effectively manage their Required Minimum Distributions (RMDs) from retirement accounts, emphasizing the importance of reinvesting and utilizing these funds wisely to enhance financial security and growth potential [24]. Group 1: Reinvesting RMDs - Retirees can transfer assets in kind from retirement plans to taxable accounts, allowing them to keep investments intact while fulfilling RMD requirements [1]. - After paying taxes on RMDs, retirees can reinvest remaining funds in regular investment accounts, which can continue to grow even after leaving tax-deferred accounts [2][5]. - Reinvesting RMDs is beneficial for retirees with stable income sources who do not rely on RMDs for regular expenses, as it helps preserve purchasing power over time [3]. Group 2: Investment Options - When considering reinvestment, retirees should assess their timeline for needing the funds; safer options like CDs or money market funds are advisable for short-term needs, while a mix of stock and bond funds can be suitable for longer-term investments [4]. - Common reinvestment options include mutual funds, ETFs, dividend-paying stocks, and high-yield savings products, aimed at maintaining growth despite the funds leaving retirement accounts [5][6]. Group 3: Annuities and Emergency Funds - Funding an annuity with RMDs can provide predictable income for retirees who have sufficient liquid assets for short-term needs, allowing for part of their retirement savings to be converted into guaranteed payments [8][9]. - Establishing an emergency fund is crucial for retirees to manage unexpected expenses without having to liquidate long-term investments during market downturns [13][14]. Group 4: Charitable Giving and Tax Management - Utilizing Qualified Charitable Distributions (QCDs) allows retirees to donate up to $108,000 from their IRAs directly to charities, which can reduce taxable income and count towards RMDs [16][17]. - Lowering Adjusted Gross Income (AGI) through QCDs can also help reduce taxes on Social Security benefits and maintain eligibility for certain tax credits [18]. Group 5: Roth Conversions - RMDs cannot be used directly for Roth IRA conversions, but they can be used to pay taxes on conversions, allowing retirees to manage future tax exposure and reduce required withdrawals over time [19][20]. - Gradually shifting funds into a Roth IRA can create more flexibility for future income planning, as qualified withdrawals from Roth accounts are tax-free [21].