Very good advice! I wasn't aware of this until my Fidelity rep mentioned it. As retired I have significant money in these types of MM. I filed an amended state return for '25 and saved >$2,000 in state tax. I now know where to look and provide the % of federal holdings not subject to MN tax to my accountant.
I agree with you Mark, but I hold SCHD (high div) in tax free Roth and use DRIP. It has many large, well known and well capitalized firms - not mirroring nearly every ETF or mutual fund holdings, i.e. 7 top 10 holdings are mag 7. I think of it as a diversification tool.
I buy 3yr fixed annuities in a regular retirement account - tax deferred and guaranteed 5%. But you HAVE to buy with a discount brokerage like Fidelity or Vanguard to avoid huge fees and sales commissions.
Comments
Very good advice! I wasn't aware of this until my Fidelity rep mentioned it. As retired I have significant money in these types of MM. I filed an amended state return for '25 and saved >$2,000 in state tax. I now know where to look and provide the % of federal holdings not subject to MN tax to my accountant.
Post: Treasury Tax Reporting
Link to comment from March 28, 2026
I agree with you Mark, but I hold SCHD (high div) in tax free Roth and use DRIP. It has many large, well known and well capitalized firms - not mirroring nearly every ETF or mutual fund holdings, i.e. 7 top 10 holdings are mag 7. I think of it as a diversification tool.
Post: You’ve Come a Long Way, Baby
Link to comment from May 3, 2025
I buy 3yr fixed annuities in a regular retirement account - tax deferred and guaranteed 5%. But you HAVE to buy with a discount brokerage like Fidelity or Vanguard to avoid huge fees and sales commissions.
Post: RDQ Sorry folks, I still see annuities, including deferred annuities, as a viable option for creating steady retirement income.
Link to comment from April 26, 2025
You mentioned 20% allocation to international stocks. Is that 20% of one's equity portion or of entire portfolio? Good writing!
Post: No Exception
Link to comment from April 26, 2025