Poor financial choices
I made numerous financial mistakes and need to get some personal financial consultations regarding several topics including: 2 years ago, I opened an I-bond in my name instead of my daughter’s as intended. These were her dollars saved and I want to be sure this goes to her. Can I do so without adversely impacting my taxes? I will be 60 in August so is it best to wait until then?
Terry Says
It sounds like you need to get organized with all your personal finances. And so I’d recommend calling the National Foundation on Credit Counseling at 800-388-2227 and setting up an appointment. This is NOT just for people in debt, but advice on setting up a budget, tracking expenses, and organizing financial papers.
The other alternative if you want to do it yourself, is to use Simplifi by Quicken, and online program that will organize your entire financial life. Read this column I wrote explaining how it works: https://www.terrysavage.com/simplifi-your-finances/
As for the savings bonds, they are meant to be held long-term. And you probably don’t want to take the penalty incurred in selling them before holding at least 5 years — unless your daughter absolutely needs the money immediately. If so, you can go into your TreasuryDirect.gov account and sell the bonds and give her the money.
OR you can add her as a beneficiary on the bonds. Instructions in this article
https://www.terrysavage.com/t-bills-beat-cds-2/
