T Bill you answered for me yesterday. You asked me to let you know
My Wealthramp advisor said yes it is a money market fund for T bills. He said he just checked and the rate is the same as the other T bills, and he could buy it from Schwab. I had just asked him for my first withdrawal from my retirement funds- 5 thousand dollars. He took out $6,314 from my trust account.. He said that’s what they do and invest the extra cash, and thought that would be a good place for it . He didn’t know about taxes because my yearly income is only 36 thousand dollars- just social security so far. I have money in my bank money market account that I only use to pay for real estate taxes
so I thought I would buy regular T bills with some of that. Hope that sounds right to you.
Thanks for responding.
Terry Says
Whoa, wait. If you have an advisor through Wealthramp, I’m sure you’re getting correct advice. But I’m not so sure you understand it.
If you have to take an RMD, it doesn’t come from a “trust” account; it comes from your IRA. If you don’t know what to do with that cash — aside from saving some for taxes, and perhaps making a quarterly estimated tax payment — then yes, you can put it in a money market fund that buys only T-bills.
But he SHOULD know about your taxes! Please write back to the email you get telling you your question has been answered. I want to know who your advisor is!
