By Dr. Jim Dahle, WCI Founder
I Bonds are back in the press! The last time I wrote about I Bonds (2014), I had zero interest in investing in them and neither did anyone else. That has all changed recently—mostly because the annual inflation rate soared in the back half of 2021 (and because by April 2022, it had jumped to 8.3%)—so it's a good reminder that asset classes periodically rotate in and out of favor. Let's take a look at I Bonds once more.
Who Should Consider I Bonds?
I Bonds can make a lot of sense for some investors. The ideal purchasers of I Bonds:
- Want to put some of their portfolio into bonds,
- Want to put some of their bond allocation into inflation-indexed bonds,
- Have a taxable investing account (i.e. cannot fit all of his or her investments into retirement accounts), and
- Are not TOO wealthy.
If any of these are not true, then I Bonds probably are not for you.
I vs EE Bonds – US Government Savings Bonds
The US government issues two types of Savings Bonds: “Series EE” and “Series I.”
What Are EE Bonds?
The EE Bonds have been issued since 1982 when they were yielding 13.05%. Unfortunately, they now yield 0.10% (and have since my original post on I Bonds in 2014). While it is hard for me to get excited about a savings account yielding 0.60%, it's six times better than the current yield on EE Bonds. EE Bonds are not indexed to inflation in any way.
What Are I Bonds?
I Bonds, however, are similar to Treasury Inflation Protected Securities (TIPS) in that there are two components to the yield. One component is fixed at the time you purchase the bond. It is set for new bonds every six months. If you had bought an I Bond at any time in the past several years, the fixed rate was 0.00%. If you bought it in 2000, you could have gotten 3.6%. The other component varies with inflation and changes with the Consumer Price Index (CPI-U) (non-seasonally adjusted, includes food and energy). It is changed every six months and then combined with the fixed rate of your particular bond in an interesting but not straightforward way.
The combined rate can be lower than the fixed rate, but never lower than zero. It changes every six months on the first day of the month you bought the bond (January 1 for bonds bought in January) and the first day of the month six months later (July 1 for bonds bought in January). The inflation rate when I updated this piece was a whopping 3.6%, dramatically higher than the 0.59% the first time I wrote this post back in 2014. But it has varied from 2.85% to -2.78%. Keep in mind that is a “six-month inflation rate” so the calculation to get your composite rate actually doubles that. There is one other factor in the calculation (the fixed rate multiplied by the inflation rate), but it rarely affects things much so you can essentially ignore it, at least these days.
Here is the calculation:
Composite Rate = Fixed Rate + 2 * Inflation Rate + Fixed Rate * Inflation Rate
So, on an I Bond issued in the first few months of 2022
7.20% = 0.00% + (2 * 3.60%) + (0.00% * 3.6%)
And on an I Bond bought back in 2000
10.89%= 3.60% + (2 * 3.60%) + (3.60% * 3.60%)
I'm not sure I really understand the point of that last factor since it only adds a basis point or two to the yield, but that's the formula. So, the fixed rate when you buy I Bonds is all important to their eventual return. You get to keep up with inflation (at least inflation as defined by the government), but that's it unless you buy a bond with a halfway decent fixed yield. However, inflation right now in the fourth quarter of 2021 (as measured when calculating I Bond yields) is pretty high, so the overall yield is pretty high, even without a decent fixed rate. If you can combine it with a high fixed rate, it's downright awesome!
As of May 1, 2022, the interest for an I Bond rose to 9.62%, up significantly from the 7.20% in the previous six months. The I Bond rate remained at 9.62% until November 1, 2022 (with the demand so high in late October 2022 to get that interest rate before it fell, it was tough to actually log in to the TreasuryDirect website and purchase the bonds). By November 1, the new rate was 6.89%, though interestingly, the fixed rate had moved from 0.0% to 0.4%. On May 1, 2023, the interest rate dropped to 4.3%, but the fixed rate had increased to 0.9%, the highest percentage since 2007. By November 2024, that fixed rate had jumped to 1.2%.
Now you see why there was so much interest in I Bonds for a few years. Who wouldn't want a very safe investment with a yield in the 7%-11% range? Note that the yield compounds semi-annually—not daily like most savings accounts, which has the effect of slightly lowering your return.
Pros and Cons of I Bonds
Benefits of Savings Bonds
There are some minor tax benefits to buying savings bonds, both EE and I. First, the income grows in a tax-deferred manner for up to 30 years. There are no distributions like with a CD, a savings account, or a typical bond. They're a little bit like “zero-coupon bonds” that way, except you don't have to pay tax on phantom income like you would with a Zero or even a TIPS in a taxable account.
When you finally do redeem the bond, the interest is taxable at your usual federal marginal tax rate but free of state or local income tax, just like all Treasury bonds. However, if you use the entire proceeds (both principal and interest) to pay for qualified educational expenses, the interest is also federal income tax-free. Unless you're a doctor. Then you're probably out of luck because your income is too high to get that tax break, which is phased out completely at a 2021 modified adjusted gross income of $98,200 ($154,800 married).
You can't even just let your kids buy the bonds, because they have to be purchased by someone at least 24 years old to get the educational expense tax break. However, if for some reason you have I Bonds and you are below the income limits this year but don't expect to be later, you can redeem them now and put the money into a 529 plan, which is considered a qualified educational expense.
Additional Resource:
What Bond Fund Should You Hold
Downsides of I Bonds
The main issue with using savings bonds is that they're a pain to buy and to redeem. This is why I say you need to be wealthy enough to need a taxable account but not so wealthy that the low amounts you can invest into I Bonds are comparatively irrelevant to your portfolio size.
You used to buy “paper I Bonds” at a local bank. You just walked in the door, plopped down 50 Benjamins, and walked out the door with $5,000 in I Bonds.
As of 2012, you can't do that anymore. One of the only ways to get paper I Bonds is as part of a tax refund. You can deliberately overpay your taxes by $5,000 (per person) and then get the refund as an I Bond (that option, though, was set to expire on January 1, 2025, because as the Treasury explained, it “was costly and not frequently used”). If you don't want to do that, your only recourse is to buy I Bonds directly from Treasury Direct. You can purchase E Bonds, TIPS, and other treasuries this way too if you like. Personally, I find it well worth the 10-20 basis points that a well-run, passive mutual fund or ETF will charge to take the hassle of buying and selling individual bonds away from me.
Unfortunately, there are no savings bond mutual funds, so if you want them, you have to buy them individually. So you open an account at Treasury Direct and buy up to $10,000 in I Bonds per year per person. You can actually open a bunch of trusts if you want and each of them can buy $10,000 of I Bonds each year, but that seems like more hassle than it is worth to me. If you actually wanted $200,000 of your portfolio in I Bonds, it might take you a decade or more to get there. If you have a $2 million portfolio and want 10% of it in inflation-indexed bonds ($200,000), I Bonds just aren't going to do it for you.
You can also redeem your electronic I Bonds at Treasury Direct (remember to do so before they hit 30 years old, since they stop earning interest then). You may also redeem your paper I Bonds at many local banks. However, you cannot redeem bonds in less than one year, and if you redeem them in less than five years, you lose three months worth of interest.
Remember to always buy savings bonds at the end of the month and to sell them at the beginning of the month to maximize your returns. (You get credit for owning them for the whole month, even if you only own them for a day.)
TIPS vs I Bonds
The natural question an educated reader will have is “What about TIPS?” TIPS work a little bit differently than I Bonds, but the same basic principles apply. There is a fixed portion and an inflation-linked portion. Both are linked to CPI-U. Both are state and local income tax-free. TIPS do not have the tax-deferral feature of interest, and they can also generate phantom income—on which you owe real taxes, so they're generally best held in a tax-protected account.
It is relatively easy to compare TIPS to I Bonds to determine which is the better deal. Since both are indexed to CPI-U, you just have to look at the fixed rates. Since you can hold I Bonds for up to 30 years, you can just compare a 30-year TIPS to an I Bond. As of this writing, a 30-year TIPS yields -0.27% real, and an I Bond yields 0.00% real. That was an easy decision, although the first time I wrote this article the comparison favored TIPS, not I Bonds!
I Bonds looked even better at the time this piece was published when compared to a 5-year TIPS (-1.66% real) or a 7-year TIPS (-1.26% real). You can also compare them to commonly held TIPS mutual funds (which tend to hold shorter-term TIPS), and they look great.
TIPS are easier to buy in any amount and you can hold them within a mutual fund or ETF. However, if rates go up, you can redeem your old I Bonds and buy new ones, whereas you'll take a hit on the principal of the TIPS. (Of course, if rates fall, you get a boost on the principal of the TIPS.) Note that if you decide to redeem your old I Bonds and buy new ones, you're still limited to just $10,000 per person per year (plus the $5,000 from your tax return).
Are I Bonds A Good Investment?
There are really four ways people use I Bonds. When today's low fixed rates are combined with a low inflation rate, none of them are particularly wonderful. But when this was originally written, that was not the case .
#1 Educational Savings Plan
The first is as an educational savings plan. This is kind of silly, however, since 529s give you the exact same federal tax treatment, plus a possible break on your state taxes. If you have already maxed out your 529 contributions per year ($15,000 per spouse, per child), it is unlikely that you have an income low enough that you'll get the educational tax break on your I Bonds. So that's not a very good reason to buy I Bonds.
#2 Emergency Fund
The second use is as an emergency fund. Instead of earning 0.6% at Ally Bank or buying some CDs yielding 1%-2%, the investor figures, “Hey, why not put some of my emergency fund into I Bonds?” It gives you some inflation protection and the possibility of higher yields. The downsides are that you can only buy a limited amount each year (and can't buy back the ones you sell), and you can't redeem them for at least a year. If you redeem them in less than five years, you forfeit three months of interest. Plus, they're a pain to buy and redeem, compared to a simpler solution like a savings account. Besides, the point of an emergency fund isn't to get a maximum return on that money. Not a great reason to buy I Bonds, but if you have some you bought a few years ago, sure, feel free to use them as part of your emergency fund.
#3 Expand Your Tax-Protected Space
The third use is to “expand your tax-protected space.” Many investors have a large taxable account in comparison to their tax-protected accounts. Since I Bonds grow with the interest tax-deferred, some investors figure that owning them is a lot like having more tax-protected space. This is a little bit silly. You can always expand your tax-protected space by using a non-deductible IRA, making after-tax (not Roth) contributions to a 401(k), or buying a variable annuity. Each of those can then be used to buy asset classes that are a pain to hold in a taxable account, like REITs and TIPS. But don't think you're getting some huge benefit for doing so, since just like buying I Bonds, you get no upfront tax break for contributing to them and your withdrawals are fully taxable. These types of “tax-protected space” are very much inferior to a 401(k) or Roth IRA and, in many situations, inferior to a simple taxable account. You just get tax-deferred growth, which is a pretty limited benefit by itself.
#4 Inflation-Indexed Bond Portion of Portfolio
The fourth use is as part of the inflation-indexed bond portion of your portfolio. As I see it, this is really the only good reason for most doctors to bother with I Bonds. Given today's low yields on bonds (and thus low expected returns), it is fine to hold some or even all of your bonds in taxable. If you wish to own inflation-protected bonds, it therefore makes sense to buy some I Bonds in that taxable account. There is still the issue that you can't buy very many of them, but that's no reason they can't at least be part of the solution. You can buy as many I Bonds as they'll sell you and make up the rest of that portion of your asset allocation with TIPS.
Overall, Series I Bonds can make up a valuable portion of your fixed-income asset allocation. But don't feel like you missed out on a great deal any time recently. It has been 12 years since they had a fixed rate of at least 1% and 19 years since they had a fixed rate of at least 2%. But if you ever see them going for 2%-4% again, back up the truck. Those who bought in 2000 and still own them are loving the current yields!
What do you think? Do you own I Bonds? Does the recent rise in inflation make I Bonds a good investment? Comment below!
[This updated post was originally published in 2014.]
Seems to me a family of 5 can put 10X5= 50 k in iBonds annually. So, over the next 2 months I’ll move about 100K into them. Not too shabby. Unclear to me though, can my wife & I each gift 10K to the kids? That would be 80K/ year or 160K this Holiday season.
Potentially, this helps w/ estate taxes, since I’ll be moving money to my heirs before it appreciates for several decades. Further, in a decade when my kids are starting out in the workforce they’ll be able to cash them w/ little tax burden, and in a decade when I am retired, I’ll do that as well. . . not a bad deal.
Two issues:
-how much can you put in I bonds? the limit there is $10k per account, ie per SSN, per year. Doesn’t matter who gifts it to the kids or if they find it on the sidewalk.
-how much can you gift to the kids? the exclusion is $15k per person to each kid ($16k in 2022) for that you can combine with your spouse, so $30k to each kid ($32k in 2022). but really that’s not even a limit. above that you still don’t pay gift tax, you just have to keep track of it on Form 709 against your total lifetime exclusion (to anyone) of $11.7M.
so yes, good idea to be regularly gifting as much as you can comfortably afford to every kid (assuming you like them) all the way along. this includes bonds, stocks, real estate, cash, 529 account contributions etc. everything of value.
You don’t have to pay gift tax, but you would technically have to file a gift tax return. However, of all the things the IRS doesn’t seem to watch very closely, that might be at the top of the list. Yes, they’ll care if you give $5 million and don’t file, but I don’t get the impression they care very much that you give $20K instead of $15K. Still the wrong thing to do, of course.
You can open a bunch of trusts too if you really want to.
I haven’t tried this yet but I think you could actually get even more purchased this holiday season.
In addition to the $10k limit through Treasury Direct, you can buy $5k in paper bonds through your income tax refund. (Which you can then consolidate to your Treasury Direct account if you want everything in one place.)
I initially thought that was $5k per tax return but I think it’s actually $5k per recipient (just like the $10k electronic limit is per recipient).
So a family of two parents and three kids could buy $50k of I bonds through Treasury Direct in December, $50k of I bonds through Treasury Direct in January, and $25k in paper bonds via your tax return.
Not expecting a $25k refund?
It seems you can deliberately overpay using a one-time manual tax payment to the IRS.
https://thefinancebuff.com/overpay-taxes-buy-i-bonds-better-than-tips.html
The tax refund method doesn’t work per-person, I tried it last year. We had over $10k tax return for MFJ and I could only get $5k in paper bonds.
Interesting. The last section on this TD page seems like you could:
https://www.treasurydirect.gov/indiv/research/indepth/ibonds/res_ibonds_ibuy.htm
is this the distinction between line 4 and line 5a on form 8888?
The I bond limit is 10k/yr/person except for tax return money. Anyone can give 15k /yr to anyone without needing to file form 709. If you want bonds as part of your asset allocation, then they might work for you. Historic return on stocks is higher. I kept my kids in stocks. . I keep my grand kids in stocks in their Roth IRAs and 529s. I always made sure that I filled my own pretax retirement accounts first. We didn’t have Roth’s when I started paying attention to money things. We also didn’t have WCI then either.
From: https://www.treasurydirect.gov/indiv/research/faq/faq_irstaxfeature.htm
“How much can I buy?
In any single calendar year, you can buy up to a total of $5,000 of paper I bonds using your refund. You buy I bonds at face value, meaning if you pay $50 (using your refund), you receive a $50 savings bond.”
I did our taxes in TurboTax last year and there was no way to get it to issue you more than $5k in paper bonds.
I have to take a $20K RMD from my IRA account. I don’t really need the money right now. It seems like iBonds are the way to go in order to park my money somewhere and earn some interest. Is that correct thinking. Is there a better way of storing and maximizing the $20K?
Jeffrey, That action is reasonable as part of your bond allocation or as part of emergency fund . Access to the bonds for withdrawal is as outlined in previous posts. Congratulations on not really needing the money. It all depends on the rest by of your assets.
Fold them into your overall asset allocation. If you’re taking the money out of stocks, it probably needs to go back into stocks in taxable. If bonds, then into bonds etc. As far as adding I bonds, are you wanting to change your asset allocation?
I bonds can’t be held in a “taxable account” or anything right? Just buy off the treasury direct page? I’m a bit confused with the above comment in the article about tax protected space and someone on the Facebook group said something about holding them in a taxable account which really confused me.
A treasury direct account, where you can buy I bonds, is a taxable account because it isn’t a 401(k), Roth IRA, HSA, 529 etc. Just like you buy a rental property “in taxable” even though you can’t buy it in a Vanguard brokerage account.
Thanks! This clears up all the confusion
Thoughts on using I bonds for part of PSLF side fund? Paying better than any HY savings account. Realize I’ll have to forgo quarter of recent earnings since I’ll cash out before 5 years if I need to use the side fun and only limited to 10k/year but seems like a better alternative.
I think it’s a great choice.
I bought an I bond in 2005, so I have about another 15 years before it matures. I’m worried about being taxed on all the interest when it matures in 2035. Is it too late to pay tax yearly on the interest instead of waiting until it matures?
You can pay it every year, but why would you want to? Maybe you die and there’s a step up in basis. Maybe you can use it for education. If nothing else, you enjoy the use of that tax money for the next 15 years.
But if you want to, you can:
https://www.treasurydirect.gov/indiv/research/indepth/ibonds/res_ibonds_itaxconsider.htm
Thank you for your very detailed response. I bought a 30k I bond in 2005, and it is now worth about $50,000. When it matures, it may be worth about $70,000. I am now 70 and am worried about how having to report $40,000 of taxable interest in one year would impact me (i.e. Medicare premiums/irmaa, etc.). I thought that if I reported the interest every year, it might be better for me in terms of taxes.
I see. You’re in one of those phase-out ranges.
Any suggestions on what I should do? Should I change to being able to report my interest yearly? Is that possible?
I wouldn’t, but I can also afford to pay it all at once and I would pay it all in the same bracket I paid it in now. It doesn’t sound like that is the case for you. Why not do some calculations and decide if the delay in paying taxes and possibly not paying them at all is worth the risk of possibly paying a higher rate on them later?
Who could trust a person who asks, “What is an I bondS”? It’s either “What ARE I Bonds” (plural) or “what IS an I bond (singular).
Holy typo police batman. If you don’t like the blog, go read another.
Does anyone know if international medical graduates can purchase I-bonds? The website says it’s for US residents only. Does that mean green card holders or people that are considered us residents for tax purposes?
Pretty much if you have a SSN you’re good to go. More discussion here:
https://www.bogleheads.org/forum/viewtopic.php?t=105128
Thank you! I really appreciate all the education and information that I have gotten from your website.
You seem to think the “extra tax-protected space” argument is full of a lot of hot air. At least for my situation I think it has a lot of merit. First, I already max out all available “real” tax-protected accounts (solo 401k, 403b, 2 x IRAs, family HSA, $5k/year/kid into 529). I have about half my bond allocation in taxable (munis, paying 1.6%) and the rest in taxable (paying 2.2%). Buying I-Bonds lets me trade some of those bonds in tax-protected space for stocks, eliminating the biggest disadvantage of bonds in tax-protected, which is that a lower-return asset expands your tax-protected space more slowly. And, they are exempt from state income tax, which makes a difference. Altogether, not as good as a Roth IRA but still nothing to sneeze at. And they still keep excellent liquidity and guaranteed no loss in value.
Of course, if they go back to paying 1-2% instead of 7% then they will look a lot less attractive regardless of taxes. Who cares how much taxes you pay on a few dollars of interest?
Me again. I put some numbers to the tax savings. I’m in the 24% fed and 9.3% state tax brackets. A $10,000 I-bond with fully-deferred interest that’s only taxable by the feds would be worth $32,500 after 20 years. A $10,000 investment paying 7.12% that’s fully taxable each year (eg. a corporate bond) would be worth $25,300. For comparison, either investment in a Roth account would theoretically be worth $39,600. So the I-bond tax advantage just about splits the difference between an ordinary bond in taxable, and a Roth account. Not too shabby.
I would just call that “investing tax-efficiently”, not “extra tax protected space”.
“Real” tax protected space allows for extended tax benefits, Roth conversions, estate planning benefits, and asset protection benefits that I bonds do not provide.
I agree with your assessment that it is “not as good as a Roth IRA but still nothing to sneeze at.”
Much of this comes down to semantics. I would argue I-bonds are a “space” of sorts though, because the interest compounds. Investors who have been maxing out their I-Bonds for decades are now getting a 7.12% tax-deferred state-tax-free return on the entire balance. (I’m not one of them.) But yes, it doesn’t have the other benefits of retirement accounts.
Remember, though, that if purchasing I-Bonds causes an investor to swap higher-return assets into their retirement accounts, the net effect can be the same as having larger retirement accounts. Retirement account “space” created by growth is just as good as “space” created by contribution (with a few uncommon exceptions like withdrawing Roth IRA contributions penalty-free). If an investor gets a 7% return in their 401k, after 40 years it will be worth $4.1M. If that return goes up to 8% because of a more aggressive asset mix inside the 401k (holding the total portfolio AA constant), it would be worth $5.3M instead, equivalent to an extra $6,100/yr in contributions. That’s another $1.2M that is protected from creditors, can be passed to heirs with a stretch, etc.
Thank you for the wealth of information here! Having just done our taxes and wanting paper bonds, the tax prep people didn’t know how to put our refund in bonds…they just ” winged it” and we hoped for the best. They arrived, but it would have been prudent for the IRS to include in the 1099- SR that you could overpay your taxes and get $5k in bonds, instead of having to go through Treasury Direct. Next time will be different !
Thanks for this useful information!!
Question – is it in my interest to purchase an I bond now for 2022 or wait until May when there may be a higher fixed rate? Or am I losing out by delaying? Planning on buying and holding for 10+ years
The answer to that question depends on what you think is going to happen with inflation by Nov 2023 (for the second half of the yearly return).
The rate for May will be higher than the rate in April.
But in theory the rate could drop for the subsequent 6 months.
How likely is that? Lots of opinions out there.
Crystal ball so cloudy….
I invest when I have the money. Sometimes that doesn’t work out well. Most of the time it does.
The answer to that question depends on what you think is going to happen with inflation by Nov 2023 (for the second half of the yearly return).
The rate for May will be higher than the rate in April.
But in theory the rate could drop for the subsequent 6 months.
How likely is that? Lots of opinions out there.
Jim,
Appreciate your site. What are your thoughts about buying I bonds in my name and my kids name for the next few years ($30k/year total) and using them for college costs in 6-7 years when my middle schoolers reach college age? Seems like these are more flexible than 529s and eliminate market risk for this “intermediate” time horizon.
I think it’s reasonable, especially for that time horizon.
In review of TreasuryDirect, a parent may open an account for their child a TreasuryDirect account and just link it to their own account. Any reason one couldn’t or shouldn’t let their kids use this to invest their own money? Or even gift each child $10K right now and let them enjoy a 9.62% return?
All sound like good options, as long as the 1 year true lockup is acceptable (with penalty), 5 years with no penalty.
While kids are in the phase of life where they don’t make enough to owe income tax, bond interest won’t get taxed if it’s under their name.
Add one more option — if kids have any legitimate earned income, consider helping them open a Roth with it. Same idea, they won’t owe any taxes now if their income is under the threshold, and it’s tax free later. Market is down right now and 40 years of compounding.
Remember you only get a $16K gift per parent. So you could put $16K into a 529 and then $10K into treasury direct and then $6K into a UTMA account if you wanted to.
No, you can gift up to $11.7 million lifetime. You just have to file a form (#709) if you go over $16k per parent per recipient per year. (So if you’re married filing jointly you can give 32k to each child per year without worrying about the form).
Well, to be totally accurate you can give as much as you want. But not only will you have to do paperwork, but eventually you have to pay estate/gift taxes early too.
The $30,000 I-bond I purchased in 2005 is now worth over $50,000. Is it possible to do a partial redemption? If possible, how can I calculate the amount of interest I would owe taxes on?
Yes.
Have you been paying interest as you go? If so, then find those records. You’ll owe on $20K-what you’ve paid on. If you haven’t been paying, then you’ll owe taxes on $20K if you redeem it all. Otherwise, it’s pro-rated. Redeem half of it, you’ll owe taxes on half the interest.
https://www.treasurydirect.gov/indiv/research/indepth/ibonds/res_ibonds_itaxconsider.htm
I refinanced my student loans when interest rates were low (which was a great idea). I chose an APR rather than fixed (which I regret now).
I’m tempted to drop $10K in I Bonds which will hedge my rising APR student loan interest and serve as a liquid investment vehicle if we ultimately purchase a house within 2 – 5 years.
Reasonable? Or am I missing something?
It’s hard to think of a better no-risk place to put money right now than an I bond, so long as you can tolerate the 11 month lockup.
Your decision to invest in I Bonds is separate from your decision of what type of loan to get. But both of your decisions are reasonable and I suppose you would be hedging rising inflation pretty well with I Bonds. Perhaps a real estate investment could similarly hedge your bet.
Or you could just take the money you would invest and pay off those student loans and then start saving up for a house with all that extra cash flow once the loans are gone.
My wife and I have about $40k in Series I and intended to buy another $20k this year. What is your take on these with the debt ceiling reached and the possibility of a US default?
I bought another $30K this month so I guess I’m not that worried. Left my entire TSP in the G fund too.