Hello, and thank in advance for feedback and suggestions!
Emergency Fund – 6 months+
Debt no credit card debt, 2 auto loans, both around 5% ( I do receive auto allowance from work that covers mine), mortgage around 3%. Mortgage only 135K, psychologically would like to pay house off before retire, but I know it may not make since financially.
Married Jointly
Tax rate 24%
Texas
I am 61 Wife 52
Investments current in Charles Schwab Managed by Financial Planner outside CS Portfolio 890K
My Charles Schwab Rollover IRA – Growth stock, Mutuals, ETF’s 645K, Money market & Binds 176K
Wife Schwab Rollover – Growth stock, Mutuals, ETF’s 70K
Wife current 401k – Split of growth Mutuals and Index 80K
My current 401k – 60K
Total Investments – 1M+
Bank Accts 80K
1. Up until about 1 year ago I was using Wealth front, probably about 4-5 years, plus my various 401K’s. Investments did well (not sure exactly) but I pretty much just let it ride. I decided maybe I should consolidate old 401K's and use an advisor, I thought maybe I could do a little better, plus I would get tax advice, and other advice as I get closer to retirement. Advisor is charging somewhere between .5 and 1%.
2.I am not sure I made the right decision. I don’t plan on retiring till 65 or so, so 3-4 more years. Driven by paying for daughters’ college, I had 529 but I still need about 20K for that a year, plus insurance another 10K. PLUS, My wife if she retires at 62 I will be 71. With what she makes, and my Social Security when I do retire, I don’t think I will need to use any investment money until I have to once she retires, or I need to start RMD 70?+.
3.This means I really have almost 10 years to continue to let our 401Ks grow until we must start to take out funds.
4.But do I want to pay 1%? Not really, plus the performance has not been any better than wealth front, maybe slightly less around 6.5%, and I am paying 1%.
5.My thoughts are would I be better off just using the 2 Fund Portfolio, or the 3 Fund. Or perhaps a targeted Fund (I used this at WealthFront. I would like to mimic the S&P or total market which as been around 10-11% since inception or s0, and with low cost. Suggestions?
6.I have OK to good financial literacy, but I am NOT nor desire to be an expert. I do need professional advice. Maybe a fee only advisor for overall Financial Planning, Estate Planning and Taxes. But also, should I start to pull some from IRA and put in a Roth IRA, ect.
7.Any suggestions on above, and how I would find a reputable, economical flat fee/hrly avisor who can help with questions above
Emergency Fund – 6 months+
Debt no credit card debt, 2 auto loans, both around 5% ( I do receive auto allowance from work that covers mine), mortgage around 3%. Mortgage only 135K, psychologically would like to pay house off before retire, but I know it may not make since financially.
Married Jointly
Tax rate 24%
Texas
I am 61 Wife 52
Investments current in Charles Schwab Managed by Financial Planner outside CS Portfolio 890K
My Charles Schwab Rollover IRA – Growth stock, Mutuals, ETF’s 645K, Money market & Binds 176K
Wife Schwab Rollover – Growth stock, Mutuals, ETF’s 70K
Wife current 401k – Split of growth Mutuals and Index 80K
My current 401k – 60K
Total Investments – 1M+
Bank Accts 80K
1. Up until about 1 year ago I was using Wealth front, probably about 4-5 years, plus my various 401K’s. Investments did well (not sure exactly) but I pretty much just let it ride. I decided maybe I should consolidate old 401K's and use an advisor, I thought maybe I could do a little better, plus I would get tax advice, and other advice as I get closer to retirement. Advisor is charging somewhere between .5 and 1%.
2.I am not sure I made the right decision. I don’t plan on retiring till 65 or so, so 3-4 more years. Driven by paying for daughters’ college, I had 529 but I still need about 20K for that a year, plus insurance another 10K. PLUS, My wife if she retires at 62 I will be 71. With what she makes, and my Social Security when I do retire, I don’t think I will need to use any investment money until I have to once she retires, or I need to start RMD 70?+.
3.This means I really have almost 10 years to continue to let our 401Ks grow until we must start to take out funds.
4.But do I want to pay 1%? Not really, plus the performance has not been any better than wealth front, maybe slightly less around 6.5%, and I am paying 1%.
5.My thoughts are would I be better off just using the 2 Fund Portfolio, or the 3 Fund. Or perhaps a targeted Fund (I used this at WealthFront. I would like to mimic the S&P or total market which as been around 10-11% since inception or s0, and with low cost. Suggestions?
6.I have OK to good financial literacy, but I am NOT nor desire to be an expert. I do need professional advice. Maybe a fee only advisor for overall Financial Planning, Estate Planning and Taxes. But also, should I start to pull some from IRA and put in a Roth IRA, ect.
7.Any suggestions on above, and how I would find a reputable, economical flat fee/hrly avisor who can help with questions above
Statistics: Posted by Power98 — Mon Dec 23, 2024 11:36 am — Replies 1 — Views 33