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REQ ADVICE: Consolidating 401k, IRA's, etc.
Old 02-22-2011, 11:27 AM   #1
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REQ ADVICE: Consolidating 401k, IRA's, etc.

REQUEST ADVICE: Consolidating 401k's , IRA's, etc.

Greetings everyone. I'm a newbie on this forum and think it's a great resource of info for folks like me. I'm no expert on investing.... I just have some knowledge about things... but will admit there's a lot of stuff (probably basic stuff too ) that I don't have a good handle on; hence my joining this forum and asking for advice.

My wife and I have participated in IRA's, 401k's etc. through the years.
My portfolio is pretty streamlined but hers is pretty spread out due to all the company changes & jobs she's had in the past 20 yrs. She has expressed an interest in consolidating her 401ks / IRA's into something a bit more manageable AND make sure she's got the right mix of funds.

I know enough to be dangerous so I need some advice. What's the best way for us to look at these? Any tips would be helpful. Talk to me like I don't know anything about Morningstar or C/E, E/R, or whatever. But please make it basic...I'm thick-headed and it takes awhile for a lightbulb to go on sometimes.

Thanks,

NoEZmoney
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Old 02-22-2011, 11:39 AM   #2
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Consolidate all the old 401Ks and IRAs into one IRA. Much easier to manage and understand. You can use Fidelity or Vanguard if you want to go it alone.

There's a good forum on VG and investing in general called the Bogleheads forum. Also, a lot of sage advice on here to tap into...........mine not included........
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Old 02-22-2011, 11:45 AM   #3
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I'd start by reading the Bogleheads Guide to Investing, determine an asset allocation (ratio of stocks / bonds / cash) that I felt comfortable with, then invest in a three or four fund portfolio at Vanguard.
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Old 02-22-2011, 12:38 PM   #4
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Quote:
Originally Posted by NoEZmoney View Post
REQUEST ADVICE: Consolidating 401k's , IRA's, etc.

One thing that I learned lately is the "55 years rule". The way I understood it, if you are 55+ and leave workforce (voluntary or otherwise) you will be able to withdraw money from 401(3) accounts penalty free, but not from IRA accounts.

Can I withdraw from an IRA the year I turn 55 without the 10% penalty?

I am not sure is this would be a determining factor thou.
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