Join Early Retirement Today
Thread Tools Search this Thread Display Modes
Advice Needed--too many accounts?
Old 12-30-2013, 05:15 PM   #1
Confused about dryer sheets
Join Date: Dec 2013
Posts: 8
Advice Needed--too many accounts?

Looking from some advice on the best way to possibly consolidate some of my accounts. Here is my story...

I'm retired military and have a pension that is worth about $1.5M (today's dollars, but will get COLA adjustments) if I live another 40 years or so (I'm 42 now). My wife and I both work full-time and are currently both able to max out our employee-sponsored IRAs. We have only been in that position for the last 1-2 years, so our savings/retirement accounts are not that high right now. And, they are spread out over several different types. Here's a snapshot:

My Work IRA: $25K
Wife's Work IRA: $55K
Rollover IRA (from my military IRA): $65K
Previous Work T-Rowe Price IRA (where I worked a few months): $4.5K
Roth IRA: $10K
After-Tax Mutual Fund:$13K
Total: ~$172K

My goal is to hit $750K in 10 years and retire at 52 yrs old. Although I think I'm an intelligent guy, I know that I have a lot to learn about different investment strategies and probably 95% of the people on this forum know more than, any advice would be appreciated.

We are currently maxing out our work IRAs and Roth IRA and will do so for the next 3 years until my wife 'retires' from her military guard job (but won't collect a pension until 60 yrs old...17 yrs later). So, I think we are doing fine with our work and Roth IRAs, but not sure what to do with the roll-over IRA I have and my previous work's IRA. Should I just combine those 2, or keep them separate?

Any suggestions?

HomesteadDreamer is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 12-31-2013, 09:39 AM   #2
Thinks s/he gets paid by the post
kcowan's Avatar
Join Date: Jul 2006
Location: Pacific latitude 20/49
Posts: 4,439
Send a message via Skype™ to kcowan
Keep them separate. When you retire, consider consolidating if you want to simplify your life.

For the fun of it...Keith
kcowan is offline   Reply With Quote
Old 12-31-2013, 03:39 PM   #3
Thinks s/he gets paid by the post
Join Date: Aug 2004
Location: Laurel, MD
Posts: 2,292
I would look at each account and ask myself:

"Why do I own this?"
"Does this plan have good choices and low fees?"

In my own case, I have:
  1. Current employer 401k for obvious reasons. Fees and fund options are good.
  2. Former employer 401k because it has a unique stable value fund that I use to hold cash. Fees and fund options are good.
  3. Rollover IRA that gives me access to funds and stocks not available in the 401k. Fees are reasonable, options are <almost> unlimited.
  4. Rollover IRA at my credit union for CDs when rates are favorable. No fees for CDs.
Are the work accounts really IRAs? That would be unusual. If your current employer plan accepts rollovers, you could consolidate there or with one of the outside plans that has good fees.
...with no reasonable expectation for ER, I'm just here auditing the AP class.Retired 8/1/15.
jazz4cash is offline   Reply With Quote

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


All times are GMT -6. The time now is 11:56 AM.
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2016, vBulletin Solutions, Inc.