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Just retired - decision time
Old 09-25-2012, 02:14 PM   #1
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Just retired - decision time

I just retired and my income stream will stop shortly. I have some decisions to make. Currently 90% of my money is in (5) Fidelity accounts (money market, rollover IRA, managed account and personal investment account, MetLife Annuity). Also, I have an IRA with Prudential that I have to roll over.
Questions:
  • Any concerns having all my holdings with one company?
  • Stay with Prudential and do a IRA rollover or move it to Vanguard?
  • Thinking of moving the Pru-IRA to an annuity. Being I would start drawing around March, would fixed be better that a variable. I assume fixed yields a higher rate. The Pru variable annuity pays .5% less then Met for a joint account.
Thanks,
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Old 09-25-2012, 02:33 PM   #2
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IMO variable annuities are a scam...the fees are horrible, and the details are longer than Don McClean's American Pie.

IMO no issues having all funds with one company.

IMO Vanguard is fine, there are other threads where this has been discussed...and IIRC about 60-70% of people on this board preferred Fido, but mainly I think because their website and tools were better.

IMO simplifying has it's benefits...get rid of tiny accounts, and put things under one umbrella.

Good luck and congrats.
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Old 09-25-2012, 02:50 PM   #3
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I'd compare expenses between Prudential and Vanguard. No on annuity.
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Old 09-25-2012, 05:17 PM   #4
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IMO no serious issue having all your holdings with one company... that company is merely the custodian of the holdings, you really owns the shares or bonds that are in your portfolio... UNLESS you are investing wholy in a security issued by that company (like an annuity). In that case you may want to split, for additional peace of mind.
If a company that is custodian of your funds goes bely up, you could temporarily lose access to your funds until things get sorted out, so it is smart to have enough cash/near cash at your bank to tide you over for a couple of months at least...
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Old 09-25-2012, 05:42 PM   #5
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FWIW, I use Fidelity and Vanguard, FIDO for IRA and VG for after tax accounts. Probably not necessary but something I am comfortable with.

Not a believer in annuities either, do it yourself and save yourself some money and headaches.
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Old 09-25-2012, 06:44 PM   #6
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Thanks,
The only reason that I have any annuities is for sleep. I have enough with SS to cover the bare minumum w/o inflation. The rest is in various funds to cover inflation and life style.
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