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Retirement withdrawals broker
Old 03-27-2010, 01:23 PM   #1
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Retirement withdrawals broker

Any opinion on the best place to consolidate all 401Ks and IRAs?
Cheapest and easiest to make monthly withdrawals. Fidelity, Vanguard or?

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Old 03-27-2010, 01:48 PM   #2
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Check out these threads:

Fidelity vs Vanguard or others
Vanguard vs. Fidelity vs. Schwab vs. etc. etc.
Fidelity vs. Vanguard

Numbers is hard.

Retired in 2005 at age 58, no pension

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Old 03-27-2010, 01:55 PM   #3
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We have IRAs, brokerage, checking and mortgage at WellsFargo. It is by far the cheapest. It is very easy to move money among all the accounts. And we can walk into several nearby branches of the bank to deposit checks or get free cookies to eat. The debit/ATM card works as advertised. Everything is free with the PMA package. Also taxes are easy since the 1099s are complete.

We have IRAs and a joint taxable mutual fund at Vanguard. Everything is free, but we are not using their checking so no ATM card. Overall, they are not as cheap as WellsFargo for us and we cannot walk into an office. However, they have some bond funds that are not available at WellsFargo.

I have a 401(k) at Fidelity. This is rather nice and they have good software tools such as the Retirement Income Planner. They have a local office. I intend to always have an account at Fidelity even when retired.

We also have accounts at TIAA-CREF, USAA, and TDAmeritrade. They each have specific features that we take advantage of.

I also read that Schwab is very good as well.

If you forced me to pick just one place to have all my accounts, I would choose WellsFargo.
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Old 03-27-2010, 02:09 PM   #4
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As I recall my experience with WellsFargo, they picked me to death with fees that really added up.

Have they changed?
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Old 03-27-2010, 03:57 PM   #5
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The PMA package has been around a few years. If you used it, you had no fees.

Also note that you cannot walk in to a WellsFargo bank and conduct brokerage transactions if you are using the free WellsTrade brokerage account that comes with the PMA package. The bank is the bank; the broker is totally online. However, inside the bank are high-fee WellsFargo brokers which are not to be confused with the free online WellsTrade brokerage where we have our IRAs and joint brokerage account.
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