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REQ ADVICE: Consolidating 401k, IRA's, etc.
Old 02-22-2011, 12:27 PM   #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.


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Old 02-22-2011, 12:39 PM   #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........
Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)

This Thread is USELESS without pics.........:)
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Old 02-22-2011, 12:45 PM   #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, 01:38 PM   #4
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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.
“The problem with the world is that the intelligent people are full of doubt, while the stupid people are full of confidence.”

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