Hello All...
LONG POST...SORRY!!!! (Maybe overkill for a newbie but thought it better to get it all out their.)
Reading for some time now and I will start right off by saying that I am not as versed on all the terms etc used in the retirement world. As such, back in 2007 we went with Ameriprise to help us setup for our future lifestyle as we needed someone who understood such things. I am the type of person that wants to learn these things, but, well, it does not come easy. I am more or a tech person and finance is not easy for me personally. (Example...I really would not know when no longer working, where to take money from first etc. or even how to get it out.)
So, I am not sure how all this works and how to seek advise etc from those who have been their and done that, so I think I will just dive right into our story and financial picture. And I write this with my wife's OK.
Quick Info...
My age is 45 and my wife is 37.
Married 17 years, no children.
Location, Upstate NY
At age 40 I had a mini-stoke that change my life outlook. (I want to "live" more.)
Started a on-line business back in 1999.
2005 Started with Ameriprise with $200K
Built that to $500K though 2011 by adding to it.
Sold main business in late 2011
February of 2012 $1M went into the accounts.
Expect $600K more to go in this year and next year ($1.2M total after taxes). (Note, may be able to take lump sum for $85K reduction.)
IF I PUT IN TOO MUCH INFO THAT I REALLY SHOULD NOT EXPOSE...PLEASE LET ME KNOW!
Current Holdings....Numbers are approximate...Cut and pasted the funds from the statement.
3 Business REIT's (All with very proven history.)
Total: $220K
SPS Advantage with ONE Features
Mutual Funds1
ATIAX INV SMALL COMPANIES - A INVESCO FUNDS
ATDAX INV ENDEAVOR - A INVESCO FUNDS
COLNX COL NY TAX EXEMPT - A COLUMBIA FUNDS GROUP
EVGOX EATON GOVT OBLIGATIONS - A EATON VANCE GROUP
FDBAX FED BOND - A FEDERATED FUNDS
FGFAX FED INTL LEADERS - A FEDERATED FUNDS
PZFVX J HANCOCK CLASS VALUE - A JOHN HANCOCK FUNDS
JHNYX J HANCOCK NY T/F INC - A JOHN HANCOCK FUNDS
MRGAX MFS CORE EQUITY - A MFS FAMILY OF FUNDS
OTCAX MFS MID CAP GROWTH - A MFS FAMILY OF FUNDS
OIGAX OPP INTL GROWTH - A OPPENHEIMER FUNDS
OPOCX OPP DISCOVERY - A OPPENHEIMER FUNDS
RMUNX OPP ROCHESTER MUNI - A OPPENHEIMER FUNDS
WEMAX WELLS EMG GROWTH - A WELLS FARGO ADVANTAGE
Total: $800K
Mutual Funds2
INBNX Columbia Diversified Bond Fund Class A
APIAX Columbia Multi-Advisor Intl Value Class A
AMVAX Columbia Mid Cap Value Opportunity Fund Class A
LEGBX Columbia Large Cap Growth Fund Class
NMSAX Columbia Small Cap Index Fund Class A
LEGAX Columbia Large Cap Growth Fund Class A
Total: $15K
RiverSource Life Insurance Co. of New York RiverSource Retirement Advisor Advantage Plus VA Account
MorStly UIF Md Cap Gr
Fid VIP Contrafd Cl 2
Wanger International
Wanger USA
WFADV VT OPPORTUN C2
Invesco Intl Gr Sr II
AllBern VPS Intl Val
COL VP Div Bond Cl3
COL VP Div Eq In Cl3
Goldman VIT MidCap Va
FT VIP Small Cap Valu
Opp Main St Sml & Md
Total: $290K
Strategic Portfolio Service Advantage
Mutual Funds
CFICX CAL INCOME - A CALVERT GROUP
LACAX COL ACORN - A COLUMBIA FUNDS GROUP
MAIOX COL MARSICO INTL OPPS - A COLUMBIA FUNDS GROUP INEAX COL HIGH YIELD BOND - A COLUMBIA FUNDS GROUP
AMVAX COL MID CAP VAL OPP - A COLUMBIA FUNDS GROUP
APIAX COL MULT ADV INTL VAL - A COLUMBIA FUNDS GROUP
FLSAX FID ADV LEVER CO STOCK - A FIDELITY ADVISOR FUNDS
TAGRX J HANCOCK L/CAP EQTY - A JOHN HANCOCK FUNDS
WFSAX WELLS SMALL CO GROWTH - A WELLS FARGO ADVANTAGE
SMVAX WELLS SMALL CAP VALUE - A WELLS FARGO ADVANTAGE
WEMAX WELLS EMG GROWTH - A WELLS FARGO ADVANTAGE
Total: $224K
Personal Stock Investing: $150K (OptionsXpress)
Current Cash: $320K (Two bank accounts)
Amerprise Adviser Rate... .45% + $800 a year to re look the portfolio. (He has not made ANY changes sense 2009 in our portfolio.)
PERSONAL DATA:
Home...Owe $200K 14 years left on a 15 yr at 3.5% (Value $400K)
Motor Coach - Own (Value $190K)
Cars (2)... Own
Other Debt...None
Property Taxes: $12K a year.
ALL Overall Monthly Expenses based on current lifestyle (with taxes/health/etc): $9,000.00
Current Work Status...About $120K a year all personal income. Wife does not work. Would like to maybe just stop and live life.
Ok, yes, I have plugged into FIRECalc based on 35 years and also played around with numbers etc. That is not why I am writing as we seem to be OK. However....
The issues are these...We live in upstate NY paying a lot of $ in property taxes. To give you an idea...Home only assessed at $305K yet our taxes are $12K a year. Yes...Ouch! Also because we are in NY, my personal income tax is quite high...about 8%. Again...Ouch!
We love our home. We have been in this home for 7 years and made it everything we wanted. But the upkeep is quite high as it is large and we sit on 4 manicured acres.
Sense my mini stroke we bought a motor coach and travel quite a bit. As such, we think about the "Cost of Nothing" as it relates to the home. That is how much do you spend for insurance, health insurance, telephone even if you don’t make any calls, cable TV, electricity even if you don’t turn on the lights, heat, water, sewerage, taxes, etc. For example, even if you have no mortgage, but still owe several thousand $$$$ or so a year on property taxes, that is part of the cost of nothing.
So, we are looking at ways to save money and use what we have wisely yet still enjoy the life we live. This is where your combined community knowledge may help.
The questions we present to the community...
Moving funds to Vanguard? I checked with Vanguard and all our above accounts, except for the REIT's, can be moved to them without issue or cost. Would this be a good move to make? Our current planner really has not done much for us that we can tell. We have made NO MONEY on our portfolio really. (Not sure if that is solely market related or what.)
Are we correct in thinking that even now, with the funds with have with Ameriprise, that it is costing us $4K a year plus the fund costs? And thus when we do have the other $1.2M in, it would be $8K+ a year? If correct, could we thus save this money by going to Vanguard?
The fear here is that we have limited knowledge on where things should go and how to best make our funds work for us. (Tax wise etc.) Even getting it back out. How, from which accounts, etc. Can Vanguard help with this also? Again, the thought here is to save costs. I have NO IDEA really what all the above funds even are. I am trusting a professional.
We Travel...Thoughts on staying in NY vs moving? Seeing we currently travel quite a bit, like 4 to 7 months of the year, are we just foolish to stay in upstate NY? It is just a hard thing to leave base on what we have done with the home. We understand that moving to Florida or Texas would surely save us $, but, well, again, hard choice emotionally. Are we just being foolish with our age and not making the move? Based on our funds and age, are we forced to need to make a move?
Health Insurance? One of the biggest things we all here have in common is the cost of paying for health insurance on our own. Right now, that alone accounts for $15K a year for my wife and I. We are both healthy at this time and are looking for ways to cut back on this. The items we would like for insurance to cover would be emergency room, hospital stays, and prescriptions. We only see the doc really once a year if that. And unless it is a major thing, we can cover the smaller items of course. What are other doing in this regard? Suggestions on nationwide programs etc?
Ok, enough already with the typing. We just have concerns etc and it mostly revolves around feeling secure and saving where we can. I will also say, while I should be happy where we are etc, I have been nothing but depressed from the time I had my eye opening event. Even lost motivation to excel like I used to. As such, this also has not helped us at all though all this with the choices we are trying to make. It's been tough on my wife, that I know. She has been very supportive standing by me through my mental ups and downs. It has not been easy. We had visions of wanting to do things like a cruise in Europe and though the Panama canal and even a African Safari. But based on my fear of being stable enough for the future and maybe not working, well, I am not sure that will come true. And I so want that for her. And I being overly cautious?
All in all, thanks for reading. Thanks for listening. And thanks for any advise or guidance you may be able to provide.
Respectfully Submitted
LONG POST...SORRY!!!! (Maybe overkill for a newbie but thought it better to get it all out their.)
Reading for some time now and I will start right off by saying that I am not as versed on all the terms etc used in the retirement world. As such, back in 2007 we went with Ameriprise to help us setup for our future lifestyle as we needed someone who understood such things. I am the type of person that wants to learn these things, but, well, it does not come easy. I am more or a tech person and finance is not easy for me personally. (Example...I really would not know when no longer working, where to take money from first etc. or even how to get it out.)
So, I am not sure how all this works and how to seek advise etc from those who have been their and done that, so I think I will just dive right into our story and financial picture. And I write this with my wife's OK.
Quick Info...
My age is 45 and my wife is 37.
Married 17 years, no children.
Location, Upstate NY
At age 40 I had a mini-stoke that change my life outlook. (I want to "live" more.)
Started a on-line business back in 1999.
2005 Started with Ameriprise with $200K
Built that to $500K though 2011 by adding to it.
Sold main business in late 2011
February of 2012 $1M went into the accounts.
Expect $600K more to go in this year and next year ($1.2M total after taxes). (Note, may be able to take lump sum for $85K reduction.)
IF I PUT IN TOO MUCH INFO THAT I REALLY SHOULD NOT EXPOSE...PLEASE LET ME KNOW!
Current Holdings....Numbers are approximate...Cut and pasted the funds from the statement.
3 Business REIT's (All with very proven history.)
Total: $220K
SPS Advantage with ONE Features
Mutual Funds1
ATIAX INV SMALL COMPANIES - A INVESCO FUNDS
ATDAX INV ENDEAVOR - A INVESCO FUNDS
COLNX COL NY TAX EXEMPT - A COLUMBIA FUNDS GROUP
EVGOX EATON GOVT OBLIGATIONS - A EATON VANCE GROUP
FDBAX FED BOND - A FEDERATED FUNDS
FGFAX FED INTL LEADERS - A FEDERATED FUNDS
PZFVX J HANCOCK CLASS VALUE - A JOHN HANCOCK FUNDS
JHNYX J HANCOCK NY T/F INC - A JOHN HANCOCK FUNDS
MRGAX MFS CORE EQUITY - A MFS FAMILY OF FUNDS
OTCAX MFS MID CAP GROWTH - A MFS FAMILY OF FUNDS
OIGAX OPP INTL GROWTH - A OPPENHEIMER FUNDS
OPOCX OPP DISCOVERY - A OPPENHEIMER FUNDS
RMUNX OPP ROCHESTER MUNI - A OPPENHEIMER FUNDS
WEMAX WELLS EMG GROWTH - A WELLS FARGO ADVANTAGE
Total: $800K
Mutual Funds2
INBNX Columbia Diversified Bond Fund Class A
APIAX Columbia Multi-Advisor Intl Value Class A
AMVAX Columbia Mid Cap Value Opportunity Fund Class A
LEGBX Columbia Large Cap Growth Fund Class
NMSAX Columbia Small Cap Index Fund Class A
LEGAX Columbia Large Cap Growth Fund Class A
Total: $15K
RiverSource Life Insurance Co. of New York RiverSource Retirement Advisor Advantage Plus VA Account
MorStly UIF Md Cap Gr
Fid VIP Contrafd Cl 2
Wanger International
Wanger USA
WFADV VT OPPORTUN C2
Invesco Intl Gr Sr II
AllBern VPS Intl Val
COL VP Div Bond Cl3
COL VP Div Eq In Cl3
Goldman VIT MidCap Va
FT VIP Small Cap Valu
Opp Main St Sml & Md
Total: $290K
Strategic Portfolio Service Advantage
Mutual Funds
CFICX CAL INCOME - A CALVERT GROUP
LACAX COL ACORN - A COLUMBIA FUNDS GROUP
MAIOX COL MARSICO INTL OPPS - A COLUMBIA FUNDS GROUP INEAX COL HIGH YIELD BOND - A COLUMBIA FUNDS GROUP
AMVAX COL MID CAP VAL OPP - A COLUMBIA FUNDS GROUP
APIAX COL MULT ADV INTL VAL - A COLUMBIA FUNDS GROUP
FLSAX FID ADV LEVER CO STOCK - A FIDELITY ADVISOR FUNDS
TAGRX J HANCOCK L/CAP EQTY - A JOHN HANCOCK FUNDS
WFSAX WELLS SMALL CO GROWTH - A WELLS FARGO ADVANTAGE
SMVAX WELLS SMALL CAP VALUE - A WELLS FARGO ADVANTAGE
WEMAX WELLS EMG GROWTH - A WELLS FARGO ADVANTAGE
Total: $224K
Personal Stock Investing: $150K (OptionsXpress)
Current Cash: $320K (Two bank accounts)
Amerprise Adviser Rate... .45% + $800 a year to re look the portfolio. (He has not made ANY changes sense 2009 in our portfolio.)
PERSONAL DATA:
Home...Owe $200K 14 years left on a 15 yr at 3.5% (Value $400K)
Motor Coach - Own (Value $190K)
Cars (2)... Own
Other Debt...None
Property Taxes: $12K a year.
ALL Overall Monthly Expenses based on current lifestyle (with taxes/health/etc): $9,000.00
Current Work Status...About $120K a year all personal income. Wife does not work. Would like to maybe just stop and live life.
Ok, yes, I have plugged into FIRECalc based on 35 years and also played around with numbers etc. That is not why I am writing as we seem to be OK. However....
The issues are these...We live in upstate NY paying a lot of $ in property taxes. To give you an idea...Home only assessed at $305K yet our taxes are $12K a year. Yes...Ouch! Also because we are in NY, my personal income tax is quite high...about 8%. Again...Ouch!
We love our home. We have been in this home for 7 years and made it everything we wanted. But the upkeep is quite high as it is large and we sit on 4 manicured acres.
Sense my mini stroke we bought a motor coach and travel quite a bit. As such, we think about the "Cost of Nothing" as it relates to the home. That is how much do you spend for insurance, health insurance, telephone even if you don’t make any calls, cable TV, electricity even if you don’t turn on the lights, heat, water, sewerage, taxes, etc. For example, even if you have no mortgage, but still owe several thousand $$$$ or so a year on property taxes, that is part of the cost of nothing.
So, we are looking at ways to save money and use what we have wisely yet still enjoy the life we live. This is where your combined community knowledge may help.
The questions we present to the community...
Moving funds to Vanguard? I checked with Vanguard and all our above accounts, except for the REIT's, can be moved to them without issue or cost. Would this be a good move to make? Our current planner really has not done much for us that we can tell. We have made NO MONEY on our portfolio really. (Not sure if that is solely market related or what.)
Are we correct in thinking that even now, with the funds with have with Ameriprise, that it is costing us $4K a year plus the fund costs? And thus when we do have the other $1.2M in, it would be $8K+ a year? If correct, could we thus save this money by going to Vanguard?
The fear here is that we have limited knowledge on where things should go and how to best make our funds work for us. (Tax wise etc.) Even getting it back out. How, from which accounts, etc. Can Vanguard help with this also? Again, the thought here is to save costs. I have NO IDEA really what all the above funds even are. I am trusting a professional.
We Travel...Thoughts on staying in NY vs moving? Seeing we currently travel quite a bit, like 4 to 7 months of the year, are we just foolish to stay in upstate NY? It is just a hard thing to leave base on what we have done with the home. We understand that moving to Florida or Texas would surely save us $, but, well, again, hard choice emotionally. Are we just being foolish with our age and not making the move? Based on our funds and age, are we forced to need to make a move?
Health Insurance? One of the biggest things we all here have in common is the cost of paying for health insurance on our own. Right now, that alone accounts for $15K a year for my wife and I. We are both healthy at this time and are looking for ways to cut back on this. The items we would like for insurance to cover would be emergency room, hospital stays, and prescriptions. We only see the doc really once a year if that. And unless it is a major thing, we can cover the smaller items of course. What are other doing in this regard? Suggestions on nationwide programs etc?
Ok, enough already with the typing. We just have concerns etc and it mostly revolves around feeling secure and saving where we can. I will also say, while I should be happy where we are etc, I have been nothing but depressed from the time I had my eye opening event. Even lost motivation to excel like I used to. As such, this also has not helped us at all though all this with the choices we are trying to make. It's been tough on my wife, that I know. She has been very supportive standing by me through my mental ups and downs. It has not been easy. We had visions of wanting to do things like a cruise in Europe and though the Panama canal and even a African Safari. But based on my fear of being stable enough for the future and maybe not working, well, I am not sure that will come true. And I so want that for her. And I being overly cautious?
All in all, thanks for reading. Thanks for listening. And thanks for any advise or guidance you may be able to provide.
Respectfully Submitted
Last edited: