gayl
Thinks s/he gets paid by the post
I consolidated all accounts to Schwab but still have 7:So, here is the deal... I am almost 49 (and planning on staying at 49 forever). I have a little over $2.25M not including the house. I am looking to RE in 2020-21 timeframe if possible. I will need a bit of help with a strong stock market for a few years to do it.
The issue I would like some help/advice on is how (or even if) to consolidate my accounts to make it easier to see my full financial picture better and what are the pitfalls of doing so.
I currently have $2.25M scattered as follows:
$950K in Fidelity Traditional IRA
$50k in Fidelity current company 401(k)
$225K in former company's 401(k)
$215K in Vanguard IRA (75% of which is Roth)
$175K in DW's Thrift Savings
$110K in DW's Roth with Federated Funds
$65K in 529 for kids college
$55K in TD Ameritrade Brokerage account
$355K in 8 different Dividend Reinvestment Accounts
$95K in cash, CDs, savings in 5 accounts
All totaled, this money is in 21 accounts. It takes me a few hours each month just to look up all of my balances and add up how I am doing. Any thought or advice on how to simplify? Should I? Are there any hidden tax gotcha's if I do?
♤ Roth
♡ all 401k & 457 to 1 rollover IRA
◇ Brokerage acct
♧ Legacy account (also brokerage) but for GKs to inherit or their school -- think "527" ish
☆ Schwab gives me a checking account
○ USAA -- Checking & savings
Makes it incredibly easy to monitor
For you it might be:
1. Rollover IRA - $950K in Fidelity Traditional IRA, 225 former 401k, $215K in Vanguard IRA
2. Roth
3. Her ROTH
4. $50k in Fidelity current company 401(k)
5. $175K in DW's Thrift Savings
6. $65K in 529 for kids college
7. Brokerage - transfer in $55K in TD Ameritrade Brokerage account, $355K in 8 different Dividend Reinvestment Accounts, CDs
8. $95K in cash, Checking
9. savings
Combined 28 (?) into 9. Still a lot but not as overwhelming
And yes you can withdraw the principle in the Roth plus look up the 72t rules on the IRS website. If you SEPP it out you may still take IRA withdrawals at 55
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