Help?!

[Joyjoy757]

Hello everyone! I’m not new here, but I rarely post anything.
I have some questions and want to ask for suggestions here before
I do something stupid.
I have to say that I really do research things, but when it comes to
Investing or what to do with $, I just don’t get it. So, I end up letting $ sit in savings when I know that it can be making $ somewhere else.
I DID do one thing I saw on here and that was to open an Admiral Vanguard account. The minimum. Just to see how it goes.
So, my first question is, do I just let it sit or do I need to fiddle with the
numbers or put it somewhere? Right now, it just says 97.6 in short term reserves, 0 bonds , 2.4 stocks and 0 other.
Would you suggest using the robo?


Also, I feel like my $ is all over the place.
I have set up for the social security survivors benefit. I turn 60 on
Nov 26. I had worked for a corporate travel agency since 2001 and was furloughed due to covid last March, so I decided that it was a good time to retire. I do also receive a part of my husbands military pension.
I have a small 401k in Fidelity. A small TSP. A small Trad. IRA.
A Stash and a Robinhood - because I wanted to try to learn…haha.
I have a good amt of cash in my savings and also in my safe.


My 2nd question is - do I roll over my 401k and the trad. IRA or TSP into Vanguard or leave it where it is? Since Fidelity manages it for my x employer, they charge a yearly fee. I think it’s 50.00 or so. How do I find out how
Balanced it is?
I have been hired p/t seasonally for an airline, for less than the SS threshold, but they do have a 401k with a 6% match.
I will switch over to my own SS at 70, (assuming I’ll live that long) because it will be more than the survivor benefit I’ll be getting.
I’m already stressing over RMDs because I don’t know how they work, either.
I’m not sure I have enough $ that I should hire a person to manage it. Far less than any of you all have, I’m sure.
Thoughts, please. Only nice ones, though!
TIA! #gobills

 

[GravitySucks]

Lots to unpack.
Maybe put the 401k and Vangaurd money into a target date fund and start studying.
Yes, take the 6% match on the new 401k. Free money.

And Go Bills!

 

[bloom2708]

One old account at a time, move them to Vanguard.

Everything in a non-taxable/brokerage can be moved without tax consequence.

A good time to evaluate costs (expense ratios) and use broad market index funds.

 

[ImaCheesehead]

Some time ago I felt the same way and consolidated a bunch of accounts at Vanguard. I really like being able to log into one spot and see everything at a glance.

Any money you put away pretax can be moved over to Vanguard without tax consequences. You will pay taxes when you take it out to spend it or when RMD time comes around. RMD’s won’t be a concern for 12 years minimum, I would put that out of your thoughts for now.

Do you have any investments besides cash?

 

[braumeister]

Since this thread is looking for general advice, it was moved to the general FIRE and Money forum.

 

[travelover]

I would second the Target Date fund recommendation at Vanguard. It automatically splits stocks and bonds and changes the allocation over time as you age. I'd aim for about year 2022.

Heed the advice that if you sell investments in an after tax account you will incur taxes, not so with an IRA or 401(k). Consolidation is a good thing.

 

[Another Reader]

In your shoes, I would NOT move everything to Vanguard. You need a custodian that provides a higher level of service. If you have a local Fidelity office, I would make an appointment with them and take all your account paperwork down there. They can explain how to roll over all the retirement accounts as well as the taxable accounts. You may want to leave the TSP money in the TSP, as the investment choices are go and the fees are very low.

Once the money is cosolidated, you can decide what you want where I have read here that some Fidelity offices push annuities. I have not had that happen. If your local office does that, pick another one instead.

A good rep will be able to explain the RMD to you.

 

[ivinsfan]

Can we get back to basics?


It's hard to advise without knowing general size of stash and what your budget is. Would you be OK sharing some of those numbers?


For example you could spend after tax cash money to get cheaper health care until you reach medicare.

 

[Dtail]

Can we get back to basics?


It's hard to advice without knowing general size of stash and what your budget is. Would you be OK sharing some of those numbers?


For example you could spend after tax cash money to get cheaper health care until you reach medicare.

+1

 

[ivinsfan]

Can we get back to basics?


It's hard to advise without knowing general size of stash and what your budget is. Would you be OK sharing some of those numbers?


For example you could spend after tax cash money to get cheaper health care until you reach medicare.

Joyjoy I went back and read some of your posts. I see you have Tricare. I also see you have some worries about your money lasting as long as you need it to. I've seen a couple other posters ask for some numbers and some budget numbers to help you figure things out.



I don't think any of us would feel comfortable giving concrete advice at this point. It's OK if you don't want to share but you will just get very generalized advice of you don't.