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What to do with a lump sum? Adviser? Vanguard? other?
Posted on 5/18/19 at 11:42 am
Posted on 5/18/19 at 11:42 am
Due to a change in my marital status, looks I'm soon to be in situation where I need to make some decisions on how to handle my "retirement" funds which will now be in my control.
Neighborhood of 700k coming from a 401k type program that I think I was told that I will have about 90 days to decide where to send it. I'm approximately 55 and retirement is nowhere in sight (I hope.)
Would you get an adviser? The one have now (not connected with these funds) have a heavy front % fee.
I'm not even sure what questions I should even ask to be truthful.
Neighborhood of 700k coming from a 401k type program that I think I was told that I will have about 90 days to decide where to send it. I'm approximately 55 and retirement is nowhere in sight (I hope.)
Would you get an adviser? The one have now (not connected with these funds) have a heavy front % fee.
I'm not even sure what questions I should even ask to be truthful.
7
Posted on 5/18/19 at 11:58 am to Grassy1
I've never paid an advisor and hate the idea of giving someone a percentage of AUM when you can do it yourself.
I'd recommend Bogleheads.org or pick up one of their books.
I'd recommend Bogleheads.org or pick up one of their books.
Posted on 5/18/19 at 12:18 pm to Grassy1
REAL ESTATE
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-Fat B.
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-Fat B.
Posted on 5/18/19 at 12:20 pm to Grassy1
Sounds like you just need to open an IRA account with a broker of your choice and transfer it there. This part should be a fairly easy process.
As far as how to allocate those funds after you transfer, just to generalize, you'll need to answer the following questions 1) when do you want to retire 2) how much money do you think you'll need in retirement for your expenses 3)do you have any other retirement acct money.
As far as how to allocate those funds after you transfer, just to generalize, you'll need to answer the following questions 1) when do you want to retire 2) how much money do you think you'll need in retirement for your expenses 3)do you have any other retirement acct money.
quote:you'll definitely have to refine this and have a better idea.
I'm approximately 55 and retirement is nowhere in sigh
Posted on 5/18/19 at 12:42 pm to castorinho
Thanks for the answers...
A broker of my choice... such as?
A broker of my choice... such as?
Posted on 5/18/19 at 1:14 pm to Grassy1
Discount Brokers. I use TD Ameritrade.
Posted on 5/18/19 at 1:27 pm to Grassy1
quote:
IRA account
at myself. And I make fun of people for saying ATM machine. quote:good discussion on this topic here recently. Look in the very first two-three pages of this board. I'll link later.
Thanks for the answers...
A broker of my choice... such as?
Posted on 5/18/19 at 2:18 pm to castorinho
Will do. I happen to have an Ameritrade and a Vanguard account.
Posted on 5/18/19 at 8:21 pm to jimbeam
quote:
REAL ESTATE
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A
L
E
S
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A
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-Fat B.
Posted on 5/18/19 at 10:27 pm to Grassy1
At those amounts, your current adviser can do funds for you without any upfront free. Just ask for it. If the current guy isn’t a douche, he will have a heart and do it for you- sounds like you have gone through some stuff in the past few months.
Make sure it stays in a pre tax account (traditional IRA)
Make sure it stays in a pre tax account (traditional IRA)
This post was edited on 5/18/19 at 10:38 pm
Posted on 5/20/19 at 9:43 pm to Grassy1
Vanguard is the correct answer.
With that much money you get more personalized service. Just give them a call.
With that much money you get more personalized service. Just give them a call.
Posted on 6/12/19 at 8:30 pm to Mikey P
quote:
Vanguard is the correct answer.
With that much money you get more personalized service. Just give them a call.
Thanks for the advice. I'll probably do that.
Posted on 6/12/19 at 8:33 pm to castorinho
quote:
good discussion on this topic here recently. Look in the very first two-three pages of this board. I'll link later.
Could you help me with this? Won't be long before I have to make some decisions.
Thanks!!
Posted on 6/12/19 at 8:49 pm to RoyalWe
quote:
I've never paid an advisor and hate the idea of giving someone a percentage of AUM when you can do it yourself.
Dude, this is 700k, not a $70/month ira contribution
Do you have any idea what he knows about investing? The shite people will throw out at any situation to avoid a fee boggles my mind
Posted on 6/12/19 at 8:50 pm to Mikey P
quote:
Vanguard is the correct answer.
With that much money you get more personalized service. Just give them a call.
This dude yanked all his money out of the market 2 Fridays ago (at the bottom)
Please don’t listen to him
Posted on 6/12/19 at 9:06 pm to Thib-a-doe Tiger
The last person to listen to hear is Mikey P.
Posted on 6/12/19 at 9:20 pm to Grassy1
With those amounts and your age, I would look for a fee for service advisor and make sure you are properly aligned. It may cost you a little but it’s worth it to make sure you avoid any mistakes. This is a good point to take stock and try to plan out the next 20 years.
Posted on 6/12/19 at 9:54 pm to Grassy1
Once you get that settled, you may want to look into “catch up contributions,” that let workers 50 or more make an extra $6,000 a year contribution to 401k and similar accounts. If you can afford it, that will save on taxes and help make up for the ding you took.
Posted on 6/13/19 at 4:55 pm to Twenty 49
quote:
Once you get that settled, you may want to look into “catch up contributions,” that let workers 50 or more make an extra $6,000 a year contribution to 401k and similar accounts. If you can afford it, that will save on taxes and help make up for the ding you took.
Thanks, will do.
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