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Old 03-25-2014, 09:42 PM   #1 (permalink)
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Question Rolled my 401k over into an IRA ... Suggestions?

I just switched professions and I no longer have a 401k established. I rolled the 401k over into an IRA at Merrill Edge and now I'm not really sure what I want to do with the funds? It's not a large sum of money, as I wasn't putting into it for very long, but I'd like to do some work with it if possible.


Any tips/suggestions/advice for investment allocations based on personal experiences?

Thanks!
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Old 03-25-2014, 09:43 PM   #2 (permalink)
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I had a friend start their fund in something that basically tracked the S&P. So you own a lot of stock, but everything balances itself out on good days or bad.
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Old 03-25-2014, 10:12 PM   #3 (permalink)
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I had a friend start their fund in something that basically tracked the S&P. So you own a lot of stock, but everything balances itself out on good days or bad.
If you're young, this is a great idea IMO. Best thing you can do once you set it up is leave it alone until you're old enough to start going in a less risky direction.
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Old 03-25-2014, 10:47 PM   #4 (permalink)
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I had a friend start their fund in something that basically tracked the S&P. So you own a lot of stock, but everything balances itself out on good days or bad.
Yes, an Index fund that follows the S&P 500 would be one of the best ways to go. Plus, their expenses are usually the lowest.
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Old 03-26-2014, 01:01 AM   #5 (permalink)
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What are your funds currently in? Fund symbol?
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Old 03-26-2014, 01:03 AM   #6 (permalink)
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Paul can I ask why Merrill Edge? Have you ever thought about going with a financial adviser that can give you good sound advice?
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Old 03-26-2014, 10:32 AM   #7 (permalink)
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Paul can I ask why Merrill Edge? Have you ever thought about going with a financial adviser that can give you good sound advice?
Vincesanity: I'm not sure what fund they're really in, they're all listed under "CASH" so I don't think they've been allocated yet? I chose Merrill Edge because it was what my bank recommended. Of course my bank is Bank Of America. I sort of had to make a quick decision on this one. There is a financial advisor handling my account that was assigned by Merrill Edge, but I wanted some outside advice just in case the FA may try to lead me down a biased path!
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Old 03-26-2014, 11:32 AM   #8 (permalink)
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I see, I guess they already liquidated your holdings. The good thing about rollovers is that if you stay in the same funds you don't have to pay the 5.75% charge again but too late now. Shoot me an email on what this guy advises you to do and I'll make sure it's on the up and up.

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Old 03-26-2014, 11:41 AM   #9 (permalink)
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I am a believer in mutual funds that are tailored to the age of the worker. I am also a believer in fidelity freedom funds. This is just my advice.
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Old 03-27-2014, 12:11 AM   #10 (permalink)
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I suggest actively managed funds. A good one with low expenses is American Funds Growth Portfolio GWPAX, it has a good mix of US and International. Gives you exposure to over 1100 equity holdings.
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Old 03-27-2014, 01:13 AM   #11 (permalink)
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I suggest actively managed funds. A good one with low expenses is American Funds Growth Portfolio GWPAX, it has a good mix of US and International. Gives you exposure to over 1100 equity holdings.
Agree with this holding. Just transferred 33% into it from my old 401K. Previously had it in a Total Stock Mkt Index.
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Old 03-27-2014, 05:31 AM   #12 (permalink)
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Here is my suggestion/advice for you... Don't take investment advice from a sports card forum message board.
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Old 03-27-2014, 05:47 AM   #13 (permalink)
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Here is my suggestion/advice for you... Don't take investment advice from a sports card forum message board.
Lol, post of the month!
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Old 03-27-2014, 05:51 AM   #14 (permalink)
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Look at stock phot. May be a cheap stock but its gonna soar! Already up 118% since I purchased it. Just my opinion but these types of stocks will only continue to grow. Better than buying cards!
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Old 03-27-2014, 07:24 AM   #15 (permalink)
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Originally Posted by paul06901 View Post
I just switched professions and I no longer have a 401k established. I rolled the 401k over into an IRA at Merrill Edge and now I'm not really sure what I want to do with the funds? It's not a large sum of money, as I wasn't putting into it for very long, but I'd like to do some work with it if possible.


Any tips/suggestions/advice for investment allocations based on personal experiences?

Thanks!
If it's not a large sum first thing I would do is convert it to a Roth. You will have to pay taxes on it next year but will pay off big in the long run. Than invest in a index of some kind.
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Old 03-27-2014, 11:23 AM   #16 (permalink)
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if it's not a large sum first thing i would do is convert it to a roth. You will have to pay taxes on it next year but will pay off big in the long run. Than invest in a index of some kind.
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Old 03-27-2014, 11:25 AM   #17 (permalink)
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If it's not a large sum first thing I would do is convert it to a Roth. You will have to pay taxes on it next year but will pay off big in the long run. Than invest in a index of some kind.
This is good advice, just make sure you do this with a CPA because the tax stuff is complicated. What you want to look for is how much room you have before you cross the next tax bracket. It might be in your best interest to convert over 2 years to reduce a tax hit.
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Old 03-27-2014, 11:31 AM   #18 (permalink)
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I suggest actively managed funds. A good one with low expenses is American Funds Growth Portfolio GWPAX, it has a good mix of US and International. Gives you exposure to over 1100 equity holdings.
This is excellent financial advise.

I am lucky enough to be part of an employee owned company that gives an absurd amount towards retirement (like 60 percent of your salary). Once you reach a certain threshold, you can move a large percentage of your retirement out of company stock so I have been trying to reallocate my funds for the last few months and actively managed funds with low expenses is the first place you should be looking to stash a chunk of your cash.

I would find out a few things from your financial advisor. First, do they have a CFP designation? There are a billion different designations but this is the most credible. If I knew a person really well, I may be willing to hire someone who is not a CFP but if I don't know you, this is the first thing I look for. Second, are they paid commision or flat? You want a commission based CFP. At least, in my opinion. You may pay them more in the long run but you are also incentivising them to make the right decision. If you do go with a fee-only CFP (note the different between fee-based and fee-only... fee-based also receive a commission on top of the fee), I suggest using the Garrett Planning Network to find one.
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Old 03-27-2014, 11:48 AM   #19 (permalink)
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Definitely go Commission, Fee guys will lure you in and raise the fees after 1 year.

EX: I had a client last week come in that was getting charged 0.8%, they received a letter stating that as of April 1st fees would jump to 1.65%. Robbery
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Old 03-27-2014, 11:56 AM   #20 (permalink)
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Edward Jones has treated me well. I've had an account there since birth. My adviser has poor clients and filthy rich clients and I have always felt he treats us fairly even though he makes very little off of us compared to his wealthy clients. Our talks are about where we want to go, not specifically what we want to do. Also, he doesn't give me grief when I go my own route and ignore his advice.
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Old 03-27-2014, 11:58 AM   #21 (permalink)
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Open up a self directed account and throw darts at the wall. Its worked for me
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Old 03-27-2014, 12:20 PM   #22 (permalink)
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Edward Jones has treated me well. I've had an account there since birth. My adviser has poor clients and filthy rich clients and I have always felt he treats us fairly even though he makes very little off of us compared to his wealthy clients. Our talks are about where we want to go, not specifically what we want to do. Also, he doesn't give me grief when I go my own route and ignore his advice.
Lots of good guys at EDJ, started my career with them. I would say if you don't know someone in your area then check out your local EDJ guy.
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