sari wrote:I do not qualify for a Roth. The SEP IRA and current 401K are both in managed account earning about 6.5% before subtracting the 2% total fees. I am trying to combine both into an index fund in the new 401K setup (target vs. lifestrategy funds). Thank you.
If you don't qualify for Roth due to income, then you could roll the SEP-IRA into your new employer 401k (assuming you like the choices). This should allow you to make a "backdoor" Roth with no taxes due.
I think having a 2% fee for someone to manage your money is ridiculous. Spend a little time reading, learning and decide whether you think that 2% fee is worth it or not. Over the long-term a 2% fee will take a huge chunk out of your investment earnings. It could decrease your nest egg by 1/3 or more. Most people here have made the decision to self-educate, manage their own money, and not pay an advisor. You need to decide what is good for you and worth your money.