Planning Retirement and Tax efficiency, looking for advice

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Topic Author
dimdum
Posts: 218
Joined: Fri Mar 04, 2011 1:50 pm

Planning Retirement and Tax efficiency, looking for advice

Post by dimdum »

Edited: Added as per Boglehead format to make it easy to read.

Emergency funds: six months of expenses
Tax Filing Status: Married Filing Jointly, 2 kids
Tax Rate: 33% Federal, 9.3% State
State of Residence:CA

Desired Asset allocation: 70% stocks / 30% bonds (115 - age)
Desired International allocation: 33% of stocks
Equity - (9% REIT, 32% Intl, 59% US)


Retirement ~650k evenly divided between (IRA/401K + Taxable)

As you look thru my funds you will notice I have lots of funds in Taxable account. Well few years back I was maintaining them as two separate accounts (IRA/401K retirement and Taxable retirement, both serving same purpose and each with its own AA and Bonds/US/Intl stocks).

It was one of the member of this Forum "ruralavalon" who advice and send me in right direction. Shout out to you ruralavalon !!

Current retirement assets

His 401k
3.82% Fidelity Spartan500 ER 0.07
3.89% BlackRock US Debt Index-T ER 0.08
0.87% PIMCO ER 0.45

~24K/yr including employee contribution

His Roth IRA at Vanguard
0.51% Vanguard Wellesley Income Fund

His IRA at Fido
5.85% SPTN US Bond Index Adv
1.96% SPTN TIPS
6.36% SPRTN Total MKT INDEX ADV CLASSS
2.17% SPRTN Extended Mkt
3.62% Spartan Emerging Mkt Adv class

His IRA at VG
1.79% Vanguard short Term Bond Market Idx Adm
4.71% vanguard REIT Index Fund Investor Shares
1.65% Vanguard Global ex-US REIT
2.19% Vanguard Intermediate-Term Bond Admiral


Her IRA at VG
1.82% ST Invt Grade
1.39% VG TIPS ST
2.42% VG IT Investment Grade

Taxable

8.41% Vanguard 500 Index Fund Adm
5.74% Vanguard Extended Mkt Index Adm
1.53% Vanguard Dividend Apprec Idx Inv
5.05% Vanguard Total stock Mkt Index adm

2.73% vanguard Tot Intl Stock Ix Admiral
4.10% Vanguard Pacific Stock Index Adm
8.21% Vanguard European Stock Index Adm
3.63% Vanguard Emerging Mkts Stk Idx Adm

7.37% RSU, ESPP, Large Sp100

1.43% T Rowe Three different funds (will be sold and distributed as per AA)

2.74% Vanguard Inter-Term Tax-Exempt Inv
3.56% Vanguard CA IT Tax-Exempt Investor
.41% Prime MM

Image of XLS sheet to give better view and also ER for each fund.

http://postimg.org/image/7wrxnbrgp/

Contributions

New annual Contributions
24k his 401k (incl employer match)
4K taxable Muni(for retirement, not short term goals)
35K taxable Equity(for retirement, not short term goals)

Available funds

Funds available in his 401(k)
Other funds in 401k

Fidelity Institutional Money Market-I 0.22

BlackRock US Debt Index-T 0.08

PIMCO Total Return-Inst 0.46

Fidelity Puritan 0.6

Invesco Large Cap Relative Value Strategy 0.49

Invesco Charter Strategy 0.45

Spartan 500 Index-Adv 0.07

BlackRock US Equity Market Index-F 0.08

Fidelity OTC Portfolio 0.94

BlackRock Extended Equity Market-F 0.08

Wells Capital Small Cap Value Strategy 0.81

Fidelity International Discovery 1.05

Harbor International-Inst 0.8

Fidelity Low-Priced Stock 0.83

Key Points

401k and Fido IRA primarily used for re-balance.
No new money in ROTH or IRA for HIS or HER (not eligible due to income)
No 401k for HER

Portfolio is configured to follow market cap (no tilt)

Using strategy of Bonds on 401k/IRA, Intl in taxable and splitting US equity between between two accounts on AA.

As I mentioned about too many account in taxable, this is currently what I'm doing. Stop all dividend re-investment. All divided comes to MM.
In taxable account Investing in Intl (Euro, Pacific, EM) and TSM.
Selling anything in Taxable (except muni and EM) will trigger huge ST and LT gains.

Living in VHCOL area (SFBA) and make good income.

Questions:
1.Tax efficiency
2. Further consolidation
3. I have been debating if I should stop contributing to PIMCO.
Last edited by dimdum on Fri Mar 21, 2014 3:28 pm, edited 2 times in total.
kerplunk
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Joined: Sun Apr 17, 2011 9:58 pm

Re: Planning Retirement and Tax efficiency, looking for advi

Post by kerplunk »

Hi there!

- Having a complete list of your available 401(k) funds (with expense ratios) would help. I will just use what you have provided.

- What do your capital gains look like on your taxable account funds? My proposed portfolio will assume you can sell them all, although this may not be the case.

- Can you move your Fidelity IRA to Vanguard? From there, it may be worthwhile to convert your Traditional IRA over to a Roth IRA. You will have to do the calculations to see if that makes sense for you.

This is where I would like to see your portfolio (using the parameters you have provided):

42% U.S. stocks
30% Bonds
22% Int. stocks
6% REITs

His 401(k) (8%)
8% BlackRock US Debt Index-T

Her Roth IRA @ Vanguard (6%)
6% Vanguard REIT Index Fund Admiral Shares (VGSLX)

His Roth IRA @ Vanguard (31%)
22% Vanguard Total Bond Market Index Fund Admiral Shares (VBTLX)
9% Vanguard Total International Stock Index Fund Admiral Shares (VTIAX)

Taxable @ Vanguard (55%)
42% Vanguard Total Stock Market Index Fund Admiral Shares (VTSAX)
13% Vanguard Total International Stock Index Fund Admiral Shares (VTIAX)

- As you can see, I have made many assumptions for you (converting accounts, selling funds, and so forth). If you can provide any reasons why these things cannot happen, I (or someone else) would be happy to adjust this to better suit your situation. I also rounded numbers.

- This proposed portfolio is fully diversified, as tax efficient as possible, simple to manage, low expenses, etc. etc. etc.

- Finally, if you provide the amount of money that you are contributing to each account annually, we can suggest where these new contributions should go, to keep this portfolio in check.
Topic Author
dimdum
Posts: 218
Joined: Fri Mar 04, 2011 1:50 pm

Re: Planning Retirement and Tax efficiency, looking for advi

Post by dimdum »

Moved and consolidated in main post.
Last edited by dimdum on Fri Mar 21, 2014 2:58 pm, edited 1 time in total.
Topic Author
dimdum
Posts: 218
Joined: Fri Mar 04, 2011 1:50 pm

Re: Planning Retirement and Tax efficiency, looking for advi

Post by dimdum »

Moved and merged in first post.
Last edited by dimdum on Fri Mar 21, 2014 2:59 pm, edited 1 time in total.
Topic Author
dimdum
Posts: 218
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Re: Planning Retirement and Tax efficiency, looking for advi

Post by dimdum »

Any suggestion on how to make it more tax efficient ?
I read wiki and looks like doing the right mix and match between tax-adv and tax-sheltered account.

Insight from other bogleheads would be helpful.
kerplunk
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Joined: Sun Apr 17, 2011 9:58 pm

Re: Planning Retirement and Tax efficiency, looking for advi

Post by kerplunk »

You seem to be only concerned with tax-efficient fund placement, and yet, you are not willing to sell any funds in your taxable account. Think about this for a while.

Thankfully, you have chosen Vanguard index funds for your taxable account, and the ones you have chosen are mostly suitable for a taxable account.

Besides the fact that I've already listed the ideal Bogleheads "three-fund" portfolio for you, your post is formatted in a messy, hard-to-follow way. This may be discouraging others to chime in.

With all of that said, what remaining questions do you have about your portfolio?
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ruralavalon
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Re: Planning Retirement and Tax efficiency, looking for advi

Post by ruralavalon »

dimdum wrote:Questions:
1.Tax efficiency
2. Further consolidation
3. I have been debating if I should stop contributing to PIMCO.
Yes, you could stop contributing to the PIMCO Total Return fund. It serves the same function in the portfolio as the BlackRock US Debt Index. In fact you could further consolidate by exchanging the PIMCO you now have in the 401k and consolidate into 4.76% in the BlackRock US Debt Index fund.

dimdum wrote:As I mentioned about too many account in taxable, this is currently what I'm doing. Stop all dividend re-investment. All divided comes to MM.
In taxable account Investing in Intl (Euro, Pacific, EM) and TSM.
Selling anything in Taxable (except muni and EM) will trigger huge ST and LT gains

What you describe is a sensible strategy to shift some money to MM and then into intl (Euro, Pacific, EM) and TSM in the taxable account, and to avoid creating new short term gains in the rest of the funds. Put new contributions to the taxable account only in intl (Euro, Pacific, EM) and TSM.

After a year (when there are no longer any short term gains) look at what taxes you would have to pay on the long term gains in the other funds, and determine at that time whether you want to consolidate further in the taxable account. If the gains are "huge" you will probably not want to sell off any funds just to consolidate.

Are you willing to move his IRA at Fidelity to Vanguard? That could help in further consolidation and simplification.

Later I'll try to look at the other accounts for consolidation and simplification. No time now.
Last edited by ruralavalon on Fri Mar 21, 2014 4:03 pm, edited 1 time in total.
"Everything should be as simple as it is, but not simpler." - Albert Einstein | Wiki article link: Bogleheads® investment philosophy
Topic Author
dimdum
Posts: 218
Joined: Fri Mar 04, 2011 1:50 pm

Re: Planning Retirement and Tax efficiency, looking for advi

Post by dimdum »

Hi kerplunk, thanks for your response and advice.
I have re-formatted to make it make clean and it now follow boglehead format.
Plus added image of XLS to make it more neat.

Re: Selling in Taxable. For 2104 I will be hit by huge taxes (44% on ST) and 25% on LT (incl state taxes).
Since they are invested in low cost funds and and I'm not re-investing dividend, I'll wait for market correction or drop in my income to sell them.

My question is more of current and future contribution. I'm adding in TSM and Euro, Pacific and EM (4 funds) each week. Should I continue that or change to TSM and TISM (2 funds).
Since they are on auto-pilot and split in Intl allow me to re-balance in new money, I want to continue doing that (if there is turmoil in one part of world I can add new money).
Plus in terms of ER, its cheaper to owe as separate.

On bonds side with increasing interest rate, I want to hold Invt grade, TIPS and TBM and split in near and IT term where possible.
I want exposure on Intl REIT too.

The only new money coming is in 401k, I need to hold different acct in Fido for re-balance.
yes 3 fund portfolio is simpler but my accounts are all on auto-pilot, new money comes in and get distributed based on AA.
I just need to watch and re-balance when mkt demands (that where I use Fido).
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abuss368
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Re: Planning Retirement and Tax efficiency, looking for advi

Post by abuss368 »

Account and fund consolidation is in order. As we get older we have to remember that simplicity becomes even more important.

I would look to move your Fidelity Traditional IRA to Vanguard and consolidate with your Vanguard Traditional IRA.

From there, it may make sense to begin converting a little amount each year from the Traditional IRA to the Roth IRA.

I would also consider combining funds over time. Perhaps there are losses you could take and also gains up to the loss amount resulting in minimal taxes. If not, you could do it over time. Another option would be to stop reinvesting dividends in the funds that you are looking to sell. Invest those dividends in the funds you will be keeping.
John C. Bogle: “Simplicity is the master key to financial success."
kerplunk
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Re: Planning Retirement and Tax efficiency, looking for advi

Post by kerplunk »

Regarding your future contributions... I would only try and put money into the following funds:

401(k)
BlackRock US Debt Index-T
Fidelity Spartan 500

IRAs
Any "total stock market" fund
Any "total international stock market" fund
Any "total bond market" fund

Taxable
Vanguard Total Stock Market Index Fund Admiral Shares (VTSAX)
Vanguard Total International Stock Index Fund Admiral Shares (VTIAX)

The goal is to try to get your portfolio to come as close to what I recommended in the second post of this thread. I completely agree with you, that you have to be careful with selling funds with large capital gains in your taxable account (especially funds that have short-term capital gains).

I realize that you are looking for a simple way to contribute new money into your accounts. I am trying to help you achieve this, but it is going to take a little work over the next few years to lay the groundwork.
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ruralavalon
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Re: Planning Retirement and Tax efficiency, looking for advi

Post by ruralavalon »

Are you willing to move his IRA at Fidelity to Vanguard? That could help in further consolidation and simplification.

In the taxable accounts, do any of the funds currently have losses?
"Everything should be as simple as it is, but not simpler." - Albert Einstein | Wiki article link: Bogleheads® investment philosophy
Topic Author
dimdum
Posts: 218
Joined: Fri Mar 04, 2011 1:50 pm

Re: Planning Retirement and Tax efficiency, looking for advi

Post by dimdum »

Thanks everyone for their advice. You all are awesome.

There are three main questions
1) IRA consolidation (move to VG)
2) Future money
3) Already invested MF


1) IRA consolidation (move from Fido to VG)

The reason I have money in Fido is I like their interface, have some tools available and their CS is great. Plus I get diversification in term of provider.
Although I'm using all spartan funds and emulating VG strategy.
So in terms of funds options makes sense to move to VG.

I guess I need to think about it and maybe move to consolidate funds.

2) Future money

I will stop funding PIMCO and move it to TBM fund in 401k.
Any future $$ in taxable I'll add to TISM and TSM.

I have been funding 3 different funds in TISM for past 12 months or so.

VG EM index
VG Europe index
VG Pacific index

The reason for 3 Intl funds are

1) They are relatively cheaper to hold separately than as single TISM
2) Allows me to re-balance within region (using new money)
3) EM is tax-inefficient and more volatile compared to other Intl, it makes sense to split (taxable, IRA).


3) Already invested MF/current funds

If I continue with 3 intl funds I have the following funds which can be further consolidate in taxable.
Logged into VG and none of them have any significant ST gains. Large LT gains only.

Dividend index (LT gain 3k)
TISM index (LT gain 3k)
SP500 (LT gain 18k)
Extended mkt (LT gain 16k)

I'll sell Dividend index (LT gain 3k) and TISM index (LT gain 3k) depending upon mkt and my income.

Also I have

CA Muni
National Muni

Since I have space in IRA/401k for bonds, should I stop contributing to them ?
Make sense to stop further contribution and use them as dry powder when need arise.
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ruralavalon
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Re: Planning Retirement and Tax efficiency, looking for advi

Post by ruralavalon »

My own personal preference would be for a simpler portfolio relying more heavily on total market stock index funds, and using only broadly diversified intermediate term bond funds. Fund consolidation is complicated by your large taxable holdings with their embedded capital gains, and your desire to use multiple international and bond funds.
dimdum wrote:Desired Asset allocation: 70% stocks / 30% bonds (115 - age)
Desired International allocation: 33% of stocks
Equity - (9% REIT, 32% Intl, 59% US)
In my opinion your desired asset allocation is within the range of what is reasonable (age early 40s). That works out to about: 30% bonds; 22% int'l stocks; 06% REIT; and 41% domestic stocks. Portfolio size is about $650k.

dimdum wrote:My question is more of current and future contribution. I'm adding in TSM and Euro, Pacific and EM (4 funds) each week. Should I continue that or change to TSM and TISM (2 funds).
Since they are on auto-pilot and split in Intl allow me to re-balance in new money, I want to continue doing that (if there is turmoil in one part of world I can add new money).
Plus in terms of ER, its cheaper to owe as separate.

My own personal preference would be Vanguard Total International Stock Index Fund, rather than the three separate funds, but this is up to you. This does make it more complicated and harder to consolidate. In the example portfolio I give, I will include use of the three separate international funds.

dimdum wrote:On bonds side with increasing interest rate, I want to hold Invt grade, TIPS and TBM and split in near and IT term where possible.
I want exposure on Intl REIT too.
My own personal preference would simply be to use Vanguard Total Bond Market Index Fund and/or another intermediate term bond fund, rather than the 6 separate bond funds you mention. Again, this does make it more complicated and harder to consolidate. In the example portfolio I give, I will use the more complicated approach. Since you are in your early 40s, I would suggest that you not use TIPS funds at this point. Your inflation protection is your earning capacity, Vanguard does not add TIPS to its Target Retirement funds until just before retirement age. So the example portfolio I give will just use a combination of total market and investment grade bond funds, both intermediate and short term.

Still it would be be simpler and better, in my opinion, to just stick with intermediate term bonds funds such as total market plus investment grade (to add more corporate bonds). When interest rates rise there will be a drop in bond values, but that should be relatively small and temporary, and not highly relevant to a long term investor. Just my opinion. We do not hold any short term bond funds.
dimdum wrote:If I continue with 3 intl funds I have the following funds which can be further consolidate in taxable.
Logged into VG and none of them have any significant ST gains. Large LT gains only.

Dividend index (LT gain 3k)
TISM index (LT gain 3k)
SP500 (LT gain 18k)
Extended mkt (LT gain 16k)

I'll sell Dividend index (LT gain 3k) and TISM index (LT gain 3k) depending upon mkt and my income.

Also I have

CA Muni
National Muni

Since I have space in IRA/401k for bonds, should I stop contributing to them ?
Make sense to stop further contribution and use them as dry powder when need arise.
I think it is wise to sell the two funds (dividend index & TISM) with the smaller gains that you mention, the tax liability should not be too hard to take and it gets you some consolidation.

Yes. Since you have space in the IRA and 401k for bonds, bonds should go there rather than continue contributing to the muni bond funds in the taxable account.

. . . . .

Here is an example portfolio for you to consider. It uses your desired overall asset allocation, keeps the three separate international index funds, uses multiple bond funds, and gives you some consolidation within those limitations. I give comments on selling funds, and on future contributions in blue. All percentages are rounded off.

Taxable account @ Vanguard (55%; adds $39k/yr; 62% of new annual contributions)
08%, Vanguard 500 Index Fund Adm, <= no new contributions; no reinvestment, div. & gains to VTSAX
06%, Vanguard Extended Mkt Index Adm, <= no new contributions; no reinvestment, div. & gains to VTSAX
1.53% Vanguard Dividend Apprec Idx Inv, <= no new contributions, sell
11%, 5.05% Vanguard Total Stock Market Index Fund Admiral Shares (VTSAX), er = 0.05%, <= about 60% of new taxable contributions

2.73% vanguard Tot Intl Stock Ix Admiral, <= no new contributions, sell
04%, Vanguard Pacific Stock Index Fund Admiral Shares (VPADX), er = 0.12%, <= about 10% of new taxable contributions
08%, Vanguard European Stock Index Fund Admiral Shares (VEUSX), er = 0.12%, <= about 30% of new taxable contributions
04%, Vanguard Emerging Markets Stock Index Fund Admiral Shares (VEMAX), er = 0.15%, <= no new contributions at the start

07%, Restricted Stock Units, ESPP, Large Sp100, <= avoid large holdings in employer stock, sell off when practical

1.43% T Rowe Three different funds (will be sold and distributed as per AA), <= sell

03%, Vanguard Inter-Term Tax-Exempt Inv, <= no new contributions
04%, Vanguard CA IT Tax-Exempt Investor, <= no new contributions
.41%Prime MM


His 401(k) (8%; adds $24k/yr incl. employer match; 38% of new annual contributions)
08%, BlackRock US Debt Index-T, er = 0.08%, <= all new 401k contributions here to start
00%, Fidelity Spartan500, er = 0.07%, <= add later if necessary to adhere to desired asset allocation

His Roth IRA @ Vanguard (0.5%; no new contributions)
0.5%, Vanguard Short-Term Bond Index Fund Investor Shares (VBISX), er = 0.20%

His IRA @ Vanguard, incl. ex-Fidelity (30%; no new contributions)
09%, Vanguard Short-Term Bond Index Fund Admiral Shares (VBIRX), er = 0.10%
04%, Vanguard REIT Index Fund Admiral Shares (VGSLX), er = 0.10%
02%, Vanguard Global ex-U.S. Real Estate Index Fund Admiral Shares (VGRLX), er = 0.27%
07%, Vanguard Emerging Markets Stock Index Fund Admiral Shares (VEMAX), er = 0.15%
08%, Vanguard Total Stock Market Index Fund Admiral Shares (VTSAX), er = 0.05%


Her IRA @ Vanguard (06%; no new contributions)
04%, Vanguard Intermediate-Term Investment-Grade Fund Admiral Shares (VFIDX), err = 0.10%
02%, Vanguard Short-Term Investment-Grade Fund Admiral Shares (VFSUX), er = 0.10%

Rebalancing can be done: (1) by the way in which you direct new contributions in the taxable account (new money to the stock funds that are under their target allocation), (2) by adjustments you make among the funds inside His IRA @ Vanguard; and (3) if necessary by adding a stock index fund in the 401k.

. . . . .

If you have any questions, just ask.

I hope that this helps.
"Everything should be as simple as it is, but not simpler." - Albert Einstein | Wiki article link: Bogleheads® investment philosophy
Topic Author
dimdum
Posts: 218
Joined: Fri Mar 04, 2011 1:50 pm

Re: Planning Retirement and Tax efficiency, looking for advi

Post by dimdum »

Thanks ruralavalon for detail response and advise.

Let me first respond on Bonds side as its easier and faster for me to implement.

Till 2012, I just had one fund: TBM. As bonds prices start rising and I started seeing more and more bonds related threads on bogleheads, I added Corp, IT TBM and TIPS to bond portfolio. Later I further diversify into ST bonds.

Everyone seems to suggest that we should have some part of TIPS as part of bond (Even read article from Rick Ferri suggesting that).

I can stick with 3 bonds funds (Corp, IT TBM, TBM)
Re: Short term bonds funds, should I wait till QE to end before moving them back to IT or should I do a lumpsum now (DCA vs lumpsum)?

My original plan was to move all bonds from ST to IT in next 12-18 months, DCA with rising rate.

Long term it will be just 3 funds then (TBM (60%), IT(20%) and Corp (20%))

His Roth IRA @ Vanguard (0.5%; no new contributions)
0.5%, Vanguard Short-Term Bond Index Fund Investor Shares (VBISX), er = 0.20%

For ROTH, shouldn't I put in IT or TBM instead of ST ?

I'll stop funding into CA Muni and National Muni.
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ruralavalon
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Re: Planning Retirement and Tax efficiency, looking for advi

Post by ruralavalon »

dimdum wrote:I can stick with 3 bonds funds (Corp, IT TBM, TBM)
Re: Short term bonds funds, should I wait till QE to end before moving them back to IT or should I do a lumpsum now (DCA vs lumpsum)?

My original plan was to move all bonds from ST to IT in next 12-18 months, DCA with rising rate.
If you want to do the move in steps, establish a fixed schedule for the exchanges, put it in writing and stick to it, so that you are not constantly agonizing over guessing the next move of the Fed.
dimdum wrote:Long term it will be just 3 funds then (TBM (60%), IT(20%) and Corp (20%))
That seems reasonable to me.
dimdum wrote:His Roth IRA @ Vanguard (0.5%; no new contributions)
0.5%, Vanguard Short-Term Bond Index Fund Investor Shares (VBISX), er = 0.20%

For ROTH, shouldn't I put in IT or TBM instead of ST ?
That's such a small portion of the portfolio, this probably makes no difference.
"Everything should be as simple as it is, but not simpler." - Albert Einstein | Wiki article link: Bogleheads® investment philosophy
Topic Author
dimdum
Posts: 218
Joined: Fri Mar 04, 2011 1:50 pm

Re: Planning Retirement and Tax efficiency, looking for advi

Post by dimdum »

Sorry for late response, taxes got me distracted and also I want to implement few changes as suggested before I post.

On Bonds side, I'll stick with TBM, IT bonds index and IT corp bonds Index.

I have sold PIMCO and moved to Bond fund in 401k - done
Exchanged ROTH to IT index fund - done

Started moving (DCA) both Short term index to IT term index (time frame - exchange within next 12 months)

I have started selling TIPS and move them to other bonds funds (time frame - follow Fed tapering)

Stop all contribution to Muni, I'll use them as dry powder when needed.

--------
On Equity side (this is multiple year plan due to tax consideration)

Vanguard 500 Index Fund Adm, <= no new contributions; no reinvestment, div. & gains to MM - Done
Vanguard Extended Mkt Index Adm, <= no new contributions; no reinvestment, div. & gains to MM - Done

Planning to have 3 funds in Taxable

Vanguard Total Stock Market Index Fund Admiral Shares (VTSAX), <= about 60% of new taxable contributions
Vanguard Pacific Stock Index Fund Admiral Shares (VPADX), er = 0.12%, <= about 10% of new taxable contributions
Vanguard European Stock Index Fund Admiral Shares (VEUSX), er = 0.12%, <= about 30% of new taxable contributions

Sell

First year:
Sell part of ESPP/RSU stocks to reduce single company exposure.
Sell all T Rowe funds
Sell Vanguard Emerging Markets Stock Index Fund Admiral Shares (buy in IRA EM)

Second year:
Continue Selling part of ESPP/RSU to reduce single company exposure.
Sell VG Dividend Index
Sell Vanguard Total Stock Market Index Fund Admiral Shares

Move all Fido to VG

Thanks once again for all the suggestions and help !!
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