Fidelity or Vanguard [Portfolio help requested]

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40Love
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Fidelity or Vanguard [Portfolio help requested]

Post by 40Love » Mon Oct 08, 2018 8:05 pm

[Thread updated, see below. --admin LadyGeek]

Dear Bogleheads,

I’ve found you! It took a while and there were a lot of distractions along the way, but here we are. I just read Taylor Larimore’s recent book on the 3-fund portfolio and I really liked it. Many of the concepts resonate with me and I wish I had found it and this site earlier.

It’s a long story, which I’d be happy to share sometime, but currently, my portfolio of approximately $0.5M is in traditional IRAs held at Fidelity, with the funds being managed 1/2 by FutureAdvisor and 1/2 by Fidelity Go. Management fees are 0.5% AUM at FutureAdvisor and 0.35% at Fidelity Go.

After reading Taylor’s latest book (and a lot of the material here), I feel like I’m ready to take over managing my portfolio (simply), and avoiding even the low fees from these Robo advisors. I think if I was starting from scratch, I would choose Vanguard over Fidelity. However, my entire portfolio is currently at Fidelity, and it seems like the simplest course of action would be to keep my money there. Also, I’m not sure if would incur fees by moving my portfolio from Fidelity to Vanguard. In addition, I anticipate having new funds to invest soon, which will be in taxable accounts. And I like the sound of some additional features at Fidelity like their Cash Management account and Visa charge card.

My question is: Should I move my portfolio from Fidelity to Vanguard or is it OK to keep it at Fidelity?

Thanks,

Nummerkins
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Re: Fidelity or Vanguard

Post by Nummerkins » Mon Oct 08, 2018 9:01 pm

If you have not experienced any issues with Fidelty I don't see a reason to move. You can build the 3 fund portfolio cheaper than at Vanguard.

inbox788
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Re: Fidelity or Vanguard

Post by inbox788 » Mon Oct 08, 2018 9:25 pm

What funds, expense fees and allocations do they have you in?

https://investorjunkie.com/robo-advisor ... idelitygo/

You could save about 0.35% * $0.5M ~= $2000/year right off the bat (maybe more if they have you in expensive funds), and more each year as you add more and it grows.
With Fidelity, for example, you could construct a three-fund portfolio using:
Fidelity ZERO Total Market Index Fund (FZROX) or Fidelity Total Market Index Fund (FSKAX)
Fidelity ZERO International Index Fund (FZILX) or Fidelity Total International Index Fund (FTIHX)
Fidelity U. S. Bond Index Fund (FXNAX)
https://www.bogleheads.org/wiki/Three-fund_portfolio

There shouldn't be any fees to switch out, but check with your programs. Since it's tax-deferred, you could cash out everything and move it over to Vanguard if you like, but no compelling reasons; just a preference. The biggest risk will be being out of the market for a few days, and missing out on a modest move, but that could go either way. If you're really concerned about that, you could move it in 2-4 tranches and hope it averages out.
Last edited by inbox788 on Mon Oct 08, 2018 9:26 pm, edited 1 time in total.

jdsky
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Re: Fidelity or Vanguard

Post by jdsky » Mon Oct 08, 2018 9:26 pm

We moved everything to Fidelity 3 years ago to begin leveraging the power of the 3 fund portfolio. I have been very happy with them and they keep improving. I don't pay any management fees but the adivsor they assigned to me when I moved has met at least twice a year with us and sometimes more often if we have questions or need some additional help. She has been an excellent resource for us even though our investment strategy is simple.

euroswiss
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Re: Fidelity or Vanguard

Post by euroswiss » Mon Oct 08, 2018 9:31 pm

I’d leave it at Fido too, unless you are dissatisfied with them for some reason. The differences between the big firms (Vanguard, Fidelity, Schwab) are small, so it comes down to personal preference. Obviously, this board tends to be a bit biased toward Vanguard.

SpaceMonkey
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Re: Fidelity or Vanguard

Post by SpaceMonkey » Mon Oct 08, 2018 11:05 pm

Of course, many people (like me) have accounts at both Fidelity and Vanguard.

Since you say you may be opening taxable accounts in the near future, one potential advantage of Vanguard over Fidelity is that Vanguard index mutual funds have been less likely to distribute capital gains than the equivalent Fidelity funds, making them more tax efficient (one discussion of that here). If you prefer using mutual funds rather than ETFs, you could consider opening a Vanguard account for your new (taxable) funds and keeping your IRAs at Fidelity.

NYCwriter
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Re: Fidelity or Vanguard

Post by NYCwriter » Mon Oct 08, 2018 11:08 pm

If you're happy, no reason to switch. I have my core taxable and Roth portfolio at Vanguard and my individual equities at Fidelity. If I was starting now, I'd probably take advantage of their zero funds, as it's easier to use just one institution.

Their Visa rewards card is managed by a non-Fidelity provider, but you can access the account and see the balance on the main account page.

Also check to see if they are offering any cash or gift card bonuses for new accounts, including existing customers.

40Love
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Re: Fidelity or Vanguard

Post by 40Love » Tue Oct 09, 2018 6:48 am

Thanks everyone for the replies! It’s good to hear that most of you agree on the answer.

I don’t have time to post all the details right now, but the FG portion is all in Fidelity funds with about 80% divided amongst three funds and the rest among 4 more. They all seem to be zero net fees except for a small amount in a cash reserve fund. The FutureAdvisor portion Is distributed amongst about 12 or 13 funds, but all seem to have fairly low expense ratios.

One of the reasons I want to manage it myself is so that I can arrange the bond funds inside the tax advanataged acccounts and have some of the more tax efficient funds in a taxable account.

Thanks again.

bondsr4me
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Re: Fidelity or Vanguard

Post by bondsr4me » Tue Oct 09, 2018 7:23 am

Both Vanguard and Fidelity are very good choices.

I have accounts at both; mostly Vanguard.

I have been happy with both companies.

Either way, VG or FIDO, you can't go wrong.

They are both solid companies.

Have a great week,

Don

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dogagility
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Re: Fidelity or Vanguard

Post by dogagility » Tue Oct 09, 2018 7:43 am

I've funds in both Fidelity and Vanguard. Vanguard because of past history and Fidelity because of a 401k. I vote with others on this thread to keep your money at Fidelity. Fidelity's CMA and 2% cash back Visa are both very good.
Taking "risk" since 1995.

J295
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Re: Fidelity or Vanguard

Post by J295 » Tue Oct 09, 2018 7:51 am

We have accounts at both. Over 36 years at Fidelity and very satisfied. Majority of assets and checking there.

Jack FFR1846
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Re: Fidelity or Vanguard

Post by Jack FFR1846 » Tue Oct 09, 2018 8:38 am

I've got accounts at Fidelity, Vanguard, Schwab and TDAmeritrade. I have not had enough reason to jettison any of these.
40Love wrote:
Tue Oct 09, 2018 6:48 am
The FutureAdvisor portion Is distributed amongst about 12 or 13 funds, but all seem to have fairly low expense ratios.
So you have 9 or 10 too many funds, in my opinion.

With Fidelity, you have the option to tradional, long time funds like FSTVX at 0.015%, recently dropped or the new FZROX at 0%, recently created. When the zero funds came out, I split my Fidelity equity allocation in half, among these two funds. In the short time the zero fund has existed, I've followed the two of these and they pretty closely follow each other, so thus far, there's no clear "better" fund, but it's way too soon to draw any conclusions. They do not follow the same index, which needs to be said.
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bloom2708
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Re: Fidelity or Vanguard

Post by bloom2708 » Tue Oct 09, 2018 8:55 am

I would pick Vanguard.

Make a clean break. Start new at Vanguard. Less is more.

No tax consequences in Traditional IRAs for re-aligning to a 3 fund style portfolio.
"We are not here to please, but to provoke thoughtfulness." --Unknown Boglehead

drzzzzz
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Re: Fidelity or Vanguard

Post by drzzzzz » Tue Oct 09, 2018 9:07 am

While most of our funds are with Vanguard, I have recently been adding new assets only at Fidelity since I am much more impressed with Fidelity's customer service, the ease of reaching them, a local branch if needed, and the availability of experts who can answer questions more easily than Vanguard. I also think their web-site is easier to navigate. I would leave it all at Fidelity.

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Watty
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Re: Fidelity or Vanguard

Post by Watty » Tue Oct 09, 2018 9:14 am

40Love wrote:
Mon Oct 08, 2018 8:05 pm
My question is: Should I move my portfolio from Fidelity to Vanguard or is it OK to keep it at Fidelity?
If you decide to still pay for portfolio management then I would move it to Vanguard. They only charge 0.3% and they will likely put you into low cost index funds. It looks like Fidelities fees are a bit higher and there is a good chance that they will put you into higher cost actively managed funds.

FYi, the default target date "Freedom" funds at Fidelity use higher cost actively managed funds but they have a an lower cost index version of that but they don't always make that easy to find.

You can do fine at either of the companies but you will need to be more careful at Fidelity to avoid some of their additional costs. I suspect you would be fine with doing that but you might consider how that will work if a spouse who knows less about investing has to manage the investments some day since they may have a harder time sticking with the low cost funds at Fidelity.
inbox788 wrote:
Mon Oct 08, 2018 9:25 pm
There shouldn't be any fees to switch out, but check with your programs.
I don't know about Fidelity but many places will charge an account transfer or closing fee of maybe $50 to $150 dollars per account so you could be charged this several times if your and a spouse have several combinations of Roth and Traditional IRA accounts.

jkrm
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Re: Fidelity or Vanguard

Post by jkrm » Tue Oct 09, 2018 9:25 am

You will be fine with either. Both offer excellent investment options and good customer service. Your decision to manage the money yourself is the one with more impact (and a good one!)

I have found in the last few weeks in doing transfers of assets between the two that, contrary to what most posts here seem to say, the Vanguard reps have been much more responsive and helpful than the Fidelity ones. But this is just one incident and I still think both are quite good.

I personally find the Vanguard web site easier to navigate than Fidelity's. If I were a more active trader I might prefer Fidelity's, but I am more of the buy it and forget it type.

With Fidelity, once your assets hit $1M, you are in their "Private Client Group" and you will have access to a local representative. With Vanguard, you become a "Flagship" client at the $1M point, and you get an assigned representative accessible by phone. If having someone local is important to you, stick with Fidelity.

THIS IS VERY IMPORTANT with respect to your taxable money. For some reason, if you have a joint account at Vanguard, it cannot have beneficiaries. I discovered this by accident a few weeks ago and my Flagship rep told me that Vanguard had imposed this limitation several years ago, though she was not sure why (something to do with Pennsylvania law, she thought). (Accounts already with beneficiaries were able to keep them; I think I figured out why mine were lost, but that's not relevant here.) Anyway, as a result I am in the midst of transferring all the assets in our joint Vanguard taxable account over to Fidelity, where I CAN have beneficiaries. So, if you have or expect to have kids, or anyone else, that you want to name as beneficiaries on a joint account, definitely stay with Fidelity.

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ruralavalon
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Re: Fidelity or Vanguard

Post by ruralavalon » Tue Oct 09, 2018 11:37 am

40Love wrote:
Mon Oct 08, 2018 8:05 pm
Dear Bogleheads,

I’ve found you! It took a while and there were a lot of distractions along the way, but here we are. I just read Taylor Larimore’s recent book on the 3-fund portfolio and I really liked it. Many of the concepts resonate with me and I wish I had found it and this site earlier.

It’s a long story, which I’d be happy to share sometime, but currently, my portfolio of approximately $0.5M is in traditional IRAs held at Fidelity, with the funds being managed 1/2 by FutureAdvisor and 1/2 by Fidelity Go. Management fees are 0.5% AUM at FutureAdvisor and 0.35% at Fidelity Go.

After reading Taylor’s latest book (and a lot of the material here), I feel like I’m ready to take over managing my portfolio (simply), and avoiding even the low fees from these Robo advisors. I think if I was starting from scratch, I would choose Vanguard over Fidelity. However, my entire portfolio is currently at Fidelity, and it seems like the simplest course of action would be to keep my money there. Also, I’m not sure if would incur fees by moving my portfolio from Fidelity to Vanguard. In addition, I anticipate having new funds to invest soon, which will be in taxable accounts [emphasis added]. And I like the sound of some additional features at Fidelity like their Cash Management account and Visa charge card.

My question is: Should I move my portfolio from Fidelity to Vanguard or is it OK to keep it at Fidelity?

Thanks,
Overall I think moving to Vanguard might be better, because you will have a taxable account soon.

About how much is that in dollars and as a percentage of your total portfolio?

Also what is your tax bracket, both federal and state?

Vanguard Mutual funds are more tax-efficient than their counterparts at Fidelity.This is because of the unique fund structure at Vanguard where ETFs are just another share class of the mutual fund, so the mutual fund is just as tax-efficient as an ETF.
"Everything should be as simple as it is, but not simpler." - Albert Einstein | Wiki article link:Getting Started

jdsky
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Re: Fidelity or Vanguard

Post by jdsky » Tue Oct 09, 2018 4:21 pm

jkrm wrote:
Tue Oct 09, 2018 9:25 am
With Fidelity, once your assets hit $1M, you are in their "Private Client Group" and you will have access to a local representative. With Vanguard, you become a "Flagship" client at the $1M point, and you get an assigned representative accessible by phone. If having someone local is important to you, stick with Fidelity.
The local rep I have is excellent, very responsive and pro-active in reaching out to us to review and update our strategy at least every 6 months. While our plan is simple life is never static and its always good to discuss any changes that might impact our strategy. She also makes sure we are included in any special events the local office is having for clients. These have also been fun.....

WhiteMaxima
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Re: Fidelity or Vanguard

Post by WhiteMaxima » Tue Oct 09, 2018 4:23 pm

A Toyota or a Honda?

40Love
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Re: Fidelity or Vanguard

Post by 40Love » Sun Oct 21, 2018 10:37 am

Dear Bogleheads,

Looking for some investment advice. (I wasn’t sure whether to create a new post on this, or to add it to the thread of my previous post. If I chose wrong, please let me know.)

OK, thanks again for all the input re staying at Fidelity or moving to Vanguard. I’ve decided to stay at Fidelity and construct a new, simple portfolio once I receive the money that I plan to invest in a taxable account (in 2 to 3 weeks). I’ve been doing a lot of reading here and elsewhere in preparation. (BTW, the wealth of information available here is truly amazing!) I would appreciate some feedback on my proposed allocation and fund choices.

With the new investment, the split between my tax deferred and taxable accounts will be about 59% tax deferred and 41% taxable. In addition, I will have cash in some type of short term investment that’s not included in the above.

Portfolio Allocation: I’m planning to target a ‘classic’ allocation described in the Vanguard Economic and Market Outlook for 2018. This consists of a 60/40 split of stocks to bonds with a further diversification of 60% of the stocks in US Equity and 40% in Global ex-US Equity, and 70% of the bonds in US Bonds and 30% in Global ex-US bonds.

Proposed Allocation and Funds (in % of Total Portfolio excluding cash):

Bonds (In tax deferred account) 40%
28% FBIDX - Fidelity U.S. Bond Index Fund - Investor Class
12% IAGG - IShares International Aggregate Bond Fund ETF

Stocks (In tax deferred account) 19%
11.4% FZROX - Fidelity Zero Total Market Index Fund
7.6% FZILX - Fidelity Zero International Index

Stocks (In taxable account) 41%
24.6% ITOT - Ishares Core S&P Total US Stock Market ETF
16.4% IXUS - Ishares Core MSCI Total International Stock ETF

I chose the IAGG bond ETF because Fidelity does not appear to have an international index bond fund, and the transaction fees to use the comparable Vanguard fund are higher.

For the taxable account, I chose the ITOT and IXUS ETFs because the Fidelity mutual funds are supposed to be not as tax efficient as ETFs (and Vanguard index funds).

It’s a big step for me, so I’d welcome input from you experienced investors.

Thanks much!

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Re: Fidelity or Vanguard [Portfolio help requested]

Post by LadyGeek » Sun Oct 21, 2018 3:33 pm

40Love wrote:
Sun Oct 21, 2018 10:37 am
Looking for some investment advice. (I wasn’t sure whether to create a new post on this, or to add it to the thread of my previous post. If I chose wrong, please let me know.)
Welcome! In order to provide appropriate advice, it's best to keep all the information in one spot. Let's keep your post here with the others. I also retitled the thread.

If you have any questions, ask them here.
Wiki To some, the glass is half full. To others, the glass is half empty. To an engineer, it's twice the size it needs to be.

40Love
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Re: Fidelity or Vanguard

Post by 40Love » Tue Oct 23, 2018 8:45 pm

ruralavalon wrote:
Tue Oct 09, 2018 11:37 am
About how much is that in dollars and as a percentage of your total portfolio?

Also what is your tax bracket, both federal and state?
I realized I forgot to answer your questions. As detailed in my previous submission, the taxable amount will be about 41% of my total portfolio. (Note: I didn't include my wife's tax-deferred portfolio, which is about the same value as mine).

I think our normal tax bracket is 22% Federal and state tax is about 8.7%. However, due to the pending addition, this year only, we will be pushed into the maximum federal tax bracket.

I described the proposed AA and fund/ETF choices in my previous submission. Would really appreciate some feedback on that from some of you experts.

Thanks much.

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ruralavalon
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Re: Fidelity or Vanguard

Post by ruralavalon » Wed Oct 24, 2018 3:58 pm

40Love wrote:
Sun Oct 21, 2018 10:37 am
Dear Bogleheads,

Looking for some investment advice. (I wasn’t sure whether to create a new post on this, or to add it to the thread of my previous post. If I chose wrong, please let me know.)

OK, thanks again for all the input re staying at Fidelity or moving to Vanguard. I’ve decided to stay at Fidelity and construct a new, simple portfolio once I receive the money that I plan to invest in a taxable account (in 2 to 3 weeks). I’ve been doing a lot of reading here and elsewhere in preparation. (BTW, the wealth of information available here is truly amazing!) I would appreciate some feedback on my proposed allocation and fund choices.

With the new investment, the split between my tax deferred and taxable accounts will be about 59% tax deferred and 41% taxable. In addition, I will have cash in some type of short term investment that’s not included in the above.

Portfolio Allocation: I’m planning to target a ‘classic’ allocation described in the Vanguard Economic and Market Outlook for 2018. This consists of a 60/40 split of stocks to bonds with a further diversification of 60% of the stocks in US Equity and 40% in Global ex-US Equity, and 70% of the bonds in US Bonds and 30% in Global ex-US bonds.

Proposed Allocation and Funds (in % of Total Portfolio excluding cash):

Bonds (In tax deferred account) 40%
28% FBIDX - Fidelity U.S. Bond Index Fund - Investor Class
12% IAGG - IShares International Aggregate Bond Fund ETF

Stocks (In tax deferred account) 19%
11.4% FZROX - Fidelity Zero Total Market Index Fund
7.6% FZILX - Fidelity Zero International Index

Stocks (In taxable account) 41%
24.6% ITOT - Ishares Core S&P Total US Stock Market ETF
16.4% IXUS - Ishares Core MSCI Total International Stock ETF

I chose the IAGG bond ETF because Fidelity does not appear to have an international index bond fund, and the transaction fees to use the comparable Vanguard fund are higher.

For the taxable account, I chose the ITOT and IXUS ETFs because the Fidelity mutual funds are supposed to be not as tax efficient as ETFs (and Vanguard index funds).

It’s a big step for me, so I’d welcome input from you experienced investors.
Thanks much!
Asset allocation.
Without knowing your age, time to retirement, and other personal details, I can only comment generally on your 60/40 asset allocation. In my opinion asset allocation of 60/40 is within the range of what is reasonable for most situations. Here are outstanding write ups on the 60/40 stock/bond allocation by Peter Bernstein, Bloomberg Personal Finance (2002) , "The 60/40 Solution", and by Rick Ferri, etf.com (2/25/15), "Wisdom Of 60/40 Portfolios Timeless"".

See also: Graph, "An Efficient Frontier: the power of diversification". Please see the wiki articles Bogleheads® investment philosophy, part 3 "Never bear too much or too little risk", and "Asset allocation".

I suggest around 20 - 30% of stocks in international stocks. Vanguard paper (March 2012), "Considerations for investing in non-U.S. equities". Historically, allocating 20% of an equity portfolio to non-U.S. stocks would have captured about 84% of the maximum possible diversification benefit, and allocating 30% of an equity portfolio to non-U.S. stocks would have captured about 99% of the maximum possible diversification benefit (p. 6). (You can find lots of debate here on international allocation, opinions ranging all the way from 00% to 50% of stocks in international stocks. If you want more viewpoints on international stocks please try the Google search box (upper right, this page).

I do not suggest an allocation to international bonds. In my opinion that adds unnecessary complexity and expense, for no readily apparent benefit. You can find lots of discussion here on international bonds. Please try the Google search box (upper right, this page).

Asset allocation is a very personal decision. You must decide on an allocation that is comfortable for you based on your own ability, willingness and need to take risk.



Fund selection and placement.
Fidelity U.S. Bond Index Fund uses the Bloomberg Barclays U.S. Aggregate Bond Index, is a total bond market index fund, and is a good choice for your bond allocation. In my opinion you are correct in having your bond allocation in your traditional IRA at Fidelity. Wiki article "Tax-efficient fund placement".

Although the Fidelity ZERO stock index funds are new and use completely new indexes, I see no problem in using them in your traditional IRA at Fidelity.

Both iShares Core S&P Total US Stock Mkt ETF (ITOT) ER 0.03% and iShares Core MSCI Total Intl Stk ETF (IXUS) ER 0.10% are good choices for your taxable account. You have picked broadly diversified, low expense ratio stock ETFs which are very tax-efficient. Triceratops, "Tax Efficiency 2017"
"Everything should be as simple as it is, but not simpler." - Albert Einstein | Wiki article link:Getting Started

40Love
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Re: Fidelity or Vanguard

Post by 40Love » Wed Oct 24, 2018 6:06 pm

ruralavalon wrote:
Wed Oct 24, 2018 3:58 pm
Asset allocation.
Without knowing your age, time to retirement, and other personal details, I can only comment generally on your 60/40 asset allocation. In my opinion asset allocation of 60/40 is within the range of what is reasonable for most situations. Here are outstanding write ups on the 60/40 stock/bond allocation by Peter Bernstein, Bloomberg Personal Finance (2002) , "The 60/40 Solution", and by Rick Ferri, etf.com (2/25/15), "Wisdom Of 60/40 Portfolios Timeless"".

See also: Graph, "An Efficient Frontier: the power of diversification". Please see the wiki articles Bogleheads® investment philosophy, part 3 "Never bear too much or too little risk", and "Asset allocation".

I suggest around 20 - 30% of stocks in international stocks. Vanguard paper (March 2012), "Considerations for investing in non-U.S. equities". Historically, allocating 20% of an equity portfolio to non-U.S. stocks would have captured about 84% of the maximum possible diversification benefit, and allocating 30% of an equity portfolio to non-U.S. stocks would have captured about 99% of the maximum possible diversification benefit (p. 6). (You can find lots of debate here on international allocation, opinions ranging all the way from 00% to 50% of stocks in international stocks. If you want more viewpoints on international stocks please try the Google search box (upper right, this page).

I do not suggest an allocation to international bonds. In my opinion that adds unnecessary complexity and expense, for no readily apparent benefit. You can find lots of discussion here on international bonds. Please try the Google search box (upper right, this page).

Asset allocation is a very personal decision. You must decide on an allocation that is comfortable for you based on your own ability, willingness and need to take risk.

Fund selection and placement.
Fidelity U.S. Bond Index Fund uses the Bloomberg Barclays U.S. Aggregate Bond Index, is a total bond market index fund, and is a good choice for your bond allocation. In my opinion you are correct in having your bond allocation in your traditional IRA at Fidelity. Wiki article "Tax-efficient fund placement".

Although the Fidelity ZERO stock index funds are new and use completely new indexes, I see no problem in using them in your traditional IRA at Fidelity.

Both iShares Core S&P Total US Stock Mkt ETF (ITOT) ER 0.03% and iShares Core MSCI Total Intl Stk ETF (IXUS) ER 0.10% are good choices for your taxable account. You have picked broadly diversified, low expense ratio stock ETFs which are very tax-efficient. Triceratops, "Tax Efficiency 2017"
Thanks very much for the advice and all the good information!

Concerning more personal details, I'm 63 and planning to retire in just over 3 years. No debts other than (1) a small amount left on our mortgage which I will pay off shortly, and (2) a mortgage on a second property we bought in the city we are planning to retire in as a hedge against the rising real estate market there. That property is rented. Also, I have a pension from a former job that pays about $2k/month and is indexed to inflation.

Concerning the allocation in international bonds, I had just finished reading some of the material on this site on the subject and arrived at a conclusion that is conistent with your opinion, that it adds complexity and has no real benefit. So thank you. I will revise the portfolio accordingly.

I have been using the Flexible Retirement Planner software to test out my retirement plans, and based on all the inputs for my situation, I think I am comfortable with the risk vs reward of the 60:40 portfolio. But I will enjoy reading the articles you referred me to.

Much appreciated!

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