Emergency funds: Yes
Debt: Mortgage of $199,000 at 3.625% and a vehicle loan of $23,000 at 2.25%
Tax Filing Status: Married filing jointly
Tax Rate: 22% Federal, 7% State
State of Residence: South Carolina
Age: 31 (both of us)
Desired Asset allocation: I need help/suggestions here
Desired International allocation: I need help/suggestions here
Current retirement assets
His previous employer traditional 401k
His previous employer Roth 401k
Both of the above accounts are with a Fidelity 2050 Target Retirement Fund (ER 0.04%)
Her Roth 401k
$15,000 + $6,000 (company match)
This one is yielding a 0.31% annual growth, has not been contributed to in 7 years, and is with Prudential. I can't decipher an ER.
His current employer Roth 401k
$3,440 with FFLDX (ER 0.14%), contributing 6% to gain 4.5% of company match
1. Looking to roll my Roth 401k from my previous employer to a Roth IRA and contribute $5,500 annually for a retirement fund. Any suggestions here?
2. What should I do to my traditional 401k from my previous employer? I was thinking about rolling it into my current employer's 401k, but unsure. My current employer offers: FFGFX, FFWTX, FIWFX, FIWTX, FFEDX, FFEGX, FFEZX, FFIZX, FFOLX, FFOPX, FFLDX (my current election), FFLEX, and FFGZX
and some Mix Your Own Core Options of: FCNKX, VINIX, VWNAX, FSEVX, FLPKX, WIAEX, MIDLX, AEMGX, DODFX, VFWSX, VWILX, VGSNX, FPUKX, VBTIX, VIPIX, AND FRGXX.
3. How should I handle her Roth 401k and associated company match? We thought it might be wise to open her own Roth IRA, roll it over, and start contributing to this when we free up payments from the vehicle loan.
Initial post below left for reference
Hey folks! Stumbled across this forum after doing some digging on Reddit and hoping y'all can help me out. I have a Fidelity retirement fund that I need to rollover from a previous job that consists of:
- $50.8k in a traditional 401k
- $20.3k in a Roth 401k
- $17.7k in company matches
- Roll my Roth 401K to a Roth IRA in a VTSAX or a comparable Fidelity index fund. We will then contribute $5,500 annually to this account as long as it remains sustainable. Does this seem like a reasonable approach? Do y'all have any suggestions for a Fidelity account that would be comparable? Or suggestions for what else to do here?
- Roll my traditional 401k into a traditional IRA. I am thinking upon retirement, I can withdrawal these funds at $10k/year to avoid taxes (let's assume tax laws don't change) and supplement my remaining income with Roth withdrawals. Does this seem smart? Should I convert these to a Roth IRA instead? Any suggestions on funds to invest in here or other approaches?
How does our plan look for retirement? Any idea how much our retirement account will be come time for retirement? I am learning so much every time I read, but I am not keen on diversifying and making sure I am investing properly.