Complete Financial Overhaul - help!

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mkrizzz83
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Joined: Wed Jan 09, 2019 2:39 pm

Complete Financial Overhaul - help!

Post by mkrizzz83 » Wed Jan 09, 2019 6:47 pm

Summary:
Baring my financial soul here is a little overwhelming...but I'm finally at a point in my life where I want to take the reigns on my finances as a whole. I'm hoping you guys can help me out as I've only recently (and after a lot of reading) become even aware of this boglehead financial culture. Ok, so a little bit about me. I am 35 and have been employed for the last 5 years. Prior to that, I was completing my education while receiving very little in compensation as compared to the amount of educational debt I had accumulated. In 2014, all the hard work paid off and I currently have well-paying (although high workload) employment. For the past 5 years I have been doing what I thought best to invest and to eliminate my debt. I'm currently debt free except for a low interest rate mortgage on the first house my wife and I just purchased. I will be filing jointly this year. My marginal federal tax rate is 37% and my state tax rate is 7.65%. For the purposes of this conversation, I'd like to keep the finances discussed being only from my compensation.

I previously had zero financial literacy and honestly didn't think (at the time) it was worth my time to learn the method behind becoming financially independent. Because of this attitude and the need for me to find disability insurance, I ended up meeting with a financial advisor & insurance salesman with a company that shall not be named. I had previously met with several FAs from this company but the guy I went with and currently still have money with is a very good person and honestly does want the best for me and my future finances. Because of this I have chosen to invest through him for the past 5 years (details below).

Now that I have settled into my career and feel like I have a little more time to learn about what he is actually doing with my money and what is going on with my various retirement accounts, I have come to the conclusion that it will be highly beneficial for me to begin doing it myself (scary stuff for someone with no prior financial literacy or interest). I'm going to try to be as precise as possible with my current status and accounts. My FA charges a fee of 1.65% of managed assets (plus fund ERs), a fee I was happy (err ignorant) to pay because as I've said, I only understood finances if you explained them as you would to a toddler. The funds he manages in addition to my other accounts are as follows:

Financial advisor-managed taxable account: $255k
-mostly a mix of individual equities along with, in descreasing order, MUB (36k), PRGSX (27k), CSDIX (19k), JVMIX (13k), DEMIX (13k), SKSEX (11k), and several other funds all invested in amounts under 10k.

I haven't gone through and figured out the ER for every one of the funds but clearly the advisory fees alone make me want to liquidate and basically start from scratch.

Financial advisor-managed “Backdoor” Roth IRA: $23k
- all in AALTX Target Date Retirement fund (ER 0.74)

Whole-life Insurance Policy: $11k
-I know its considered a poor investment strategy but its another bucket that I was able to fill with my additional income

**update - since creating this post I have since terminated my policy and will be applying for term life insurance. Any recommendations as to where I should look? My current employer provides 1 year’s salary for life insurance but additional term (1.5mil) total would be nice to have with the possibility of children in the future).

Disability Insurance: $7k annually
- own occupation and provides 15k/month in the event of my disability

Previous Employer 401k: $219k
-VFIAX 30% (ER 0.04), PABGX 20% (ER 0.97), VIMAX 20% (ER 0.05), OAKIX 15% (ER 0.95), VSMAX 10% (ER 0.05), PTTRX 10% (ER 0.55)

Current Employer 403b: $26k in Roth IRA
- I recently rebalanced to the following -
- 65% Vanguard Institutional Total Stock Market Index InstlPls (VITPX) ER 0.02
- 25% Vanguard Developed Markets Index Ins Pls (VDPIX) ER 0.05
- 10% Vanguard Inflation Protected Secs I (VIPIX) ER 0.07

-I previously made all contributions as Roth, but plan on doing traditional contributions for here on out as my tax bracket will likely by lower when I start to take distributions at retirement

Currently Employer 457b: $17k
- 65% Vanguard Institutional Total Stock Market Index InstlPls (VITPX) ER 0.02
- 25% Vanguard Developed Markets Index Ins Pls (VDPIX) ER 0.05
- 10% Vanguard Inflation Protected Secs I (VIPIX) ER 0.07

Funds available to the 403b and 457b are the same and as follows:
-Vanguard Treasury Money Market (VUSXX) ER 0.09
-Baird Aggregate Bond Inst (BAGIX) ER 0.30
-Vanguard Inflation Protected Secs I (VIPIX) ER 0.07
-Lord Abbott High Yield R6 (LHYVX) ER 0.60
-Vanguard Institutional Total Stock Market Index InstlPls (VITPX) ER 0.02
-Baird MidCap Inst (BMDIX) ER 0.84
-William Blair Small Cap Value (BVDIX) ER 1.25%
-Vanguard Developed Markets Index Ins Pls (VDPIX) ER 0.05
-Templeton In Foreign Smaller Co Ser Adv (TFSCX) ER 0.99
-Oppenheimer Developing Markets I (ODVIX) ER 0.88
-American Funds American Balanced R5 (RLBFX) ER 0.33
-PIMCO All Assett Instl (PAAIX) ER 1.00


HSA: $1.7k
- just recently became available and I plan on contributing the maximum to this account annually

Mortgage: 461k at 4.25% still due over 29.5 years
- approximately $144k of house equity

Emergency Fund: $32k
- mostly in a 2% Ally online savings account
- I plan on bumping this up to approximately $50k

My current annual gross income is approximately $500k.


SO...There is my financial situation all written out. Please tell me how I can improve things. There are some steps that I plan on taking currently. My AA in my head is currently set at 90/10 and I’m hoping to be able to contribute about 120k yearly across all accounts.

1. My old 401k account needs to be rolled into a new IRA as the plan was stopped when I switched employers. I plan on moving the $219k into a Vanguard IRA with the following funds: VTSAX 70%, VTIAX 20%, VBLTX 7%, and VTABX 3%.

2. I plan on liquidating my account with my financial advisor and starting a taxable account with Vanguard with the same investment breakdown as my rollover IRA described above.

3. I plan on rolling my Roth IRA to Vanguard. Fund yet to be determined.

4. After contributing the maximum to my traditional IRA, 457b, and HSA, I plan on putting ~60% of my net monthly income into the taxable account above.

5. With the 403b funds listed above, do you think it would be better to roll my current 401k into my 403b and allow me to keep doing the backdoor Roth, or would I get a better bang for my buck rolling it into a Vanguard IRA and having my choice of all their funds then permanently forgoing the ability to back a Roth? My current plan is to do the latter with this being my last year contributing to a Roth.

Overall, I just want to know if the above strategy makes sense and if there are things that I can do to improve my savings and investment plan. I think I'm ready to continue reading and learning about how to improve where I'm at but the first steps at taking control on my future finances are overwhelming and scary. I work hard and do get a lot of reward from my job however the last thing I want to do is make more dumb mistakes with my savings and delay retirement significantly.

Thanks for reading and I appreciate the support.

M :sharebeer
Last edited by mkrizzz83 on Thu Jan 10, 2019 6:05 pm, edited 1 time in total.

bloom2708
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Re: Complete Financial Overhaul - help!

Post by bloom2708 » Thu Jan 10, 2019 10:24 am

Welcome.

I think you put forward a good plan.

Note the gains in your taxable account before liquidating. You don't want a big tax bill due. You could spread the gains across 2-3 years to lessen the tax bill. Transferring "in kind" would allow you to move to Vanguard and then (on your time schedule) sell and simplify.

Pre-tax 403b/457, Roth IRA, Pre-tax HSA. The balance to taxable and debt repayment.

With your income, you should be able to accomplish all your goals and catch up very quickly.

Tax efficient, low expense, your portfolio is one entity, so not all types of investments need to be in each account. Bonds in pre-tax 403b/457. Keep stock index funds in Taxable and Roth. 20-30% International. 20-30% Bonds at this point seem reasonable.

I think with that income you will make great progress. Most of us had an expensive advisor at one point, so even that is just part of the journey. Spend time here reading up on topics and you will be helping others along their journey.

Welcome again!!
"We are not here to please, but to provoke thoughtfulness." --Unknown Boglehead

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Raybo
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Re: Complete Financial Overhaul - help!

Post by Raybo » Thu Jan 10, 2019 10:52 am

When I was working and had maxed out all my tax deferred accounts, I purchased a Whole Life Policy on the idea that it was yet another way to save money in a tax-advantaged way. Upon reading (and re-reading) the actual policy, I discovered that it is an expensive way to invest money (mine had a 5% load in addition to high ERs) and that getting access to the money through "borrowing" was also expensive and not an effective way to access the money.

So, my suggestion is to terminate the Whole Life Policy. If yours is like mine, you can simply stop paying for it and the amount currently invested will be siphoned to pay for the insurance (note: the policy is written so that you invest money -- which allows them to get the load and ER on your entire payment -- and then the insurance amount is taken from your investments). Alternatively, you can cancel the insurance and pay the surrender fee. I'd bite the bullet and cancel, take the surrender hit, and call it a bit of tuition for learning about Whole Life Insurance.

Since most of your taxable funds are currently invested in $10k hunks, see if you have any losses in any of the investments that can offset any gains you have. Sell them as tax neutral as possible and then transfer the cash to Vanguard. Conversely, you can try to transfer them in-kind, which means the current company simply sends the shares to Vanguard without selling them. While this will get them to Vanguard without tax implications, eventually, you will have to sell them to buy Vanguard funds. To save taxes on capital gains (though even with your income, capital gains taxes are capped), it might take a few years of close monitoring to sell them.
No matter how long the hill, if you keep pedaling you'll eventually get up to the top.

inverter
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Re: Complete Financial Overhaul - help!

Post by inverter » Thu Jan 10, 2019 11:16 am

I think your first step, as others have said, is to take that taxable account and understand the gains or losses present so you can make a plan going forward. With the current market volatility, it would be a good time to harvest any losses. Then, you can make a plan to get the portfolio in order over the next couple of years. The good thing is that the moment you have it at Vanguard, you'll stop paying the 1.65%.

For your tax advantaged space, you can make those changes ASAP.

Welcome to the forum. We're glad to have you! :sharebeer

barnaclebob
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Re: Complete Financial Overhaul - help!

Post by barnaclebob » Thu Jan 10, 2019 11:24 am

Is doing a "mega backdoor roth conversion" in your future? If so you may want to avoid having a large IRA balance.

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ruralavalon
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Location: Illinois

Re: Complete Financial Overhaul - help!

Post by ruralavalon » Thu Jan 10, 2019 1:39 pm

Welcome to the forum :) .

It's good to see that you have an emergency fund, that your student debt is paid off and you are debt free other than the mortgage note, and that you will have a high savings rate.

It will help a lot if you add some additional information to your original post using the edit button (the pencil icon near the upper right corner of your post), it helps a lot if all of your information is in one place.

Please see the post "Asking Portfolio Questions" for format.

Please add the fund names for the funds in each account, so we don't have to look up what you are referring to. Most of us don't have many ticker symbols memorized, except for funds we personally use.

Also what funds are offered in your current 403b and 457 plans? Please give fund names, tickers and expense ratios. (If the funds offered are good with very low expense ratios, then you may want to rollover your old 401k into your current employer's plan.)

What is the balance and interest rate on your mortgage note?

What is your tax bracket, both federal and state? What is your tax filing status?

Do you have a desired asset allocation (stock/bond mix, and domestic/international stock mix) that you want to aim for?

About how much (in dollars) do you believe that you may be able to contribute to investing annually (total, all accounts)?


mkrizzz83 wrote:
Wed Jan 09, 2019 6:47 pm
Summary:
Baring my financial soul here is a little overwhelming...but I'm finally at a point in my life where I want to take the reigns on my finances as a whole. I'm hoping you guys can help me out as I've only recently (and after a lot of reading) become even aware of this boglehead financial culture. Ok, so a little bit about me. I am 35 and have been employed for the last 5 years. Prior to that, I was completing my education while receiving very little in compensation as compared to the amount of educational debt I had accumulated. In 2014, all the hard work paid off and I currently have well-paying (although high workload) employment. For the past 5 years I have been doing what I thought best to invest and to eliminate my debt. I'm currently debt free except for a low interest rate mortgage on the first house my wife and I just purchased. For the purposes of this conversation, I'd like to keep the finances discussed being only from my compensation.

I previously had zero financial literacy and honestly didn't think (at the time) it was worth my time to learn the method behind becoming financially independent. Because of this attitude and the need for me to find disability insurance, I ended up meeting with a financial advisor & insurance salesman with a company that shall not be named. I had previously met with several FAs from this company but the guy I went with and currently still have money with is a very good person and honestly does want the best for me and my future finances. Because of this I have chosen to invest through him for the past 5 years (details below).

Now that I have settled into my career and feel like I have a little more time to learn about what he is actually doing with my money and what is going on with my various retirement accounts, I have come to the conclusion that it will be highly beneficial for me to begin doing it myself (scary stuff for someone with no prior financial literacy or interest) [emphasis added]. I'm going to try to be as precise as possible with my current status and accounts. My FA charges a fee of 1.65% of managed assets [emphasis added](plus fund ERs), a fee I was happy (err ignorant) to pay because as I've said, I only understood finances if you explained them as you would to a toddler. The funds he manages in addition to my other accounts are as follows:

Financial advisor-managed taxable account: $255k
-mostly a mix of individual equities along with, in descreasing order, MUB (36k), PRGSX (27k), CSDIX (19k), JVMIX (13k), DEMIX (13k), SKSEX (11k), and several other funds all invested in amounts under 10k.

I haven't gone through and figured out the ER for every one of the funds but clearly the advisory fees alone make me want to liquidate and basically start from scratch.

Financial advisor-managed Roth IRA: $23k
- all in AALTX Target Date Retirement fund (ER 0.74)

Whole-life Insurance Policy: $11k
-I know its considered a poor investment strategy but its another bucket that I was able to fill with my additional income

Previous Employer 401k: $219k
-VFIAX 30% (ER 0.04), PABGX 20% (ER 0.97), VIMAX 20% (ER 0.05), OAKIX 15% (ER 0.95), VSMAX 10% (ER 0.05), PTTRX 10% (ER 0.55)

Current Employer 403b: $26k in Roth IRA
- I recently rebalanced to the following -
- VITPX 65% (ER 0.02), VDIPX 25% (ER 0.05), VIPIX 10% (ER 0.07)
-I previously made all contributions as Roth, but plan on doing traditional contributions for here on out as my tax bracket will likely by lower when I start to take distributions at retirement

Currently Employer 457b: $17k
- VITPX 65% (ER 0.02), VDIPX 25% (ER 0.05), VIPIX 10% (ER 0.07)

HSA: $1.7k
- just recently became available and I plan on contributing the maximum to this account annually

Emergency Fund: $32k
- mostly in a 2% Ally online savings account
- I plan on bumping this up to approximately $50k

My current annual gross income is approximately $500k.


SO...There is my financial situation all written out. Please tell me how I can improve things. There are some steps that I plan on taking currently.
You are right in wanting to get away from that 1.65% annual advisory fee on the two managed accounts.

To educate yourself on investing and make it less "scary" I suggest that you read one or two good books on general investing. Please see the wiki article "Books: Recommendations and Reviews".




mrkrizz83 wrote:1. My old 401k account needs to be rolled into a new IRA as the plan was stopped when I switched employers. I plan on moving the $219k into a Vanguard IRA with the following funds: VTSAX 70%, VTIAX 20%, VBLTX 7%, and VTABX 3%.
It will probably be better to rollover your old 401k into your current employer's 403b plan, depending on the funds offered in the new plan.


mrkrizz83 wrote:2. I plan on liquidating my account with my financial advisor and starting a taxable account with Vanguard with the same investment breakdown as my rollover IRA described above.
You may want instead to keep some investments (if diversified with low expense ratios) and transfer them in-kind to a taxable account at Vanguard, and avoid taxes on capital gains.

Please add the unrealized capital gain/loss status on each of the funds currently in your taxable account. This will help determine which investments to sell, and which you may want to keep.


mrkrizz83" wrote:3. I plan on rolling my Roth IRA to Vanguard. Fund yet to be determined.
It's a good idea to rollover to a Roth IRA at Vanguard.


mrkrizz83 wrote:4. After contributing the maximum to my traditional IRA, 457b, and HSA, I plan on putting ~60% of my net monthly income into the taxable account above.
At your income I don't believe you are allowed to deduct contributions to a traditional IRA.

You can make non-deductible contributions to a traditional IRA and then convert that to a Roth IRA. Please see the wiki article "Backdoor Roth IRA".


mrkrizz83 wrote:Overall, I just want to know if the above strategy makes sense and if there are things that I can do to improve my savings and investment plan. I think I'm ready to continue reading and learning about how to improve where I'm at but the first steps at taking control on my future finances are overwhelming and scary. I work hard and do get a lot of reward from my job however the last thing I want to do is make more dumb mistakes with my savings and delay retirement significantly.

Thanks for reading and I appreciate the support.

M :sharebeer
Some more specific suggestions can be made if you provide the additional information mentioned above.

Do you have some own occupation disability insurance?

How much life insurance do you have?
"Everything should be as simple as it is, but not simpler." - Albert Einstein | Wiki article link:Getting Started

Topic Author
mkrizzz83
Posts: 4
Joined: Wed Jan 09, 2019 2:39 pm

Re: Complete Financial Overhaul - help!

Post by mkrizzz83 » Thu Jan 10, 2019 6:09 pm

Ok, thank you all for the info provided so far!! I hav updated the above post with the information provided. I bit the bullet and terminated my whole life policy and will be looking for term.

I posted all the fund options with my 403b. THe big question with those funds is Are They good enough to roll my IRA into and thereby keeping the backdoor Roth an option or should I just put them in a Vanguard IRA with any funds of my choosing but giving up the ability to do a backdoor Roth. I was leaning towards the latter option with this being my last year to backdoor Roth.

M

Olemiss540
Posts: 748
Joined: Fri Aug 18, 2017 8:46 pm

Re: Complete Financial Overhaul - help!

Post by Olemiss540 » Thu Jan 10, 2019 6:49 pm

mkrizzz83 wrote:
Thu Jan 10, 2019 6:09 pm
Ok, thank you all for the info provided so far!! I hav updated the above post with the information provided. I bit the bullet and terminated my whole life policy and will be looking for term.

I posted all the fund options with my 403b. THe big question with those funds is Are They good enough to roll my IRA into and thereby keeping the backdoor Roth an option or should I just put them in a Vanguard IRA with any funds of my choosing but giving up the ability to do a backdoor Roth. I was leaning towards the latter option with this being my last year to backdoor Roth.

M
Definately! Vanguard Total Market and Vanguard Developing Markets at low cost. Looks like you are in great shape and already KILLING it by LBYM.

Only specific I have on hand is to QUIT being hesitant to manage this yourself. It can be truly automated and once setup can be handled in 15 min a YEAR!

With your income, be extremely cautious of "advisors" as they are merely salesmen/sales women with a title meant to deceive. Their interest is in self preservation and your interest is below both theirs and their bosses........
I hold index funds because I do not overestimate my ability to pick stocks OR stock pickers.

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BL
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Re: Complete Financial Overhaul - help!

Post by BL » Thu Jan 10, 2019 8:32 pm

You can get some idea on prices for term at Term4Sale.com. Either there or a local INDEPENDENT insurance broker who would shop around highly rated companies for a good deal for you based on your health would be a good start. If they try selling permanent insurance, dump them!

Suggest you read one or two of the recommended books in the Wiki. I thought the Boglehead's Guide to Investing was helpful in getting started. There is an Amazon link here.

For a quick look at all we really need to know, read this 16-page pdf from a recommended author. He wrote this for newbies, but it is a great review for everything we need to know.
https://www.etf.com/docs/IfYouCan.pdf

Topic Author
mkrizzz83
Posts: 4
Joined: Wed Jan 09, 2019 2:39 pm

Re: Complete Financial Overhaul - help!

Post by mkrizzz83 » Thu Jan 10, 2019 11:05 pm

Thanks people. I will continue to read. One of the issues I'm having with rolling my prior 401k into the 403b is the poor choice in bonds. There are only three bond choices:

The Lord Abbett High Yield RG (LHYVX) at ER 0.06
The Vanguard Inflation Protected Securities (VIPIX) 0.07
Baird Aggregate Bond Inst (BAGIX) ER 0.3

Would these choices be sufficient for my current ratio of 90/10 and then as I slowly start to rebalance more of these funds into bonds as I get older or would it be better to roll into a Vanguard IRA and choose whatever bond funds I want? Again, this latter choice would remove the backdoor Roth option for me.

What do you think?

M

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BL
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Joined: Sun Mar 01, 2009 2:28 pm

Re: Complete Financial Overhaul - help!

Post by BL » Fri Jan 11, 2019 1:26 am

mkrizzz83 wrote:
Thu Jan 10, 2019 11:05 pm
Thanks people. I will continue to read. One of the issues I'm having with rolling my prior 401k into the 403b is the poor choice in bonds. There are only three bond choices:

The Lord Abbett High Yield RG (LHYVX) at ER 0.06
The Vanguard Inflation Protected Securities (VIPIX) 0.07
Baird Aggregate Bond Inst (BAGIX) ER 0.3

Would these choices be sufficient for my current ratio of 90/10 and then as I slowly start to rebalance more of these funds into bonds as I get older or would it be better to roll into a Vanguard IRA and choose whatever bond funds I want? Again, this latter choice would remove the backdoor Roth option for me.

What do you think?

M
I see you also have a V treasury money market that, combined with the other V bond might be just fine for your fixed income. I don't know anything about Baird. High yield is too much risk, I think, with so little in bonds.

Don't know the tickers, but I would say you have too many funds in your taxable account. You could do a 3-fund portfolio at Vanguard (or other low-cost brokerage) or even a single balanced fund, whether Target, Life Strategy, or other single fund. ERs should be low, preferably under 0.3 or so. You could also do municipal bonds at your tax rate as needed.

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ruralavalon
Posts: 14482
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Location: Illinois

Re: Complete Financial Overhaul - help!

Post by ruralavalon » Fri Jan 11, 2019 8:55 am

mkrizzz83 wrote:
Thu Jan 10, 2019 6:09 pm
Ok, thank you all for the info provided so far!! I hav updated the above post with the information provided. I bit the bullet and terminated my whole life policy and will be looking for term.

I posted all the fund options with my 403b. THe big question with those funds is Are They good enough to roll my IRA into and thereby keeping the backdoor Roth an option or should I just put them in a Vanguard IRA with any funds of my choosing but giving up the ability to do a backdoor Roth. I was leaning towards the latter option with this being my last year to backdoor Roth.

M
You have some very good funds offered in your current employer's plan, you are fortunate.

I suggest rolling your old 401k over into your current employer's plan.

In my opinion the funds to use in your current employer's plan are:
1) Vanguard Institutional Index Fund Institutional Plus (a S&P 500 index fund) (VIIIX) ER 0.02%;
2) Vanguard Developed Markets Index Fund Institutional (VDIPX) ER 0.05%; and
3) Baird Aggregate Bond Institutional (intermediate-term bonds) (BAGIX) ER 0.30%.


mkrizzz83 wrote:
Thu Jan 10, 2019 11:05 pm
Thanks people. I will continue to read. One of the issues I'm having with rolling my prior 401k into the 403b is the poor choice in bonds. There are only three bond choices:

The Lord Abbett High Yield RG (LHYVX) at ER 0.06
The Vanguard Inflation Protected Securities (VIPIX) 0.07
Baird Aggregate Bond Inst (BAGIX) ER 0.3

Would these choices be sufficient for my current ratio of 90/10 and then as I slowly start to rebalance more of these funds into bonds as I get older or would it be better to roll into a Vanguard IRA and choose whatever bond funds I want? Again, this latter choice would remove the backdoor Roth option for me.

What do you think?

M
In my opinion Baird Aggregate Bond Institutional (BAGIX) ER 0.30% is a good, diversified, actively managed, intermediate-term (average effective duration = 6.03 years) bond fund, with a good credit quality (average credit quality = A), and with a fairly low expense ratio. The fund held up well in the 2008 crisis.

I would not hesitate to use this fund in a work-based account which lacked a good intermediate-term bond index fund.
Last edited by ruralavalon on Fri Jan 11, 2019 9:02 am, edited 2 times in total.
"Everything should be as simple as it is, but not simpler." - Albert Einstein | Wiki article link:Getting Started

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ruralavalon
Posts: 14482
Joined: Sat Feb 02, 2008 10:29 am
Location: Illinois

Re: Complete Financial Overhaul - help!

Post by ruralavalon » Fri Jan 11, 2019 8:57 am

BL wrote:
Thu Jan 10, 2019 8:32 pm
You can get some idea on prices for term at Term4Sale.com. Either there or a local INDEPENDENT insurance broker who would shop around highly rated companies for a good deal for you based on your health would be a good start. If they try selling permanent insurance, dump them!

Suggest you read one or two of the recommended books in the Wiki. I thought the Boglehead's Guide to Investing was helpful in getting started. There is an Amazon link here.

For a quick look at all we really need to know, read this 16-page pdf from a recommended author. He wrote this for newbies, but it is a great review for everything we need to know.
https://www.etf.com/docs/IfYouCan.pdf
I agree with these suggestions on further reading, and purchasing term life insurance.

It's good to see that you have gotten out of the whole life policy.
"Everything should be as simple as it is, but not simpler." - Albert Einstein | Wiki article link:Getting Started

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