https://boards.hellobee.com/ Pregnancy, Baby and Parenting blog, by Hellobee en Fri, 08 May 2026 15:08:48 +0000 https://boards.hellobee.com/topic/finance-bees-need-help-with-401kira-question#post-2782927 Mon, 30 Oct 2017 09:34:28 +0000 snowjewelz 2782927@https://boards.hellobee.com/ <p>@LBee: Thank you for clarifying! I have my IRA and a general invested account with ML. The inherited account is with NYC, and the other one is with American Funds (not familiar with this firm at all). So that's why I was thinking to just move everything to ML, at least I've been with them for over a decade and am familiar with them. </p> https://boards.hellobee.com/topic/finance-bees-need-help-with-401kira-question#post-2782921 Mon, 30 Oct 2017 09:21:53 +0000 LBee 2782921@https://boards.hellobee.com/ <p>@snowjewelz: I think you are misunderstanding, the question is regarding the fee structure at your investment firm. Active management does not come for free if you aren't DIYing it. At the balance levels you are mentioning, I wouldn't think there is much value add to engaging in adding a new layer of fees through an active investor. Personally I would just put the accounts in a growth oriented fund (probably the S&amp;P 500 index) and let it roll. </p> <p>FWIW, the account maintenance fees you are mentioning are fairly standard, I would guess you have the funds at a broker like Raymond James. I believe Fidelity and Schwab both have eliminated their account maintenance fees, so that might be a consideration if you are looking to streamline things. </p> https://boards.hellobee.com/topic/finance-bees-need-help-with-401kira-question#post-2782919 Mon, 30 Oct 2017 09:21:07 +0000 sunny 2782919@https://boards.hellobee.com/ <p>@snowjewelz: ouch those are steep fees! Where are your accounts? Can you move them to somewhere fee-free? </p> <p>My personal philosophy is to use index funds. I have my accounts at Fidelity and they don’t charge me anything except a trading fee for stocks or expense ratio for funds. I pick low expense funds so my fees are minimized. If you are uncertain of WHAT fund to pick, a Target date retirement fund is usually a safe bet for most financial situations (with the caveat that IANAFA).</p> <p>Btw- if you really like the idea of running your plans by a real live person or getting their input, you can certainly do this with Fidelity. I don’t believe there is any min portfolio size. I believe the people they have advising clients have the appropriate designations like CFP, etc. I did this once and it was free with no pressure or expectation to buy anything. </p> https://boards.hellobee.com/topic/finance-bees-need-help-with-401kira-question#post-2782913 Mon, 30 Oct 2017 08:53:41 +0000 snowjewelz 2782913@https://boards.hellobee.com/ <p>@looch: It's definitely invested in funds. I'm gathering so far that the inherited account charges $20 quarterly, and the other one $40 but I still have to dig to see if that's annual or not. </p> https://boards.hellobee.com/topic/finance-bees-need-help-with-401kira-question#post-2782912 Mon, 30 Oct 2017 08:52:47 +0000 snowjewelz 2782912@https://boards.hellobee.com/ <p>@sunny: Well, there wasn't a plan with these two accounts... Both were from before we met/got married. So there has never been any change. I'm not sure if there is active management with them either. I'm really just wondering if it's fine to leave them, or easier to move them to my firm to just keep track of all our accounts better in one place. I totally see what you mean by "if nothing's broken, don't change it" too. That's why I'm not sure what to do! </p> https://boards.hellobee.com/topic/finance-bees-need-help-with-401kira-question#post-2782719 Sat, 28 Oct 2017 08:42:20 +0000 looch 2782719@https://boards.hellobee.com/ <p>For $10k, i would think it's probably fine in a fund, it doesn't need to be actively managed. Whatever you earn in returns is going to be eaten up by the fees.</p> <p>Can you at least determine if it's invested, or is it in cash or stock? </p> https://boards.hellobee.com/topic/finance-bees-need-help-with-401kira-question#post-2782696 Sat, 28 Oct 2017 00:13:24 +0000 sunny 2782696@https://boards.hellobee.com/ <p>@snowjewelz: I would just be wary of the fees charged by management. Personally, I don’t think it’s necessary to constantly change things around with investments. Once you’ve put together a plan, you just execute on it. Therefore, paying a firm a yearly % of assets is very painful to me because I’m not seeing them add value year over year. But I’m not a financial professional, just a semi knowledgeable enthusiast. </p> https://boards.hellobee.com/topic/finance-bees-need-help-with-401kira-question#post-2782649 Fri, 27 Oct 2017 14:09:59 +0000 snowjewelz 2782649@https://boards.hellobee.com/ <p>@sunny: Good question... I highly doubt the inherited account is being managed, while his other account might be so I have to look into how the fees differ. Management as I have it right now is re-investing and changing funds, etc based on my risk nature, and bi-annual calls to review retirement goals, changes to lifestyle/income, etc. </p> https://boards.hellobee.com/topic/finance-bees-need-help-with-401kira-question#post-2782448 Thu, 26 Oct 2017 23:44:20 +0000 sunny 2782448@https://boards.hellobee.com/ <p>“The advantage of moving them to my firm is that the 10k account will have someone managing it.”</p> <p>I feel like this^ is an assumption that needs to be challenged. Why do you need someone managing it and why do you feel that would add value? What can they do that you cannot do on your own? How are you going to make them earn their fee? </p> https://boards.hellobee.com/topic/finance-bees-need-help-with-401kira-question#post-2782405 Thu, 26 Oct 2017 19:28:09 +0000 snowjewelz 2782405@https://boards.hellobee.com/ <p>@LBee: I mean they are earning money even with no further contributions.... I have to look into how much their processing fees are! </p> https://boards.hellobee.com/topic/finance-bees-need-help-with-401kira-question#post-2782300 Thu, 26 Oct 2017 13:36:40 +0000 LBee 2782300@https://boards.hellobee.com/ <p>You cannot merge the two accounts as one is inherited. I see no issue with consolidation to one firm, but I would carefully consider with those balance accounts the kind of fee structure you will be entering. If the accounts are performing well, I'd be hesitant to add a layer of fees. </p> https://boards.hellobee.com/topic/finance-bees-need-help-with-401kira-question#post-2782270 Thu, 26 Oct 2017 12:52:03 +0000 birdofafeather 2782270@https://boards.hellobee.com/ <p>i would also try to roll them together if they're both 401Ks. </p> https://boards.hellobee.com/topic/finance-bees-need-help-with-401kira-question#post-2782264 Thu, 26 Oct 2017 12:46:29 +0000 2PeasinaPod 2782264@https://boards.hellobee.com/ <p>Can't you roll both into a single IRA? Or are they different types of accounts? </p> https://boards.hellobee.com/topic/finance-bees-need-help-with-401kira-question#post-2782263 Thu, 26 Oct 2017 12:46:28 +0000 kiddosc 2782263@https://boards.hellobee.com/ <p>Can you not combine them when you move them? </p> https://boards.hellobee.com/topic/finance-bees-need-help-with-401kira-question#post-2782259 Thu, 26 Oct 2017 12:43:32 +0000 snowjewelz 2782259@https://boards.hellobee.com/ <p>DH has two accounts from his past that I am intending to have him roll both to the financial firm I'm with for the sake of easier tracking I guess. </p> <p>1) Old employer's 401k, has 5k in it<br /> 2) Inherited 401k, has just under 10k in it</p> <p>The advantage of moving them to my firm is that the 10k account will have someone managing it. The one with 5k in it will be in have passive managing since the amount is so small. Is it worth it to do for the convenience &amp; management purposes? I always feel like we'd forget about that money that's in two separate places.... </p>