[kingofbeer]

Originally Posted by BuyckCabin

I'm currently 50. Planning to retire in 7 years. Been reading and learning and researching a lot and despite my plans, there is one thing that still nags at me. I have Ameriprise managing my funds but the fees gnaw at me mentally, and financially.

I'm seriously considering shifting all my funds to my Fidelity accounts and managing them mostly by myself. That I think I feel comfortable with. It's the tax management that I'm not so comfortable with or at least don't fully understand how to optimize.

I currently have custodial accounts for my boys with Fidelity with FSKAX and FTIHX as the investments.

I am thinking of following the Bogglehead method, however I am close to retiring, not 30 years away. I have been maxing out my 401K and maximizing my employer match for years. Maxing out my ROTH and my wife's ROTH for years. Plus putting any extra in a Private Brokerage account (this year) with Fidelity with FSKAX and FTIHX as the investments.

Here is the real math. These are the Ameriprise numbers. My wife and I have $130,776 in Personal Brokerage Accounts (mine is $57,611). We have $276,748 in Trad IRA ($235,226 is mine). We have $46,627 in ROTH ($30,978 is mine). Grand total of around $454,000 today.

On top of that I have $62,000 in the current 401k. She has about $10,000 in her 401k. We make around $200,000 a year (give or take depending on my OT). We owe 72,000 on the house (will be paid off in 7 years).

I max out my 401k to the tune of $32,500 this year. My employer match is around $6,000-$6500 this year. She puts in about $13,000 a year into hers. We need the tax breaks.

I max out her ROTH and my ROTH each year. Then I put as much as I can away in a Personal Brokerage Account and whatnot (about $10,000 this year). Our Emergency Fund is fully funded ($30,000).

Hence why I say "I am" planning to retire in 7 years at 57. She'll still be working. We are each "expected" to contribute 1/2 the monthly expenses to the household (that's always been our arrangement). The rest of each person's money is there's to do with as they please. I've been carrying the health insurance burden for the entirety of our relationship. So I can either be on her plan or go on MNSure which isn't so bad.

I plan to take SS at 62. I don't care about the reduction; I have a life to live. My estimated SS check at 62 will be around $2900+ based on corrected calculations including me making minimum of 100K for the next 7 years.

We will be selling the FL house and moving back to MN where taxes will be much cheaper, and cost of living will be cheaper, and quality of life will be drastically better. The proceeds from the sale of the house here will pay cash for the MN house.

So, that brings us back to the original question of transferring all our assets out of Ameriprise to Fidelity. Or leave them as is and simply put all future savings into Fidelity. Or trial the Fidelity thing for a year and see how it goes before moving Ameriprise funds.

Is managing all that by yourself feasible?

Leave Ameriprise due to higher fees. Fidelity is a good choice. Ideally you would have well over 1 million in savings plus 401k. I don't see enough money in your 401k of $276,748 for retirement. I would suggest to keep on working until at least 62 and contribute to your 401k and roth to build up your retirement savings.