Fee for financial advisor

[happygirl]

We have some old 401k's that need to be consolidated, but nothing substantial (total probably around 20-25k) and since I won't be working outside the home next year, we're thinking of opening an IRA for me. We were thinking of rolling DH's old 401k's into an IRA for him, but I wonder if it makes more sense to roll it into his current 401k. Is that even possible?

Ugh, the more I try to understand all of this, the more questions I come up with!

[Scanner]

Well, as someone noted, you can call representatives at T.Rowe Price, Vanguard, Fidelty, etc. and get very good free advice on rollovers, etc.

Won't they won't do (and shouldn't) is kind of assess your "risk tolerance" and choose mutual funds/ETF's for you based on that. Sometimes, that is a nice judgment you get from a financial advisor.

Like if you were consulting with me (I am not a financial advisor), I may say, "Well, happygirl, you actually seem kinda conservative, typical female. . .don't want to take too much market risk. . .I would put you in Vanguard Wellsely (60% bonds, 40% stocks)" whereas a rep. at Vanguard may put you in a Target fund that is 80% stocks, based on kind of a "default" scenario.

Come a bear market. . .the Target fund would drop more and you'd be complaining.

Again, we can kind of all take you "under our wing" and assess your "risk tolerance" or you can have any number of pros vying for your business do it.

What DisneySteve is rightfully concerned about is that the financial industry is very "sales" oriented, instead of customer oriented. THey hide fees all over the place and incentivize advisors (nothing more than salesmen) to push the product they are in bed with.

I am not trying to scare you but in a way I am because, damn, as a good friend here tells me - "It's your money." Your retirement money is nothing you want to fiddle around with and have people "skimming" off the top.

IF I/we can help any more, just ask.

[Scanner]

BTW, another good resource, and one often overlooked is a CPA. They can give you advice on rollovers and conversions of IRA's and 401(k)'s come tax time.

And they function independently.