Hi all, my wife and I are in our late 40s with our retirement accounts spread out in quite a few accounts. Most are in TDF (2040), so I'm guessing there's a lot of overlap in our portfolio.
We are self employed. On a good year our AGI is around $200k, and the past few years we've been able to boost our retirement accounts by adding ~$60k total to our solo 401(k). Our hope is to continue making $200k for 5-10 years at which point our kids will be grown and on their own.
I hope to semi-retire around age 55 (2030), we are targeting to hit $1.5m+ in our retirement accounts over the next 7-10 years through growth and contributions. Even in retirement, we expect to have some decent earnings while we continue to run our business on a smaller scale.
We expect to live off $60k per year in retirement. We have a rental on our property that should clear $2k/month in cashflow over the long term. Social security will kick in eventually, but we don't really count on that as part of our retirement plan.
Home value is ~$750k, we owe about $60k.
Should we consolidate our accounts? I think it would be great to have everything in one place where I could manage everything easily. What is the best way to consolidate? We would probably leave the TSP where it is, but the rest we are open to moving.
Thanks in advance for any advice! :)
Husband accounts (~$375k)
- $70,000.00 Roth IRA - Betterment
- $96,000.00 Traditional IRA - Betterment
- $125,000.00 Traditional Solo 401(k) - Vanguard
- $79,000.00 Traditional Solo 401(k) - Vanguard
- $3,500.00 Trad IRA Brokerage Account - Vanguard
Wife accounts (~$230k)
- $17,000.00 Roth IRA - Betterment
- $10,000.00 Traditional IRA - Betterment
- $26,000.00 Traditional IRA - T Rowe Price
- $53,000.00 Roth IRA - Vanguard
- $92,000.00 Traditional Solo 401(k) - Vanguard
- $4,000.00 Trad IRA Brokerage Account - Vanguard
- $28,000.00 Federal retirement plan - TSP
original posted by kaleidoscopegrope to r/personalfinance on Wed, 28 Feb 2024 20:01:54 GMT.