Brokerage firm accounts
I am 63 years old, 8 years in to a 30 year mortgage, owing $466,000 @ 2.99%. The house is worth $1.5 million. We plan to downsize in 3-5 years when the kids finish college and get jobs.
I have the following accounts at Edward Jones:
Roth: $28,000
Old 401K’s now in “guided solutions” funds: $538,000
Spouses SEP: $115,000
I just received $75,000 on the sale of a deceased parents home. As much as I want to recast my mortgage to bring down my $3500 / month payments, is that a dumb move? Or should I put this money in the Roth or mutual fund accounts? Can I even put that much in a Roth at once?
Financial planning is foreign to me and my agent (other than one call a year where he says “everything looks good, I wouldn’t change anything”) isn’t forthcoming with suggestions.
Terry Says
OK, first do NOT pay off that wonderful mortgage. At that low rate, it’s a gift!
Second, I can’t possibly do a financial plan for you — even with all the info listed above. BUT, I CAN direct you to a fee-only FIDUCIARY planner who is not trying to sell you anything!
Please click on this link and watch the video. Wealthramp will connect you to a choice of trusted financial planners that can help you with all those decisions.
