EP67 – Advisor put me in 28 mutual funds within my 401K; Should I use a 401K loan to pay off $13,000 of credit card debt

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Full episode of your questions covering everything from taking out 401K loans to managing your 401K to paying off debt. If you have a question for us just email to and we will address it on a future episode. On this episode:

  1. I can’t remember what Podcast you spoke about, but we are consolidating all of my late sister’s retirements.  The finance guy is charging us 1.7% a month. 1% to him and another .7% to maybe other fees?  Is this the going rate? Want to make sure I am not screwed.
  2. Moving a 28 fund managed 401k to where we manage it ourselves. Moving it to three funds in Fidelity. Fidelity 500 Index, an international index, and a bond fund. My husband is 64. We won’t be pulling any money out until the required RMDs. Asking for advice. In your opinion, is 60 percent index funds (very little in international) and 40 percent bonds too risky at age 64? What would you do at age 64? Will be 65 in January. We are retired. Then each year we will rebalance.
  3. If my company doesn’t match 401k should I still be in it or should the entire 15 percent go into Roth IRA?
  4. When is it ok to leave your 401k with a former employer? I like my investment options there.
  5. I have $28,000 sitting in Fidelity not making me any money. What would be a good fund to invest in there? I asked about Harbor Capital HACAX but they said it must be a $50,000 investment.
  6. I am 22 years old that recently started a new job with a salary of 80k. Employer matches my contribution 4% at 100% and then 4% at 50%. I have 10k in student loans which I want to pay off as soon as possible. I am fortunate enough that I am currently living with my parents and only have small monthly spending I am responsible for.
  7. My wife’s car loan is about $10k. We have $33k in cash, $20k is an emergency fund which for us is about 4 months of expenses. The interest rate on the car loan is 4.6%. Should we just take $10k and pay it off? Or make accelerated payments over these next few months? We save 46% of our income, roughly $3700. So we could pay it off over 3 months, completely.
  8. Smart or not smart? Racked up about $13,000 in cc debt and now I’m looking to pay that off. My employer offers 401k loan for $50 fee and at 4.25% on 5-year payback.

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