My wife and I are both 49 years old. We have about $400K we need to get working better for us and ASAP.
Additionally, my tax guy wants to offset a lot of income we made this year (shielding it from a big tax hit) by having me open "Defined Benefit Plan" for our small company (just me and my wife). It's self-directed in that once its up and running, I can invest those funds in whatever I want (stocks, bonds, EFT's, etc). The company he's worked with in the past is located in Phoenix - their initial setup fee is $3600+/- and then about $2200 +/- per year thereafter.
1 - Does Vanguard offer any such plan? Just trying to keep the fees as low as possible of course.
2 - Pros? Cons to these plans.
I unfortunately need to make this decision ASAP as it needs to get setup before end of year. Any help, advice, pitfalls to watch out for, or lower fee companies to consider would be most helpful. Thank you all. This is a great forum!
Scott
