Synopsis: I left my full-time job 2 years ago at age 55. My husband, now 55, is still working full time. My ex-employer used TIAA-CREF for employees' retirement accounts, and I left my retirement savings with them. Husband's retirement savings are with Vanguard, and we have some taxable accounts and IRAs with Vanguard as well. Because I still have the TIAA-CREF account, we were able to have a financial advisor look over our entire picture and give us some allocation and planning advice at no charge.
So now we have some nicely printed charts and tables and the results of their Monte Carlo projections, which basically tell us we are pretty well set up to finance our lives to age 95 and beyond. This was based on husband working at his current job for a couple more years and included drawing SS when we're eligible. The only changes suggested were to make some small allocation adjustments (to slightly more conservative investments).
I knew there would be sales pitch for them to manage our money, and there was. The fee would be between .07 and .085% per year, which translates into less than $10k per year for the amount they would be managing (i.e., they wouldn't actively manage all assets, from my understanding -- we had only a brief conversation about it at the end of our consult, so I may be wrong about that). We told the guy we'd think it over.
So my question is: is this worth it? Also: would it be insane to move all of our Vanguard investments to TIAA-CREF? The fees for the latter are of course higher. Or (my gut feeling) would it be better to continue as we've been doing, and perhaps following the suggestions for reallocation, with yearly check-ins (for no extra charge)?
I was thinking before of moving my retirement money to Vanguard, but perhaps availing ourselves of the included services might make keeping it where it is worthwhile. Husband has about double what I have, so that's approximately 1/3 of our assets.
I appreciate any thoughts on this. I am reasonably intelligent (and of course frugal!) but not super educated about investing and finances, and husband is the same.