I'm 38 and have about $50k or so spread across three retirement
accounts: a Vanguard Target Retirement 2045 fund, a Fidelity Freedom
Fund 2040, and some misc holdings in Morgan Stanley. I'd like to merge
them all into either the Vanguard or the Fidelity fund, but I'm not
sure which one to choose.

The Vanguard fund has a lower expense ratio, and I like the tools on
its website, but it also has a $25 annual fee. The Fidelity fund has
no fees, and it also has a slightly higher percentage of foreign
investments. Other than that, I'm not really sure how to choose one
over the other.

On the other hand, maybe it's not necessary to merge them all? Or is
there a better option?

Ideally, I'd like to set up my own portfolio -- preferably one with a
lot of risk, because I'm way behind in my retirement savings. I'm just
really having trouble finding the time to research and monitor
everything, despite my interest in learning and participating actively
in investing; hence, I figured one of the targeted retirement funds
would be a good choice.

Thanks for any help.

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