"Is it better to delay and get fewer years of higher income, or start early and get more years of lower income?" First, make sure you understand how Social Security benefits are calculated. Next estimate your expected longevity with a couple online calculators. Are you better off claiming benefits on your own record or your spouse's (or ex-spouse's) earnings history? Bradford M. Pine explains: "Every year you delay taking benefits 'earns' you 8% in additional Social Security income in the future."
http://www.kiplinger.com/article/retirement/T051-C032-S014-social-security-delay-or-hit-go.html
Also, read: How well do you know Social Security? http://www.kiplinger.com/quiz/retirement/T051-S001-how-well-do-you-know-social-security/index.html
Every investment product has some sort of investment management cost associated with it – even so-called “no load” mutual funds inside retirement plans. These management fees vary widely and can range from a few basis points (fractions of a percent) to nearly 2 percent per year. This management fee is deducted from your account’s return every year. You don’t see it, but you do pay it by a reduction in return.
ReplyDeleteWhen Trilogy Wealth Advisors manages money for a fee based on the asset value, we use low-cost index funds called Exchange Traded Funds or ETFs. These are very low cost index funds that have internal management fees ranging from as low as 0.09% to 0.60%. The average cost is about 0.30%. When we add our fee for managing qualified retirement plan money, the total cost is often very competitive when compared to the rate currently paid inside a typical 401k plan.
We feel that the value of our full financial planning and investment advice is a valuable and worthwhile option – especially when you can get it for a price similar to what you now pay to self-direct your 401k. Why not get professional help with the investment that, next to your home, is probably the largest financial asset you own?
Retirement planning Bryan Ohio