Page 2 - Allisons Newsletter, Lakewood Edge - JUly 2019 Issue

planning ahead
YOUR MONEY

THE JOURNEY:

LAKEWOOD

REAL ESTATE EDGE OVERCONFIDENCE LEADS TO
Publisher
Allison Van Wig MISTAKES IN RETIREMENT PLANNING
CA DRE #00985700

by Janet Kidd Stewart overconfidence. EBRI and Greenwald needlessly volatile or so conservative Most 401k plans allow retirees to
Part of the problem is can make a pot of savings either what your old employer charges.
A households, four in 10 have disconnect between workers’ overall Lottery winners and retirees often few have easy-to-use mechanisms
55-plus
working & Associates found a troubling that it gets eaten by inflation.
leave assets in the plans, though
mong
saved at least a quarter- level of savings and their confidence are thrust into a risk profile very for drawing regular income. Some
4435 E Village Rd million dollars for retirement, in a secure retirement. different from what they’ve had in charge based on a percentage of
Long Beach, CA 90808 according to a long-running The Retirement Confidence the past, so they are particularly assets they manage, while others offer
retirement confidence survey. Survey found 67 percent of workers vulnerable to errors here. Workers flat fees. Know both what you’re
562-882-1581 Is that enough to maintain their feel confident they have enough who spent their careers stuffing paying and what you are getting for
Allison@superbroker.com lifestyle in retirement? It’s difficult resources to retire comfortably, yet contributions into a target-date fund the money.
www.SuperBroker.com
to say without knowing the full a relative few have spent much time without thinking much about how
range of assets and matching them creating formal financial plans and the allocation was changing could be FAILING FIDUCIARY
to former income. many have not saved enough. Strong particularly unprepared. The trick is By now the term fiduciary has
However, this top group in the stock market gains and economic to understand this and ask questions become fairly widely known, but
Employee Benefit Research Institute growth likely drove the confidence about how any investment manager this is still a tricky area. Fee-only
survey does have enough to attract numbers, officials said. arrived at the risk profile being financial advisers tout their pledge
the attention of unscrupulous Combining overconfidence with recommended. to put the interests of customers
advisers and salespeople, says a a six-figure 401(k) plan leaves a lot of ahead of their own. You can get these
veteran advocate for fraud victims. vulnerable near-retirees, Stoltmann PAYING TOO MUCH advisers to sign a fiduciary pledge
Attorney Andrew Stoltmann, who said. Both types of investors hear lots and investigate their track record,
6425 Busch Blvd.,
Columbus, OH 43229 says he represents lottery winners, “Early mistakes can doom a of pitches for financial services, but that doesn’t mean they are free
877.872.3080 finds a lot of similarities between the lottery winner or a retiree in much sometimes without knowing how to from future temptations toward
www.DiscoverPubs.com
lucky few and the masses of near and the same way,” he said. Here are a compare them. fraud. And digging deeper, are they
Sudoku, Scrabble, Crossword new retirees getting ready to roll over few of the most common mistakes Drill down on the cost of truly providing usable tax advice?
and articles distributed by their 401(k) savings on their own. that Stoltmann sees: investing (expense ratios of mutual Using a robust withdrawal strategy?
Tribune News Services and
Brandpoint where noted. “The parade of ‘horribles’ around funds and ETFs, for example) and In short, earning their fee? n
© Copyright 2019 by lottery winners, professional athletes MISSING THE RISK TARGET then ask how the firm charges for
Discover Publications, Inc. and rollovers are legendary,” said Misjudging how conservative advice. Compare the total fees your ©2019 Distributed by
All rights reserved. Tribune Content Agency, LLC
Stoltmann. or aggressive to make the portfolio prospective adviser will charge with
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