No one need place themselves in a “Blanche DuBois Scenario.” Each has the ability, no matter their station in life, to seize control over their own destiny. This applies to retirement as much as anything else. This article offers five specific ideas each to three typical age groups trying to protect themselves against the potential loss of Social Security benefits.
Tag "Child IRA"
Think about it. Newborn babies keep their parents up all night. Knowing your adult child has a sizeable nest egg means being able to sleep soundly. And chances are you’ll spend your waking hours with less stress, too. Teaching your children to save early for retirement can achieve this healthy (and wealthy) goal. There’s no reason why financial professionals should be the only parents who know this little secret.
A family that plays together, saves together. Establishing a Child IRA benefits the next generation. Given its tremendous power, the Child IRA remains one of the most under-appreciated retirement savings tools available. In the remaining chapters, we’ll present a virtual “how-to” manual that shows how different groups of people can implement and enjoy the advantages of the IRA.
I am behind any idea that puts savings on autopilot and takes a lot of thought out of it. Take for example every time we get a raise in our salary. We should automatically have our savings contributions adjust accordingly when that happens.
“Casting a wider investment net on asset classes and alternative strategies, especially those that are designed to reduce risk, as increasing a sponsor’s fiduciary liability. That seems to be the misnomer, that the term ‘alternatives’ assimilates to higher risk or higher cost investments.”
But, as the cliché goes, “What about the children?” Arguably, it is minor children who have the best (and easiest) opportunity to shield themselves from a retirement crisis. They have the advantage of time (to maximize the benefits of compound interest).
State-run wrongs, advice vs. sales, and the consequences of fee compression.
“We have reached a watershed moment for retirement planning and saving.”
“As for as the pre-release discussion of the Trump tax plan, I would just ignore it. It’s short on details, which raises too many questions.”
FiduciaryNews.com Trending Topics for ERISA Plan Sponsors: Week Ending 2/16/18
States muscle in on Fiduciary Rule, SEC (finally) goes after 12b-1 fees, and lessons from the correction.