Wednesday, October 1, 2014
Retirement Gamble: How Fees are Killing Your Savings
http://finance.yahoo.com/blogs/daily-ticker/retirement-gamble-fees-killing-savings-155036217.html. DUE 6 OCT 2014. What are the biggest threats to retirement income? What does John Bogle say about how much the average investor loses on retirement plans? What is a fiduciary? Are most financial planners fiduciaries?
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In the next sixteen years, 8,000 current baby boomers will begin to stop working, leaving them with the challenge of living on social security and whatever money they saved over the years. One of the biggest threats to retirement income is that people do not have enough money in the first place; therefore, they are unable to save any money. It was reported that in the United States alone, about 57 percent of people only have about $25,000 saved for retirement (does not include their home investment). Another issue on the rise is the fact that people are required to pay high-priced fees on mutual funds for retirement. The more money people have to pay for fees, the less they are going to have to actually save. According to Robert Hiltonsmith, the average American will “lose $155,000 in fees, or 30% of what they would have otherwise saved, to money managers of their 401(k) funds.”Former CEO of The Vanguard Group, John Bogle, said that mutual funds for retirement that charge a two-percent fee will wipe out two-thirds of a retirement fund throughout the next 50 years. According to dictionary.com, a fiduciary is someone to whom property or power is entrusted for the benefit of another. Correspondent of “The Retirement Gamble, Martin Smith, said that 85 percent of financial planners are not fiduciaries. He said that they are not fiduciaries because they put themselves before their clients.
ReplyDeleteIt is said that 33 percent of Americans have not saved any retirement money. Fifty percent of seniors don't have enough money to save This is detrimental because over the next decade, 8000 seniors will start retirement. The average fees that seniors receive add up to six figures. The economist Robert Hiltonsmith found that the American household will lose 30 percent of what they could save. John Bogle, founder of The Vanguard Group says that the average investor loses two-thirds on retirement plans. According to investopedia.com a fiduciary is a person who legally appointed to hold assets in trust for another person. The fiduciary manages the assets for the benefit of the other instead of themselves.. Most financial planners unlike fiduciaries do not put their clients' needs before themselves, and even receive a kickback from the funds in which they invested their clients' money. Bogle suggests that you do not expect to successfully time the market, understand the fees associated with your mutual funds, and even use a fiduciary investment advisor or trustee.
ReplyDeleteBased off this article about 57% of U.S. workers have less than $25,000 in savings and investments excluding their homes. People are already threatened before even retiring. They have no income and an infeasible plan on saving. Also economist calculated that the average American household will lose $155,000 in fees, of what they would have otherwise saved, to money managers of their 401(k) funds. A reason for this is because money managers are for the most part frauds. John Bogle states that the average investor loses two-thirds of their retirement fund over 50 years. A fiduciary basically means involving trust between two parties. But in this case it means a person legally appointed and authorized to hold assets in trust for another person. Most financial planners are not fiduciaries they put their own paycheck before yours. According to the article 85% are not fiduciaries. - SAM MOHAMMED
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ReplyDeleteOver the next sixteen years, 8,000 current baby boomers will stop working. This will lead to to those people living off of social security and whatever other money they have saved over the years. The biggest threat to retirement income is people don't have enough to money to sustain a livable and comfortable life. Because of this, they are unable to save money. In the U.S. alone, 57% of people have only have about $25,000 saved, and that doesn't include their home investment. The other thing is that people are starting to have to pay expensive fees to buy mutual funds for their retirement. Since all of these fees are on the rise, people won't actually have enough money to save for their retirement, because these fees are getting in the way. Robert Hiltonsmith said that the average American will "lose $155,000 in fees, or 30% of what they would have otherwise saved, to money managers of their 401(k) funds." Then, Robert Bogle, former CEO of the Vanguard Group said that mutual funds that charge a 2% fee will wipe out two-thirds of a retirement fund throughout the next 50 years. A fiduciary is a relationship based on trust with a trustee and a beneficiary. Martin Smith, correspondent for "The Retirement Gamble," stated that 85% of financial planners are not fiduciaries because they put themselves over their clients.
In the course of the next sixteen years 8,000 current baby boomers will stop working. It will lead to those people to struggle living off of social security and whatever other money they have stored and saved somewhere. They would have to live off of money they had saved over the years, and the money they started to put aside when they were working. According to Martin Smith he said that one third of the American's during the baby boom haven't saved anything for their retirement and one half said they did not have enough to save for their retirement. It was said that about 57% of the US workers have less than $25,000.00 in savings and investment without their homes, this was according to the Employee Benefit Research Institute. Another problem that the baby boomers are facing is that they have to pay their high fees in mutual funds charge to invest their retirement savings. Robert Hiltonsmith said that the average American "will lose $155,000 in fees, or 30% of what they would have otherwise saved, to money managers of their 401(k) funds." Then John Bogle, former CEO of the Vanguard Group said that "a fund charging 2% in fees will wipe out two-thirds of a retirement fund over 50 years." A fiduciary is a legal or ethical relationship of trust between two or more parties. Typically, a fiduciary prudently takes care of money for another person. Martin Smith said that "Eighty-five percent of financial planners are not fiduciaries." Which means that they put themselves before they put their clients.
ReplyDeleteThe biggest threat to retirement income is that one-third of Americans haven't saved anything at all for retirement, and one-half say they don't have enough money to save. John Bogle says that a fund charging 2% in fees will wipe out two-thirds of a retirement fund over 50 years. Fiduciary means that the people do not put their clients interests ahead of their own, and math even earn a kickback from the funds in which they invest their clients' money. 85% of financial planners are not fiduciaries, so only 15% of financial planners are fiduciary.
ReplyDeleteover the next sixteen years 8,000 current baby boomers will stop working.It will lead to those people to struggle living off of social security and other money they have stored and saved over the years.One of the biggest threats to retirement income is that people do not have enough money to begin with; so, they are unable to save any money.It is said that in the U.S. by itself, they're about 57% of people that have less than $25,000 saved for retirement. Another problem that the baby boomers are facing is that they have to pay their high fees in mutual funds and to charge to invest their retirement savings. The more money people have to pay for fees, the less they are going to have for their savings. According to Robert Hiltonsmith, the average American will lose $155,000 in fees, or 30% of what they would have saved, to money managers of their 401(k) funds. John Bogle, the former CEO of the Vanguard Group said that a fund charging 2% in fees will wipe out two-thirds of a retirement fund over the next 50 years. A fiduciary is involving trust, especially with regard to the relationship between a trustee and a beneficiary. Martin Smith said that 88% percent of financial planners are not fiduciaries. He said this because they put themselves before their clients.
ReplyDeleteAccording to the article, over the next 16 years about 8,000 baby boomers will leave the workforce each day. The retirees are now going to rely on their savings along with their social security to live their life. These people would assume that it would be a breeze to live under these circumstances, although, for many it will not be easy. There are many threats to retirement income. One of the biggest and main threats is that people are not saving enough money from the start. How is one supposed to depend on their savings if they haven't been saving? According to Martin Smith, “One-third of American’s haven’t saved anything at all for retirement, and one-half say they don’t have enough money to save." According to the Employee Benefit Research institute, about 57% of United States workers have less than $25,000 in savings and investments excluding their homes. Another issue that has been brought to attention is that people must pay high priced fees on mutual funds that are for retirement. According to Robert Hiltonsmith, The economist calculated that the average American household will lose $155,000 in fees, or 30% of what they would have otherwise saved, to money managers of their 401(k) funds. John Bogle tells Smith that a fund charging 2% in fees will wipe out two-thirds of a retirement fund over 50 years. Smith was skeptical and did his own calculation, but found that Bogle was correct. According to investopedia.com, the definition of a fiduciary is, "A person legally appointed and authorized to hold assets in trust for another person. The fiduciary manages the assets for the benefit of the other person rather than for his or her own profit." It also can mean, "A loan made on trust rather than against some security or asset." “Eighty-five percent of financial planners are not fiduciaries,” says Smith. This means that they don't put the clients' interest before their own and they don't earn a kickback from the funds invested in their clients' money.
ReplyDeleteAs stated in the article over the next sixteen years about eight thousand baby boomers will leave the workforce each day. Most Americans haven't even started up saving for retirement and most don't even have the money to save. Not saving isn't the only problem there is also all the fees that come along that one must pay. Many mutual funds charge to invest their retirement savings. John Bogle tells us that a fund charging 2% in fees will whip out two thirds of a retirement fund over 50 years. fiduciary means they do put their clients’ interests ahead of their own. Most fnancial planners are not fiduciaries they may even earn a kickback from the funds in which they invest their clients’ money.
ReplyDeleteOver the next sixteen years 8,000 current baby boomers will stop working.It will lead to those people to struggle living off of social security and other money they have stored and saved over the years.One of the biggest threats to retirement income is that people do not have enough money to begin with; so, they are unable to save any money.In the U.S. alone, 57% of people have only have about $25,000 saved, and that doesn't include their home investment.Another problem that the baby boomers are facing is that they have to pay their high fees in mutual funds charge to invest their retirement savings. A fiduciary basically means involving trust between two parties. But in this case it means a person legally appointed and authorized to hold assets in trust for another person.Most financial planners are not fiduciaries they may even earn a kickback from the funds in which they invest their clients’ money.
ReplyDeleteThis is the time when a majority of the baby boomers will retire and. It is reported that over the next sixteen years, about eight thousand of them will stop working each day. The biggest threat to retirement income is that many haven’t saved up enough to be set for retirement, so they will be heavily reliant on whatever they do have saved and social security. The problem is not that they don’t want to put money aside for later in their life, it’s that they don’t have enough money to save for retirement and to live off of. If more than half of American workers have less than $25,000 in savings and investments, they won’t have much to put aside for when they stop working; especially since the cost of living is increasing each day. Another problem that they face is that they have to pay high fees mutual funds charge to invest their retirement savings. Though mutual funds change an average fee of 1.3%, it adds up over the years, which is averaged to about 30% of what an American household’s savings will be lost. John Bogle says that a mutual fund charging a 2% fee will eliminate roughly 67% of the saving you invest. A fiduciary is a financial planner that put their client’s interest ahead of their own, a trustee. You have to be careful because most of the financial planners out there are going to play you, they don’t care because in the end they are getting paid either way.
ReplyDeleteAccording to the article, one of the biggest threat to retirement is not saving enough. One-third of American’s haven’t saved anything at all for retirement, and one-half say they don’t have enough money to save. The next is the money that baby boomers and other savers forfeit to pay the high fees many mutual funds charge to invest their retirement savings. Mutual funds charge 1.3% annually and over the course of 50 years add up to six figures. John Bogle,the founder and former CEO of The Vanguard Group, said " a fund charging 2% in fees will wipe out two-thirds of a retirement fund over 50 years." A fiduciary is a person to whom property or power is entrusted for the benefit of another. Most financial planners are not fiduciaries, in fact 85% of them are not and as such ,they do not put their clients’ interests ahead of their own, and may even earn a kickback from the funds in which they invest their clients’ money.
ReplyDeleteOne of the biggest threats on retirement income is that the baby boomers are soon going to retire and they don't have enough money saved for their retirement to sustain them for the rest of their lives. Some don't even have money saved at all. There are several other expenses to be made like mortgages and car payments etc. Thus, they can't put much money aside for retirement when there are more urgent expenses to be made.. It was reported that in the United States alone, about 57 percent of people only have about $25,000 saved for retirement which is not very good considering all the expenses that will need to made by someone who is unemployed. The more money that the baby boomers are forced to spend, the less they have for retirement. As a result of these seniors not having money, they will be pushed to spend money that they don't have, putting them in debt that our generation will probably have to pay. A fiduciary is someone to whom property or power is entrusted for the benefit of another. Martin Smith stated that 85% of financial planners are not fiduciaries because they put themselves before their clients which does not fit the definition of a fiduciary.
ReplyDeleteWith the cost of living increasing every day, the biggest threats to retirement income is the increase in retirees, a result of the aging baby boomers. Many of the boomers had not mapped out a retirement plan and would now have insufficient funds to retire. This in addition to the charges paired with retirement with mutual funds can have a devastating impact on retirement funds. Once imagined to be a relaxing vacation, retirement has become a matter of serious day-to-day survival. John Bogle says that a mutual fund charging a 2% fee will eliminate roughly 67% of the saving you invest. A fiduciary is involving trust, especially with regard to the relationship between a trustee and a beneficiary. Most planners are not fiduciaries because they value they're own benefit and gain over that of the intended beneficiary. The more the economy fluctuates, the harder it is becoming to plan and save for retirement.
ReplyDeleteFor many Americans who are on road to retirement, their easy living will soon diminish and they will be struggling between debts and expenses that will affect their retirement income. It is estimated that over the period of 16 years, about 8,000 baby boomers will be retiring. According to Martin Smith, “One-third of American’s haven’t saved anything at all for retirement, and one-half say they don’t have enough money to save,”. These retirees will depend on savings and social security to live, but that isn't even enough to provide them a moderate lifestyle. Robert Hiltonsmith has calculated that about 30% of what Americans had saved up will be lost in fees for funds. So now not only will baby boomers be facing this hardship but they will also have to analyze and understand fees associated with mutual funds. Based on Smith's research, he recommends for boomers to choose index funds over mutual funds, because of the high cost and how it affects your savings. The less you save, the more it will affect you in the future. John Bogle explains that a fund charging 2% in fees will wipe out two-thirds of a retirement fund over 50 years. This is something to take in consideration, before you take your money and invest in a mutual fund. According to dictionary.com fiduciary is a person to whom property or power is entrusted for the benefit of another. Eighty-five percent of financial planners are not fiduciaries which means that they only have interest in their value, they don't put the clients' interest before their own and they don't earn a kickback from the funds invested in their clients' money. Many boomers stayed relaxed and don't actually organize their money or even think about these statistics until that moment in their life actual arrives. But reality hurts and it's better to be aware of what we will all have to confront later on in life.
ReplyDeleteIn the article, it states that 33% of Americans have not saved any retirement funds, and that in the next 16 years, 8,000 baby boomers will begin to stop working, leaving them to pay for their own social security and funds. One of the biggest threats to retirement income is that people do not have enough money to be able to sustain the lifestyle they’ll need to retire. Because of this, they don’t have enough money to save in order to live comfortably. In the United States, only 57% of people only have around $25,000 saved for their retirement. People are required to pay high prices in fees on their mutual funds for their retirement, and the more money they have to pay, the less they are able to save. According to Robert Hiltonsmith, the average American “will lose $155,000 in feed, or 30% of what they would have otherwise saved, to money managers of their 401(k) funds.” Robert Bogle, former CEO of the Vanguard Group said that a mutual fund charging a 2% fee would eliminate roughly 67% of the savings that you invest in. A fiduciary is a person to whom property or power is entrusted for the benefit of others. Martin Smith, the correspondent for “The Retirement Gamble”, stated that 85% of financial planners are not fiduciaries because they put themselves before their clients.
ReplyDeleteOver the next several years, resources on Earth would eventually run out as the human population continues to increase. This suggests that in the near future, the cost of living would be twice as much as of now, or even more. One of the biggest threats in the retirement income is that people won't have enough money to support the lifestyle that they would like to live in when they retired. Like Martin Smith mentioned, one-third of American’s haven’t saved anything at all for retirement, and one-half say they don’t have enough money to save, and only 57% of Americans only have around $25,000 on their retirement. You may say that's a lot of money however in truth it wouldn't even be enough to cover your rents, let alone other factors like trips, vacations, bills, supplies, etc. Robert Bogle tells Smith that a fund charging 2% in fees will wipe out two-thirds of a retirement fund over 50 years. A fiduciary is a trustee, whom power is entrusted for the benefits and well-beings of others. 85% of financial planners are not fiduciaries, meaning they do not put their clients’ interests ahead of their own and take care of their clients first before themselves, as "The Retirement Gamble" stated.
ReplyDeleteActively managed mutual funds charge an average 1.3% in fees annually. The economist calculated that the average American household will lose $155,000 in fees, or 30% of what they would have otherwise saved, to money managers of their 401(k) funds.Bogle tells Smith that a fund charging 2% in fees will wipe out two-thirds of a retirement fund over 50 years. “Eighty-five percent of financial planners are not fiduciaries,” says Smith, meaning they do not put their clients’ interests ahead of their own, and may even earn a kickback from the funds in which they invest their clients’ money.
ReplyDeleteAs I read this article, I was quite surprised at the information presented. It stated that investment plans such as mutual funds charge an average of 1.3% in fees each year. I really didn't see that as a huge deal, that is, until I saw that John Bogle said that charging just 2% in fees each year will wipe out two thirds of American's retirement within 50 years. THAT was a big wake up call. I also read that one third of Americans haven't saved for retirement at all. I hate to say it, but that one third is headed toward dying alone in a cold room.
ReplyDeleteA fiduciary is someone who is trusted to operate a client's money in a way that is most beneficial to the client. According to the article, a whopping 85% of financial planners are NOT fiduciaries. This poses a threat to our retirement because the financial planners who are taking care of our money do not seem to have our best interest in mind.
The biggest threats to retirement income for these nearly retired baby boomers are not saving enough money and not having enough money to save. However, this is not the largest threat for it has already been done. The largest threat is the fees being tacked on to the mutual funds that the money is building up in. John Bogle states that the fees are so high that investors are losing about 60% of what they should have invested in there. SIXTY PERCENT. A fiduciary is a financial planner who puts his/her clients before his/herself. 85% of financial planners are NOT fiduciaries making it harder for people to trust putting their hard earned money in someones hands.
ReplyDeleteFor over the next decade, about 8,000 baby boomers will leave the workforce and retire. One of the biggest threats to retirement income is simply the fact that these retirees haven’t saved for retirement or have not saved enough. A report stated that about 57% of workers have less than $25,000 in savings and investments. Also what is a major threat are fees and mutual funds that baby boomers have to pay annually. In a mutual find, there is an average of 1.3% fee annually, which can add up well into six figures; an economist calculated that an average household will lose about $155,000 in fees. John Bogle, CEO of The Vanguard Group, states that “a fund charging 2% in fees will wipe out two-thirds of a retirement fund over 50 years.” A fiduciary, being that a company does not put their clients’ interests before their own, may even earn a kickback from the funds which they invest their clients’ money. Smith states that “eighty-five percent of financial planners are not fiduciaries.”
ReplyDeleteThe biggest threat to retirement income is that many baby boomers will be struggling to live peacefully after retirement. This is result of many of them failing to save sufficiently. A few of them do not even make enough to save as they would want to . Also another factor that attributed to this is that mutual funds charge to invest their retirement savings. John Bogle states that a fund charging 2% in fees will wipe out two-thirds of a retirement fund over 50 years. Fiduciary involves trust, especially with regard to the relationship between a trustee and a beneficiary. According to Martin Smith, 85% of Financial planners are not fiduciaries. They do not put the clients best interest before theirs.
ReplyDeleteBaby boomers who once saw an easy and relaxing retirement are now facing struggling times, as they have not saved enough money to retire, or are being charged high fees for their mutual funds. The biggest threats to retirement income is the fact that these baby boomers do not have enough money to save to begin with, "one-third of American’s haven’t saved anything at all for retirement, and one-half say they don’t have enough money to save" and "about 57% of U.S. workers have less than $25,000 in savings and investments excluding their homes". John Bogle, the founder and former CEO of The Vanguard Group, claims that "a fund charging 2% in fees will wipe out two-thirds of a retirement funds over 50 years." A fiduciary is someone who puts their clients interest before their own. Eighty-five percent of financial planners are not fiduciaries, meaning there is more of a chance that they will take advantage of their clients. Martin Smith, a correspondent of "The Retirement Gamble", suggest that for retirement people should: choose index funds over actively managed funds, don't expect to successfully time the market, include index funds into your 401k plans, understand the fees associated with your mutual funds, and use a fiduciary advisor.
ReplyDeleteOver the next few years, thousands of baby boomers will retire each day. These retirees will depend on their saving and social security to live out their final years, but it will be more of a struggle than they anticipated. One of the biggest threats to retirement income is that retirees do not have enough money in savings or investments. About 57% of U.S. workers have less than $25,000.00 in investments and savings, excluding their homes. Another threat is the the high fees many mutual funds charge to invest their retirement savings. Over the course of the years the fees can add up to more than six figures. According to John Bogle, the average investor loses about two-thirds of their investment from a fund charging only 2% over a period of 50 years. A fiduciary is a person with the power to act on behalf of another in a situation that requires great trust. However, most financial planners are not fiduciaries, only about 15% are.
ReplyDeleteAccording to the article people who are planning on retiring are either not saving money or do not have to enough to even start saving, therefore making their retirement years less pleasant. Those who do save money have to pay 1.3% in annual fees which makes them lose money over the years. Due to those fees taken by retirement savings industry, the average investor will lose $155,000 which is about 30% of they amount they should have saved up. And if there is a 2% fee involved, about two-thirds of their investment will be gone. Fiduciaries are those who put their clients interests before their own. 85% of financial planners are not fiduciaries. They make decisions that will predominantly benefit them and not their clients.
ReplyDelete33% of Americans haven't saved anything for retirement, and 50% haven't saved enough. Bogle says over a span of 50 years the 2% charges in fees will wipe out at least 2/3 of a retirement fund. These fees are a big threat to retirement, plus the fact that a large majority of people can't afford retirement. Putting your client ahead of yourself is what it means to be a Fiduciary. Only 15% of financial planners are fiduciaries. Basically the generation of baby boomers will not only be too old to take care of themselves, but they also won't have the money.
ReplyDeleteThis article states that the people who are about to retire don't have enough money saved up. They were depending on social security and savings to help support them throughout their golden years, and now that's not even enough. The mutual funds that they invest in also take a good percentage of their money. The mutual funds charge an average of 1.3% of fees annually, which adds up over a long period of time, well in 6 figures. John Bogle estimates that the average investor will lose two-thirds of their retirement funds if they invest in a mutual fund charging 2 percent in fees. That's really ridiculous how the mutual funds people set you up for failure. Its basically just like throwing all the hard work that you've performed over the years out the window. If you have put in that much time as a working civilian,you should at least be able to retire without any issues. A fiduciary is a person who helps manage your money and puts their needs before yours. Most financial planners are fiduciaries because they just want to get paid, and your need some second.
ReplyDeleteIn the next 16 years it is estimated that about 8,000 baby boomers will leave the workforce each and everyday. A lot of them are facing many problems though. One of the problems that they will face is the lack of money they have due to them not saving enough during their lifetime. Also the fees of the 401(k) money managers are causing them to lose about a third of the money they did save. John Bogle says that a retirement fund that has a charging fee of 2% will wipe out 2/3 of a retirement fund over 50 years. A fiduciary are those who put their clients interest before their own. No most financial planners are not fiduciaries, only about 15%.
ReplyDeleteAs it states in this article, in the next 16 years 8,000 baby boomers leave the workforce everyday. These retired people will depend on savings and social security to live out their golden years in their lives ahead. but for many, these years will be a struggle than easy relaxing life that they looked forward to. Some of the biggest threats to retirement income is that one-third of Americans haven't saved nothing at all for retirement and one-half said that they don't have enough money saved up for retirement. John Bogle said that a fund charging 2% in fees will wipe out about two-thirds of a retirement fund in over 50 years. fiduciary means involving trust, especially with regard to the relationship between a trustee and a beneficiary, basically someone who helps manage your money. As it states in the article, Eighty-five percent of financial planners are not fiduciaries, meaning that they do not put their clients’ interests ahead of their own. So there aren't many trust worthy people to handle other people's money for retirement. Basically most of the baby boom generation of seniors won't have money for retirement and will be too old to take care of themselves.
ReplyDeleteThe biggest threat to retirement income is that the baby boomers did not save thier money for retirement. it says in the article that retired people will depend on savings and social security to live out the rest of their lives. however, as i stated earlier, most individuals did not save, thus they may struggle with their retirement and not be able to relax during their retirement. the people just don't have the money to live a relaxing, retired life, and some just don't have money for retirement at all. John Bogle explained that a fund charging 2% in fees will erase about 2/3 of retirement funds in 50 years. Fiduciary involves trust. Trust between the trustee and a beneficiary. 85% of Beneficiary, the people who help the trustee manage their money, are not fiduciaries. most of the time The beneficiaries do not put the client's interest above their own. this is sad. there are a lack of honest people to help you manage your money. Most of the baby boomer generation will have less money and will not be able to take care of themselves.
ReplyDelete.The biggest threats to retirement income first withdrawing to much from your savings with drawing from your savings to rapidly could put you in debt, secondly failing to positively invest into to growth meaning if you do not invest early the amount of interest dosnt matter thirdly , inflation meaning the cost of living goes up.What I gathered from Jhon boggle statement is that index investments are more profitable for baby bombers and that is be wise for employes to inquire of there employers index investments to be invested into there 401k.A fiduciary is involving trust especially in regards between a trusty and beneficiary. Yes most financial advisors are fiduciaries in some cases meaning that the client gives them the right to make financial decisions on there behalf.
ReplyDeleteThe biggest threat to retirement is that so much is taken from it. You think you are saving but fees associated with your account can remove up to 2/3 of the money. Bogle found this to be true. Fiduciaries can be trusted with their clients money. 85% of financial planners are not fiduciaries. It is too bad that even your savings are not always savings anymore. Those who hold your money make sure to make a profit. It is very hard to stay ahead in an economy that is unpredictable. The people that are responsible with their money cannot even save. It is being made impossible to be economically stable. We have to take chances and be smart!
ReplyDeleteAnley Friden
ReplyDeleteWhat are the biggest threats to retirement income? What does John Bogle say about how much the average investor loses on retirement plans? What is a fiduciary? Are most financial planners fiduciaries?
The biggest threats to retirement income is that instead of earning or making money, money is being taken away from you through fees. John Bogle discovered that the average investor loses about 2/3 of their money. A fiduciary is a trust given from one person to another. 15% of people are fiduciary owners.
When the baby boomers retire they will be living on savings and social security. 57% of the workers have less than $25,000 in their savings. Also many boomers forfeit to pay the high fees most mutual funds charge. John Bogle found out that fund charging 2% in fees will erase 2/3 of retirement funds in over 50 years. Fiduciary is an investor who doesn't put their client's interests ahead of their own. 85% of financial planners are not fiduciaries, but 15% are.
ReplyDelete8,000 current baby boomers will begin to stop working, leaving them with the challenge of living on social security and whatever money they saved over the years. 33 percent of Americans have not saved any retirement money. Fifty percent of seniors don't have enough money to save.Robert Hiltonsmith found that the American household will lose 30 percent of what they could save. John Bogle, founder of The Vanguard Group says that the average investor loses two-thirds on retirement plans.The other thing is that people are starting to have to pay expensive fees to buy mutual funds for their retirement. A fiduciary is a legal or ethical relationship of trust between two or more parties. Typically, a fiduciary prudently takes care of money for another person. But these fees don't bother financial planners as a matter a fact Eighty-five percent of financial planners are not fiduciaries. Which means that they put themselves before they put their clients.
ReplyDeleteOver the next 16 years, it is said that about 8,000 current baby boomers will stop working and start relying on social security and any other money they have saved. Threats to retirement income include many people not being able to live off of the money they make now, much less save for retirement. Mutual funds for retirement are also becoming extremely expensive and harder to afford. Since the cost of living and fees are increasing it is becoming very difficult for people to save money. John Bogle, former CEO of the Vanguard Group, says that mutual funds for retirement that charge a 2% fee will wipe out 2/3 of a retirement find over the next 50 years. A fiduciary is a legal or ethical relationship of trust between two or more parties. Martin Smith, says that 85% of financial planners are not fiduciaries, because they put themselves before their clients
ReplyDeleteThe biggest threats for people planning to retire is that they haven't put any money away for a retirement plan, about 1/3 of them say that. About 1/2 say that they don't have money to put away which causes them to go into retirement dirt broke and not enjoying their "golden years". Retirees who have mutual funds that are actively being managed by money managers will lose an average of 155,000 or 30% in fees alone. John Bogle says that if you have a mutual fund charging 2% in fees over a 50 year period it will drain 2/3 of your retirement plan. Fiduciaries are money managers who care more about your profit over theirs and 85% of money managers are not fiduciaries. This means all they want is a profit and can careless how you live as long as they are making money.
ReplyDeleteOne of the biggest threats to retirement income is not saving enough. One-third of American’s haven’t saved anything at all for retirement, and one-half say they don’t have enough money to save. Mutual funds for retirement is another threat to retirement income since the mutual funds that they invest in take a good percentage of their money. The mutual funds charge an average of 1.3% of fees annually, which adds up over a long period of time, well in 6 figures.
ReplyDeleteAccording to John Bogle, the average investor loses about two-thirds of their investment from a fund charging only 2% over a period of 50 years.
Fiduciary is the relationship between a trustee and a beneficiary. Most financial planners are not fiduciaries. They make sure they make money before you do. According to the article 85% are not fiduciaries.
The largest problem being faced by those planning to retire is the lack of money saving & the large fees that are being implemented on these unsuspecting people... At a glimpse, these fees seem to be low however, over long periods of time these fees may reach well into six figures. John Bogle suggests that a mere fee of 2% can wipe out 2/3 of a retirement account over a 50 year period; it seemed absurd but Smith calculated and proved it to be true. Fiduciaries are money managers that put their clients' interests above their own; sadly, 85% of money managers are the exact opposite placing personal benefit above the consumers.
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ReplyDeleteThe biggest threat to retirement income is that over the next 16 years about 8,000 baby boomers will leave the workforce each day. Times will be hard for retirees, they will depend on savings and social security to live out their so-called golden years. Many retirees won't be able to live the kind of life they want after retirement, because they weren't able to save enough. According to Martin Smith One-third of American’s haven’t saved anything at all for retirement, and one-half say they don’t have enough money to save. John Bogle says that over 50 years a fund charging 2% in fees will wipe out two-thirds of a retirement. Fiduciary is the relationship between a trustee and a beneficiary. No, most fiduciaries are not financial planners. They see money not what's in your best interest.
ReplyDeleteThe biggest threat to the baby boomers and their retirement plan is mutual fund intrests. It stacks up over the year getting up to six figures they have to pay out of their already scarce retirement money. John Bogle had it right on the money with his calculations that the average American will loose about $155,000 to mutual funds intrests.Most financial planners are fiduciaries (A fiduciary is basically a trustee)
ReplyDelete-Raymond Tilus
About 8,000 baby boomers will leave the workforce over the next 16 years. They will depend on savings and social security to live. The biggest threats to retirement income would be people who plan on retiring do not having enough money to save or they haven't even saved anything at all. About 57% of U.S. workers have less than $25,000 in savings and investments excluding their homes. For those people who do save would have to pay 1.3% in annual fees, which adds up over the years making them lose needed money. Economist calculated that the average American household will lose up to 30% in fees. John Bogle states that the average investor loses two-third of an investment from a fund that charges 2% over a 50 year period. On Smiths checklist it recommends that someone saving for retirement should use a fiduciary investment adviser. Fiduciary in this sentence means someone who puts their clients interests before their own. Smith states that 85% of financial planners are not fiduciaries. This means that they do not put their clients' interest ahead of their own. They actually may earn a kickback from the funds in which they invest their clients' money.
ReplyDeleteThis period should be considered prime time for baby boomers to retire, however they are facing a huge threat when it comes to retirement income. Quoting Martin Smith “One-third of American’s haven’t saved anything at all for retirement, and one-half say they don’t have enough money to save.” Baby boomers are hampered by the issue that either they cannot save enough money for retirement, or they are paying too much on the high fees mutual funds charge to invest their retirement savings. John Bogle has found that funds charging 2% in fees will wipe out two-thirds of a retirement fund over a course of 50 years. A fiduciary is a financial planner that will put their client’s interest before their own. Not all financial planners can be considered fiduciaries, nonetheless a fair percentage of financial advisers are concerned only with lining their own pockets and regard their clients interests to be secondary.
ReplyDeleteThe biggest threats to retirement income seem to be high mutual fund fees and lack of sufficient income during baby boomers' working years. One-third of American’s haven’t saved anything at all for retirement, and one-half say they don’t have enough money to save. Actively managed mutual funds charge an average 1.3% in fees annually. Although this may not seem like a lot, the average American household will lose $155,000 in fees, or 30% of what they would have otherwise saved, to money managers of their 401(k) funds. Bogle stated that a fund charging 2% in fees will wipe out two-thirds of a retirement fund over 50 years. A fiduciary, as stated in Yahoo's article is a financial planner that has actual interest in their clients' interests and aren't in it for merely personal gain. Yahoo's article also states that 85% of financial planners are not fiduciaries.
ReplyDeleteAny fee doesn't sound like a big deal. We face them on a daily basis and in comparison to the price of the product, the fee seems un-worthy of attention. This article shows that a $5 fee may not seem to be at all important, but what about a 100 $5 fees or even 1,000. These "un-worthy" fees suddenly become very worthy of attention. 1.3% doesn't seem like very much, but how about 1.3% for 50 years. The point of the article is fees add up. Look at every expense as a costly one, and do your cost benefit analysis of every purchase, transaction, and or fee that you encounter.
ReplyDeleteThe biggest threats to retirement income are that not saving enough is a problem for baby boomers, along with the money forfeited to pay the high fees many mutual funds charge to invest their retirement savings. John Bogle says that the average investor loses 2/3 of their retirement funds due to retirement plans. A fiduciary is an investment advisor, 85% of financial planners are not fiduciaries. These investors are not known to put their clients first, and they also often get a kickback from the funds they invest for their clients.
ReplyDeleteThe biggest threats to retirement income is hidden fees. People are losing money on a daily basis due to the hidden fees. On average, people will lose about 30% of their money to fees. Bogle says that they will lose about $155,000 in those fees. A fiduciary is a trustee with a persons money. Many big companies will invest in a fiduciary. Most financial planners are not fiduciaries. In reality, 85% of financial planners are not fiduciaries.
ReplyDeleteAccording to the passage, in the course of the next sixteen years 8,000 current baby boomers will stop working. Many have not saved enough money to retire, or are being charged high fees for their mutual funds. The biggest threats to retirement income is the fact that these baby boomers do not have enough money to save to begin with. According to Martin Smith he said that one third of the American's during the baby boom haven't saved anything for their retirement and one half said they did not have enough to save for their retirement. Robert Hiltonsmith said that the average American "will lose $155,000 in fees, or 30% of what they would have otherwise saved, to money managers of their 401(k) funds." Then John Bogle, former CEO of the Vanguard Group said that "a fund charging 2% in fees will wipe out two-thirds of a retirement fund over 50 years." A fiduciary is involving trust, especially with regard to the relationship between a trustee and a beneficiary. Martin Smith said that "Eight-five percent of financial planners are not fiduciaries."meaning they do not put their clients’ interests ahead of their own, and may even earn a kickback from the funds in which they invest their clients’ money.
ReplyDeleteIn sixteen years there will be over 8,000 baby boomers will enter retirement, most are going to rely on social security and whatever money they’ve saved for retirement. However most of these baby boomers do not have the money for retirement. One of the biggest threats to retirement income is that some of these people don’t have the money to retire. About 57% of Americans workers have less than $25,000 in their savings and investments. Due to their irresponsibility most of them are not going have the money to enjoy the rest of their life. Another problem that threatens retirement funds is mutual funds. Mutual funds are taking 1.3% fees every year, the short term affect seems like nothing but those fees can add up and it can become a big consequence. According to economist Robert Hiltonsmith, the average American will lose around $155,000 in fees, or 30% of money that should have been saved to mangers of their 401K. John Bogle, the founder and former CEO of the Vanguard Group, said that mutual funds for retirement will charge a 2 percent fee will wipe out around 67% of retirement funds throughout the next 50 years. A fiduciary involves trust, it is a relationship between a trustee and a beneficiary According to yahoo finance 85% of financial planners are not fiduciaries. Most of these planners are looking out for themselves rather than their clients.
ReplyDeleteOver the next 16 years, about 8,000 baby boomers will retire each day. One of the biggest threats to retirement income is that they haven't saved enough. They will be living off of their social security checks and savings when they shouldn't be. A third of Americans haven't even saved for retirement and one half don't have enough money. They will also pay high fees to manage their mutual funds. John Bogle says that the average investor loses two thirds of a retirement fund over 50 years because a fund is charging 2% in fees. A fiduciary is a relationship between a trustee and a beneficiary. According to the article, 85% of financial planners are not fiduciaries because they put themselves before their client.
ReplyDeleteThe biggest threats to the retirement income is that around 8,000 baby boomers will leave the workforce in the next 16 years and it is withdrawing a lot of money from your savings that could put you in debt. And on top of that, people may not have enough money and are unable to save any because they're living out of their social security money. John Bogle says that the average investor loses on retirement plans are just mutual funds for the retirees will charge a 2% fee which will have 2/3 of retirement funds throughout the next 50 years. A fiduciary is a trustee, basically an ethical relationship of trust between two or more parties. 85% of financial planners are NOT fiduciaries. This is because most of them only care for themselves and they do not put their clients first and all they want is a profit.
ReplyDeleteIn this article, it is stated that on the next 16 years an approximate of 8,000 baby boomers will be leaving the work force each and every day. The biggest threats to their retirement is the plain and simple fact that they won't have money for themselves because it being taken away from them. Can't really call it their own money to depend on because instead it's being paid for debt that they may have and then they will end up with nothing . What John Bogle has mentioned is that if you have a mutual fund charging 2% in fees over a 50 year period it will drain 2/3 of your retirement plan. A fiduciary is a person to whom property or power is entrusted for the benefit of another. 85% of Financial planners are not fiduciaries due to Martin Smith because they don't put their clients best interest before their own.
ReplyDeleteIn the next 16 years, 8,000 current baby boomers will begin to stop working, leaving them to live on social security and whatever money they have saved. One of the biggest threats to retirement income is that people do not have enough money in the first place; they are unable to save any money. It was reported that in the United States about 57 percent of people only have about $25,000 saved for retirement . Another issue on the rise is the fact that people are required to pay high-priced fees on mutual funds for retirement. The more money people have to pay for fees, the less they are going to have to actually save. Robert Hiltonsmith said the average American will “lose $155,000 in fees, or 30% of what they would have otherwise saved, to money managers of their 401(k). John Bogle, said that mutual funds for retirement that charge a two-percent fee will wipe out two-thirds of a retirement fund throughout the next 50 years. A fiduciary is someone to whom property or power is entrusted for the benefit of another. Correspondent of “The Retirement Gamble, Martin Smith, said that 85 percent of financial planners are not fiduciaries.
ReplyDeleteThe biggest threats to retirement income is that Over the next 16 years about 8,000 baby boomers will leave the workforce each day. These retirees will depend on savings and social security to live.For many, these years will be a struggle rather than the easy living they once looked forward to. Also, “One-third of American’s haven’t saved anything at all for retirement, and one-half say they don’t have enough money to save.” John bogle says the average investor loses 2% in fees and that will wipe out two-thirds of a retirement fund for over 50 years. A fiduciary is involving trust, especially with regard to the relationship between a trustee and a beneficiary and someone who puts their clients’ interests ahead of their own.
ReplyDeleteMost financial planners are not fiduciaries, according to the article 85% of financial planners are not fiduciaries.
The biggest threats to retirement income are mutual money managers. This is so because they are trying to earn as much money as possible from your money that you are trying to save. John Bogle says that the average investor loses 1.3% annually, which calculates to six figures over half a century. Fiduciaries are financial planners not putting their client's interests above their own. Most financial planners are fiduciaries, over eighty-five percent of them. We all need to save for retirement as soon as possible, and making sure fees are as low as possible. Choosing the right banks and financial planners are very important, as they'll determine the cost of your future.
ReplyDeleteThere are many threats to our retirement income, but the biggest 4 are Medical Expenses, Taxes, Unexpected Travel, and Maintenance and Repair. Economists like John Bogle and Robert Hiltonson say that the average American household will lose $155,000 in fees, or 30% of what they would have otherwise saved. A fiduciary is a financial planner that puts their clients’ interests ahead of their own, which is VERY uncommon. Only about 15% of financial planners are fiduciaries.
ReplyDeleteThe biggest threat to retirement income would be that people don't have enough money saved or don't have enough money to save for their retirement. The other problem is that they are being charged with high fees and mutual fund interests. "Retirees will depend on savings and social security to live out their so-called golden years." John Bogle says that the average an investor will lose on a retirement plan would be two-thirds for over 50 years with a fund charging 2% in fees. A fiduciary involves trust. Trust between a customer and a professional. “Eighty-five percent of financial planners are not fiduciaries,” says Smith, meaning they do not put their clients’ interests ahead of their own, and may even earn a kickback from the funds in which they invest their clients’ money." With that being said, No, most financial planners are not fiduciaries.
ReplyDeleteThe biggest threat of retirement is that many people will not be having enough money saved up. Over the next 16 years about 8,000 baby boomers will be leaving the workforce each day. They will be depending on savings and social security. According to Martin Smith “One-third of American’s haven’t saved anything at all for retirement, and one-half say they don’t have enough money to save". There are about 57% of U.S. workers have less than $25,000 in savings and investments excluding their homes. Not only is not saving enough money a problem but so it that they forfeit to pay the high fees many mutual funds charge to invest their retirement savings. Robert Hiltonsmith calculated that the average American household will lose $155,000 in fees. John Bogle says that a fund charging 2% in fees will wipe out two-thirds of a retirement fund over 50 years. Fiduciaries is a person to whom property or power is entrusted for the benefit of another. Martin Smith says that “Eighty-five percent of financial planners are not fiduciaries,” meaning they do not put their clients’ interests ahead of their own. So not most financial planners are fiduciaries.
ReplyDeleteRight now the biggest threats to retirement income is Americans are not saving enough or anything for their 401(k). Another reason is because the retirees invest too much for high fees many mutual funds charge for their retirement savings. John Bogle says that the average investor loses $155,000, or 30% of what they would have otherwise saved to money managers of their 401K funds. As stated by www.dictionary.com, a fiduciary is a person to whom property or power is entrusted for the benefit of another.I would say most financial planners are not fiduciaries as reported by Smith," Eighty-five percent of financial planners are not fiduciaries" and financial planners do not seem to have much interest in helping their clients, because their main goal is to receive their commissions fee after they 'help' you with your transactions in the stock market from your mutual funds. Since 57% of U.S. workers have less than $25,000 in savings and investments excluding their homes, according to the Employee Benefit Research Institute, one way to help retirees save enough money is investing in index funds instead of actively managed funds so that they will not risk paying high fees and find a fiduciary to manage their mutual funds.
ReplyDeleteA major problem is the baby boomers Having to struggle living off of social security and whatever other money they have stored and saved somewhere. Another problem that baby boomers have is that they have to pay their high fees in mutual funds. Then John Bogle, former CEO of the Vanguard Group said that "a fund charging 2% in fees will wipe out two-thirds of a retirement fund over 50 years." A fiduciary is a legal or ethical relationship of trust between two or more parties. A fiduciary takes care of money for another person. Martin Smith said that "Eighty-five percent of financial planners are not fiduciaries."
ReplyDeleteThe baby boomers' retirement income is hugely threatened by their lack of sufficient funds to actually out away and still live comfortable, the annual, high fees that some have to pay for their mutual funds or money managers. John Bogle says that a fund with a 2% charge will clean out an entire two thirds of a retirement fund over 50 years. It seems to horrible to be true but, unfortunately, it is. A fiduciary is a person legally appointed to hold assets in a trust for another person. They manage the assets for the benefit of their client. Most financial planners are NOT fiduciaries, which is a problem, not for them, but for the investor. The client is NOT their first priority. The money is, which, sort of, makes investing with them more of a gamble because they wouldn't take caution in what assets they acquire because it doesn't affect them.
ReplyDeleteA major threat to Americans' retirement income is they aren't saving nearly enough. In the short 16 years I have lived already, that's how quick it will be before 8,000 baby boomers retire each day. Savings along with social security will be a major part of how they live.John Bogle says that a fund charging 2% in fees will wipe out 2/3 of a retirement fund over 50 years. A fiduciary is a person legally allowed to manage to another's assets including funds. Most of these financial advisers are not a fiduciary.
ReplyDeleteThe biggest threat to retired american elderly, is that many aren't saving enough during their lifetime. John Bogle says " that funds charging 2% in fees will wipe out two -thirds of a retirement fumd over 50 years". The elderly didnt invest and budget enough to live lavishly, they are only crawling by. A fiduciary is a person who legally manages another person's assets also their funds.
ReplyDeleteThe biggest threat to retirement income is that people don't save enough money before heading into retirement and with fees like mutual funds continually stacking up the more difficult it has become for individuals to save money towards their retirement. John Bogle claims that a fund charging 2% in fees will wipe out two-thirds of a retirement funds over 50 years. A fiduciary is someone to whom property or power is entrusted for the benefit of another. Most financial planners are not fiduciaries because they prioritize upon themselves before the benefit of the client.
ReplyDeleteThe biggest threats to retirement income would be that 8,000 baby boomers will leave the workforce each day over the next 16 years, and not saving enough. If more people continue to leave, the retirement age will continue to increase. As more people do not save up enough money for retirement, they get kicked out of their homes because they cannot afford their bills, and then they end up getting picked up off the streets and put into jails. More inmates results in in money paid towards taxes for us.
ReplyDeleteJohn Bogle says that investors lose about two-thirds on retirement plans over the course of 50 years.
Fiduciaries are people who do not put the clients’ interests ahead of their own, and no, most financial planners are not fiduciaries. According to the article, about “85% of financial planners are not fiduciaries.”
The largest threat to retirement income is that investors only have on shot at it. They can't expect to successfully time the market. Americans aren't really saving up for the 401K, needed for retirement. And on top of that, in the next 16 years, 8,000 baby boomers will be leaving their jobs to live on social security and any other money that saved up. John Bolge says, "that a fund charging 2% in fees will wipe out two-thirds of a retirement fund over 50 years." Fiduciary is the involving trust, especially with regard to the relationship between a trustee and a beneficiary. 85% of financial planners are fiduciary.
ReplyDeleteCARLIE LIBRIZZI
ReplyDeleteIn the next sixteen years, 8,000 current baby boomers will begin to stop working, leaving them with the challenge of living on social security and whatever money they saved over the years. It is said that 33 percent of Americans have not saved any retirement money. In the U.S. alone, 57% of people have only have about $25,000 saved, and that doesn't include their home investment. Another problem that the baby boomers are facing is that they have to pay their high fees in mutual funds and to charge to invest their retirement savings. The more money people have to pay for fees, the less they are going to have for their savings. The economist calculated that the average American household will lose $155,000 in fees, or 30% of what they would have otherwise saved, to money managers of their 401(k) funds. John Bogle tells Smith that a fund charging 2% in fees will wipe out two-thirds of a retirement fund over 50 years. Most financial planners are not fiduciaries they may even earn a kickback from the funds in which they invest their clients’ money. A fiduciary is a financial planner that put their client’s interest ahead of their own, a trustee. You have to be careful because most of the financial planners out there are going to play you, they don’t care because in the end they are getting paid either way. The more the economy fluctuates, the harder it is becoming to plan and save for retirement.
CARLIE LIBRIZZI
The biggest threat of retirements is that people aren’t saving enough money. Another problem is that they are being charged with high fees, and mutual fund interests. Within the next 16years over 8,000 baby boomers will leave the workforce each day. Those people will be dependent on savings and social security. John Bogle states that the average American Household will lose over $155,000 in fees, or they would lose 30% of what they could have saved, which will wipe out two-thirds of retirement funds over 50 years. Fiduciary pretty much means that people should not put their clients ahead of themselves. Most financial planners are not fiduciaries; they would put their own paycheck ahead of yours.
ReplyDeleteThe biggest threats to retirement income are people saving little to no money for the future, and people paying high fees mutual funds are charging. They calculated that the average American household will lose $155,000 of what they would have saved, to money managers. Instead of people having 100% of what they would've saved, they will only have 70% of that; 30% is not a minor percentage, it is a major percentage and it requires immediate attention.
ReplyDeleteJohn Bogle says the average investor will lose two-thirds on retirement plans when charged 2% in fees. The average is 1.3%, but it's not far from 2% when considering more and more baby boomers will leave the workforce.
A fiduciary is when a financial planner puts their clients's interests ahead of their own interests.
Only 15% of financial planners are fiduciaries. Most financial planners are not fiduciaries because it is custom in America for individualism; to put your interests in front, everything else in back. People say, "worry about yourself, mind your own business"; this what most people live by.
The biggest threat to Americans that people do not have enough money in the first place; therefore, they are unable to save any money. They do not have enough money saved up for retirement. They reported that in the United States alone, about 57 percent of people only have about $25,000 saved for retirement. The other issue on the rise is the fact that people are required to pay high-priced fees on mutual funds for retirement. Fiduciary are people who put themselves before others. In this case, it was future planners who put themselves before hier clients.
ReplyDeleteOne key measure that allowed China to become number one is that they have manipulated their currency and making goods significantly cheaper than U.S stuff on the global market. And in turn China's booming factories has helped make China's Economy flourish. Purchasing power purity is used when economists try to make comparisons between to countries more fair. It is needed to make accurate comparisons between two different countries in order to compare them correctly
ReplyDeleteThe biggest threats to retirement income is not saving enough money and having to pay high fees to invest in certain mutual funds. When investing money into such mutual funds the fees seem quite low, but within the next 50 years the fees add up to large amounts. John Bogle describes that a fund charging 2% in fees will wipe out two-thirds of a retirement fund over 50 years. A fiduciary is a trusted person who is legally appointed to hold one’s assets. According to the article it was stated that 85 percent of financial planners are not fiduciaries because they do not put their client’s interests above theirs. Fiduciaries are legally obligated to work in ways that only benefit the client, which means that the interests of the client are more important than that of their own. Whenever the fiduciary puts their own interests above the client’s and diminishes the trust, it is called a “fiduciary fraud” which is illegal and morally wrong to do.
ReplyDelete