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The Daily Ardmoreite
  • New tools for retirement – Why the ones that get you there won't keep you there?

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  • If there's one thing Americans have learned from the financial crisis of 2008, it's that they do not want to lose their money – again – especially for folks of a certain age, said financial advisor Philip Rousseaux, a member of the esteemed Million Dollar Round Table association's exclusive Top of the Table forum for the world's most successful financial services professionals.
     
    "Losing nearly everything you've worked for throughout your entire adult life is right up there with being diagnosed with a major medical condition; it means the lifeblood of your future has been drained," Rousseaux,said.
     
    Whether investors are decades or a just a few years away from retirement, or are currently retired – and whether or not they lost most, some or no money at all during the mass money meltdown – Rousseaux offers tips and tools to help you stay retired:

    Look for the hidden fees in your employer-sponsored 401(k). Last July 1, a new Department of Labor rule required all hidden fees attached to retirement plans and mutual funds be disclosed to employers and employees. By some estimates, up to 90 percent of fees attached to retirement plans are hidden! Get an accounting of all fees and if you can't decipher the information, attend a financial workshop or talk to a financial adviser. It may be time to roll some your money into a less expensive plan. According to an AARP survey, 71 percent of those with a 401(k) had no idea they were paying fees for their retirement accounts.

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