Expensive Retirement Plans + Father/Daughter CFPs

A "father of the year" candidate starts us off this week as we chat with Richard from Connecticut who is trying to help his daughter navigate her workplace retirement plan options. The problem he's having is that it's a plan containing a bunch of awfully darn expensive investment options. Is there a workaround? 

We finished up the hour answering some questions from the endless email pile.

Hour two this week was an interesting chat with a couple CFPs who also just happen to be related..as in father and daughter! 

Walter Wisniewski and Allison Vanaski, owners of Arcadia Wealth Management, recently teamed up to write The Millionaire Within, a book intended to show how people tend to succeed or fail with their finances based on their perceptions, behaviors and biases about money, not because they are experts at timing the market.

This may be an investment book, but it is not about the mechanics of investing. It's more about enriching your future by embracing your capacity to change your perspectives about money. Intelligent financial decision-making is not about money. It's about emotions and behavior and unleashing the power that lies within you.

Have a money question? Email me here or call 855-411-JILL.

Connect with me at these places for all my content:

https://twitter.com/jillonmoney

https://www.facebook.com/JillonMoney

https://www.instagram.com/jillonmoney/

https://www.linkedin.com/in/jillonmoney/ 

http://www.stitcher.com/podcast/jill-... 

https://apple.co/2pmVi50

"Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.

Workplace Retirement Plans

Raise your hand if your employer offers a workplace retirement plan. Keep it raised if your employer offers a match. Raise the other hand if you’re participating. 

Now keep them both raised if you can tell me what fees you’re paying and what funds you’re invested in. Funny how all those hands just went down!

Most of us have access to retirement plans through our jobs and Americans have more assets than ever in those plans and with the advent of financial technology (fintech), plans have become more robust. Some are using advanced algorithms to help employees select the most appropriate benefits based on information provided, while others assist participants with fulfilling future goals, like purchasing a home, sending kids to college, and ultimately retiring.

Whether or not your plan is using fintech, there are specific questions that you should be asking:

• Are you contributing to six percent?
• Are you increasing your contribution by at least one percent each year?
• Are you getting the full match, if there is one?
• Are you using the appropriate funds based on your goals?
• Are you aware of the fees and how they change based on what you choose?

The more you know, the more likely you are to reach your retirement goals. 

“Better Off” is sponsored by Betterment.

Have a money question? Email us here or call 855-411-JILL.

We love feedback so please subscribe and leave us a rating or review in Apple Podcasts!

Connect with me at these places for all my content:

https://twitter.com/jillonmoney

https://www.facebook.com/JillonMoney

https://www.instagram.com/jillonmoney/

https://www.linkedin.com/in/jillonmoney/ 

http://www.stitcher.com/podcast/jill-... 

https://apple.co/2pmVi50

"Better Off" theme music is by Joel Goodman, www.joelgoodman.com.