Tuesday September 2, 2008 - New Year Resolution: Cleaning Up the Retirement Plans

[0:00] ..." As rethink about -- all we're making new year's resolutions were certified financial planner -- and today. We are trying to clean up our retirement plans I don't hear from listeners -- about to retire that they realize they have a bookkeeping problem. It's their retirement plans they fall into the category of having too many. Not too much just too many to many so they don't have enough money they tell me but they have too many plans what they do take inventory. What if you've got what's invested in list everything let's deal with the I Aires first how many parents CDs. And each of the mature at a different time you're asked the bank for some help here try to consolidate the diaries even if it means the money me sit in -- savings account for a few months until it catches up the next hiring. -- mutual fund diaries. Every time someone heard about hot new mutual fund you know. They've invested in it now they have seven IRA accounts. Consolidate them. Find an all weather mutual funds such an"...

[1:24] ..." Looking to a company like Fidelity your Schwab. That have arrangements -- mutual fund companies that will allow you to transfer the fund to a new liar a set up with them. There may be fee for that transfer fee but instead of getting seven statements you're gonna get one statement you can easily keep track of that yet so much he talks -- she's here in. Now look at your retirement plans for a one K for a three B. I recommend moving those into -- rain when you read leave your company. Why"...

[0:00]" As rethink about -- all we're making new year's resolutions were certified financial planner -- and today. We are trying to clean up our retirement plans I don't hear from listeners -- about to retire that they realize they have a bookkeeping problem. It's their retirement plans they fall into the category of having too many. Not too much just too many to many so they don't have enough money they tell me but they have too many plans what they do take inventory. What if you've got what's invested in list everything let's deal with the I Aires first how many parents CDs. And each of the mature at a different time you're asked the bank for some help here try to consolidate the diaries even if it means the money me sit in -- savings account for a few months until it catches up the next hiring. -- mutual fund diaries. Every time someone heard about hot new mutual fund you know. They've invested in it now they have seven IRA accounts. Consolidate them. Find an all weather mutual funds such an -- as an S&P 500 index funds transfer everything into that easy to do. You able to download all of the paperwork on line and -- an index funds well you know I mean not -- expenses not very expensive easy way to go. And if you save one or 2% a year on costs and add that to your pocket instead of initial phone company's pocket -- far better off sure. Now if you really love those mutual funds and don't want to part with them. Think about. Looking to a company like Fidelity your Schwab. That have arrangements -- mutual fund companies that will allow you to transfer the fund to a new liar a set up with them. There may be fee for that transfer fee but instead of getting seven statements you're gonna get one statement you can easily keep track of that yet so much he talks -- she's here in. Now look at your retirement plans for a one K for a three B. I recommend moving those into -- rain when you read leave your company. Why because you're going to have more investment traces Anthony and begin Isa withdrawing money when you retire. And be careful with for a three B Somerset up is annuities and you may not be able to transfer all of the money into and I area once but they have to lead to transfer at least 10% a year. You know having in neat and tidy retirement account really is going to be much easier as you go into retirement neat and tidy -- despite the word."