Retirement Planning On The Cheap
SmartMoney.com:
Retirement Planning can be a daunting task. Whether it’s figuring out how much to save or how to manage those savings in retirement, many investors wish they had professional help.
But working with a financial adviser isn’t cheap. Fee-only financial planners – those who are not paid a commission for the investment products they sell – can charge between $150 and $300 an hour, according to Dennis Houlihan, a fee-only Certified Financial Planner (CFP) in Fort Wayne, Ind. Having a comprehensive plan drawn up and followed through, he says, adds up to $2,500 at the bare minimum.
What if you can’t spend that much? Over the past few years, large mutual-fund companies like Fidelity, Vanguard and T. Rowe Price have developed services that, for a small one-time fee or even no fee at all, will create a retirement saving and management plan. Lately, they’ve enhanced these services with a human touch: They now offer consultations with a personal advisor and annual follow-up conversations to tweak your retirement plan as needed.
T. Rowe Price launched its revamped advisory services earlier this month, following a similar move by Vanguard this April. Fidelity, which currently offers to its investors a suite of online retirement planning tools, plans to make those tools available to non-Fidelity customers by the end of the month.
These services aim to come as close to having your personal advisor as possible, at a fraction of the cost. Read on…
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