Simplify, Simplify, Simplify
By Scott Brookes
(1) You can save a lot of filing by combining your banking under one roof. By
choosing just one bank or credit union, you can consolidate your financial life
into one easy to access account. This allows you to see all of your investments
on one statement or online, and can save you money.
(2) In addition, consider reducing the number of places you invest. In today’s
world, you can roll all of your old retirement plan accounts or underperforming
IRAs into one IRA account. People often mix up the term “diversification” with
“spreading your investments around to several brokerage firms.” This practice
adds to your costs and leads to over or under-diversification of your money.
(3) Resolve to use your retirement plan more efficiently. This means using low
cost investments and planning tools to keep you on track. New retirement plan
programs now make it simple to build a well-balanced investment portfolio,
adding valuable tax-deductible growth, and larger balances at retirement.
Providers of these services are even more competitive than ever, leading to
lower costs to you.
So make 2009 your year to “do more and spend less.” Your health and wealth will
thank you for it.
Scott Brookes, AIF®, is Director of Retirement Plan Services at Sharkey, Howes &
Javer, Inc., a Denver based, FEE-ONLY, financial planning and investment
management firm. For more information call Scott at 303.639.5100