How to Retire with Enough Money Quotes

“Bernie Madoff’s firm did not use an independent custodian. Enough said. 4. Are your clients similar to me? If your adviser’s typical client is worth $1 million or more, and you aren’t rich, think twice. Your adviser may lean toward advice more suited to his or her richest clients. 5. What services do you provide? If the adviser’s primary service is investment advice, and you want a complete financial plan, this adviser is unlikely to be a good match. 6. Do you act in a fiduciary capacity toward your clients? Leave fast if the adviser doesn’t say yes.”
― Teresa Ghilarducci, How to Retire with Enough Money: And How to Know What Enough Is

“Six critical questions to ask your Guy 1. How are you paid? Fee-only advisers receive no compensation from the sale of investment products. All others do. You can’t count on an adviser who gets a significant portion of their pay in sales commissions. Period. Leave if they are not fee-only. 2. Do you have any conflicts of interest that influence the advice you provide? Financial advisers who are registered representatives get paid to sell insurance or annuity products promoted by their brokers. Ask how they choose the investments they recommend. Ask them directly how they are paid. 3. Will my assets be housed with an independent custodian—that is, a bank that is not selling the investment products? “Yes” is the only acceptable answer here.”
― Teresa Ghilarducci, How to Retire with Enough Money: And How to Know What Enough Is

“Fiduciary loyalty essentially means an ethical obligation to you, the customer.”
― Teresa Ghilarducci, How to Retire with Enough Money: And How to Know What Enough Is

“Personally, I’m shooting to have accumulated (from saving and investment) 15 times my annual income by the time I retire,”
― Teresa Ghilarducci, How to Retire with Enough Money: And How to Know What Enough Is

“Every $24,000 will generate roughly $100 in monthly income.”
― Teresa Ghilarducci, How to Retire with Enough Money: And How to Know What Enough Is

“Dinkytown’s “How long will my retirement savings last?” calculator tells”
― Teresa Ghilarducci, How to Retire with Enough Money: And How to Know What Enough Is

“if you’re like most people, you’ll need at least eight times your annual income in retirement accounts. Ten times is better.”
― Teresa Ghilarducci, How to Retire with Enough Money: And How to Know What Enough Is

“in retirement you’ll need 70 to 80 percent of your pre-tax, pre-retirement income. If you earn $100,000 per year, you’ll need $70,000 per year, at minimum, to maintain your standard of living. Personally, I’m aiming for 100 percent.”
― Teresa Ghilarducci, How to Retire with Enough Money: And How to Know What Enough Is

“I like the AARP retirement calculator, because it calculates your Social Security benefit and you can change the assumptions easily.)”
― Teresa Ghilarducci, How to Retire with Enough Money: And How to Know What Enough Is

“AARP’s retirement calculator; it can be found on AARP.org. (As of this writing, the link to the calculator isn’t on the home page; you’ll need to click on “Work & Retirement,” then on “Retirement Planning” to locate it.) The calculator will ask your age, your salary, your savings, and some questions about Social Security and the sort of lifestyle you imagine your older self having before giving you an estimate of how much money you’ll need at retirement and how much you’re likely to have if you continue to earn and save at your current levels. Another source of information is dinkytown.net. This website has a funny name, but if you like calculators, you’re going to be quite pleased.”
― Teresa Ghilarducci, How to Retire with Enough Money: And How to Know What Enough Is

“The 401(k) was originally supplementary in nature, a way for highly compensated executives to get a tax break on money set aside for retirement.”
― Teresa Ghilarducci, How to Retire with Enough Money: And How to Know What Enough Is

“Say you owe $7,000 on a credit card. You’re paying 18 percent interest and making the minimum monthly payment of $280. If you continue to pay the minimum, it will take you 11 years and 8 months to pay off this debt, and the total interest you’ll have paid will be $4,071. But if you decide to pay $25 extra per month—a “roll-down” strategy—you will pay off your card in 2 years and 5 months, and will pay only $1,641 in interest—$2,430 less.”
― Teresa Ghilarducci, How to Retire with Enough Money: And How to Know What Enough Is

“Paying off a loan is always your best investment. No matter what the interest rate is, when you pay it off you get a guaranteed return, equal to the interest rate. Paying off a credit card with a 15 percent interest earns you a guarantee of, well, 15 percent.”
― Teresa Ghilarducci, How to Retire with Enough Money: And How to Know What Enough Is