B_S1E4_SEGMENT 1_ASK BOSS RETIREMENT_1

Speaker 1 (00:14):

Hi, and welcome to this. Week's ask boss retirement.com, where you send your questions into us. And we answer them here on the show Tyson. Uh, I got some great questions for you this week. My first one is from Rosie in Clearfield and she writes Tyson. I've heard you mention hidden fees in my portfolio. Where are these fees? Most likely to be hiding. I have little doubt that they're there, but don't know where to look.

Speaker 2 (00:37):

Rosie. Thanks so much for your question. <laugh> this is a, this is a big topic to talk about because they're, they are kind of hidden all over the place. The first and simplest place to look for is right at your statement. Now, what you're gonna see there is the advisor fee. It's pretty easy to see whether your statement comes monthly or quarterly. You're going to see that money coming out of the account as a advisor fee or something along those lines. The second place to look is a, is a prospectus. Now this is the more difficult place because a prospectus could be a hundred pages, 200 pages. It all depends on the mutual fund or, or what you're investing in. And as a result, you could take an hour or two or more looking through that prospectus and trying to figure out where that is.

Speaker 2 (01:26):

The simpler thing to do mark is to come into our office and we can do what's called a risk and fee analysis with that, the, the fees we, we go to Morningstar. We take a look at every line item. We look at it really closely by the time the clients come in between that risk and fee analysis, we've probably spent 10 to 12 hours really analyzing their portfolio. And then when they come back in, we show them line by line where those fees are and what they are so that Rosie, you don't have to take all that time to focus on it. Let us do the work we'd be happy

Speaker 1 (02:00):

To. And you know, I hear time after time after time, this story Tyson, I thought we were only paying 1%. Right? And then you went through, you looked at all the fees and then it ended up being 2.8. Yeah, 3.2 or maybe in some cases, even worse. So it is really important to come in and find out what those fees are. Thank you, Rosie for your question. My next one is from Dave and Draper and he writes, I'm hoping to retire early in about two years. When I turned 57, my wife doesn't think it's feasible, but I think it can be done. What do I need to consider before retiring at a relatively young age,

Speaker 2 (02:38):

Dave, congratulations for, for shooting for it. I love people who have goals and here's a couple of things to keep in mind. Number one is you need to make sure you have enough money set aside to be able to make it through because you and your wife are probably gonna be living between 20 and 30 years in retirement. If you're retiring a little bit early, maybe even a little bit longer as a result, you need to make sure that you've got enough money. We can help you to do that. We can, we can create the boss retirement blueprint, help you to see where that money's gonna come from. Second, you need to consider at that age, you are not going to be able to take social security yet. So you're gonna be on your own from all of your own accounts. And that's not going to be able to help you supplement where that money's gonna come from as a result. We need to make sure again that when you don't have social security coming in, that you're okay. Third, we need to make sure from a healthcare perspective that you know what you're gonna be doing again, you're gonna be too young for Medicare. You're gonna be on your own. As far as health insurance is concerned. And mark those healthcare premiums just continue to rise. And you need to make sure that you don't leave yourself short because it gets really expensive. As you retire, to be able to take care of health care.

Speaker 1 (03:51):

You know, I'm gonna go one step further. And you know, whenever we get the questions, that's a husband and wife or husband and wife question. Yeah, isn't it important Tyson that they both come in,

Speaker 2 (04:00):

Right? Absolutely. You know, one of the things that is important to understand is not only is it one decision maker, but it's, it's both of them understanding the process together. When we sit down and we look at that boss retirement blueprint, we walk through step by step so that they understand. In fact, a recent story had a client come in, whose husband had just passed. We had worked with them for about two years. They retired a year after we put the plan in place. And while they were on vacation in Florida, he passed, he had a heart attack. She came in, she was a little worried because she hadn't paid that much attention to the process. But as we walked through each step of that plan, her son was there too, as the executive of the estate. And she, she started with tears in her eyes saying, thank you, thank you so much that my husband and you took care of me. And now I understand. And the, and her son said the same thing. He said, I'm so glad I was a afraid of what I was gonna come into, but because there was a plan in place, she didn't have to worry.

Speaker 1 (04:57):

Thanks Tyson, if you wanna have your question answered here on the show, it's super easy. Just go to ask boss retirement.com and send us those questions. Don't go anywhere. We'll be right back. You're watching retirement solutions, television Utah's retirement TV.