How to manage retirement portfolio without a professional money manager.
I retired 6 months ago. Although it was my choice to use a professional manager, now that I am retired, the fees I paid during 2021 are high ($5,300). Will I be capable of managing my own portfolio? It looks to me they do a lot of buying and selling although my total funds have increased substantially with their management, the stock market and economy have also done well. Is it time to take back control? I am one year from taking my first RMD.
Terry Says
Unless your account is over $1 million, you are paying way too much in fees (and probably more in hidden fund costs).
It’s ridiculous to pay excess fees if you want to do it yourself. Contact Fidelity, Vanguard, or Schwab and ask them to handle a rollover directly to a Rollover IRA. Then you can choose among their funds. And they will calculate your RMD. Don’t let your current money manager give you a hassle. More people should understand and manage their own retirement accounts using low-cost no-commission mutual funds.
