If you are approaching or close to retirement, you have accumulated a nest egg which needs to be managed. It is critical that your nest egg outpace inflation, which eats away at the purchasing power of your nest egg over time. You can manage the nest egg yourself, or get help. Help can come in the form of investment newsletters and financial advisors. We prefer newsletters, which cost a couple hundred dollars per year. Financial advisors can cost a percentage of your nest egg, for example one percent. One percent doesn’t sound like much, but it adds up over years, and it can be significant. One marketing technique used by financial advisors is to send out invitations to a free lunch or dinner. We have received such invitations, but never attended. A recent article in The Washington Post showcases a financial advisor who targets the wealthy. The article offers excellent tips to keep your money safe. For details, click here.
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