Hidden Costs of Investing
Most people assume that if they have a 401k or IRA, they are paying little to no fees. This lack of understanding of how these plans charge fees can cost you thousands of dollars. The average fee is 1-2% a year. According to the Department of Labor, if the fee is only 1% – that can slash your account value by 28% over 35 years. That is a lot of money that you are giving up that you don’t have to. Many plans are charging fees that are double that, so imagine the impact that has!
We realize it is hard to know what you are paying because firms do not readily provide their fee structure. It has been reported that even when you call and ask, you will rarely be given a correct answer; even their own employees don’t know. Fee structures are often hidden in tiny print and are not clearly marked for a consumer to be informed. Callers are often told that there are no fees or that it is “free” to roll over funds from your 401k to an IRA. The truth is that most charge fees anywhere from 1% to 2 % (or higher) based on the assets in your plan. The more money you have, the more they make, year after year.
Unlike traditional retirement accounts, Infinite Banking plans have already removed the costs before you are given projections. Yes, there is a cost to doing business, but you will know upfront how your plan is designed and what growth you are contractually guaranteed to earn every single year. With an Infinite Banking plan, you will not be caught off guard by surprise costs, fees, or add-ons. Instead of your retirement savings being gouged by fees every year, your nest egg will continue to grow uninterrupted, 24 hours a day, 7 days a week, 365 days a year. You have access when you want it – not when the government says you can- no need to wait until you are 591/2 years old, and you will not be forced to begin withdrawing your money at age 72. This is a private contract between you and a highly-rated insurance company, not Uncle Sam.
Think about all the opportunities you CAN’T take advantage of because you don’t have access to your cash! Real estate deals, remodeling your home, a dream vacation, kids’ tuition, paying off debt, the list can go on and on.
Are you ready to take back control of your capital and learn why Infinite Banking is the most brilliant place for your money? Give me a call today, and let’s talk about what Infinite Banking can do for you!
