How to manage your own (basic) retirement plan

You may be thinking, 1) “But Mike… my employer does that. Why would I need to manage my own retirement plan?”   Or, 2) “Retirement…? That’s about 40 years away. Why would I bother with that now?”   Or, (and this is the one I’ve heard most recently) 3) “Mike – I know that I need to be saving for retirement but I don’t know what to do?!?! Can you help?”   My responses, respectively:   1) What happens when you no longer work for your employer or decide your employer does a bad job of managing your retirement plan (you’ll be rolling over into an IRA, or something similar – Individual Retirement Account — Keyword: Individual)?   2) Come on man – the data show you need to get on it. There is no replacement for time, even if the investment is small. See this article for details.   3) […]

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