The Motley Fool Discussion Boards

Previous Page

Investing/Strategies / Retirement Investing

URL:  http://boards.fool.com/i-took-a-look-at-summits-web-site-and-it-seems-26520688.aspx

Subject:  Re: Withdrawal rates in retirement Date:  3/31/2008  8:30 AM
Author:  ResNullius Number:  62069 of 75384

I took a look at Summit's web site and it seems they charge a 1% of assets management fee. With a "safe" withdrawal rate of between 3% to 5% of assets per year, giving Summit between a third and one-fifth of that would severely affect your lifestyle in retirement. Summit would be taking much more of your money than the IRS.

When is the SEC or some other government agency going to require these theives to fully and understanbly disclose just how much of your money they are steeling in exchange for doing little or nothing. These guys are frauds. We used to put frauds in jail. Now, we find them in country clubs with their $150K cars parked outside. One percent of total assets is a ton of money when compared to your yearly withdrawals or yearly gains. It's way past time to take the Summits of the world out and bury them alive.
Copyright 1996-2014 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us