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1)Disagree with idea that government should be forcing anyone to invest in a 401K. That is the kind of 'nanny state' we do not need. Suggest a more effective approach would be a nationwide educational program (on Personal Financial Management)with emphasis on encouraging individuals to learn how to manage money and invest responsibly. Incidentally, my first effort following retirement was to develop just such a textbook (322pgs) for my kids and grandkids because they were not getting this education in our public schools. I 'coerced' them into reading it by offering to help fund their IRA/529 accounts in return for them reading the book.
Note: IMO our biggest challenge is that many (if not most) individuals do not comprehend the power of long-term compounded growth (or debt) which is inherent in the compound interest formula.

2)If potential investor cannot learn to control his/her emotions (i.e., keep one's finger away from the 'sell button'), then he/she will likely lose whatever has been invested. Similarly, I have known several people (some were higher salaried) who lived paycheck-to-paycheck with no hope of investing anything. I am not convinced there is viable option for helping such people.

4) True Story. Found that I was paying French income taxes and extra fees to my brokerage because I had a French stock and an Israeli stock in my portfolio. Sold both stocks immediately. Also, I am not interested in risking my investment in a foreign stock which might be clobbered by a geopolitical dispute.

10) I stand by my comment regarding Traditional-to-Roth conversion - cannot see a situation whereby such a conversion would be of financial benefit. If individual wants to take early retirement (after age 59.5), then retiree can distribute (about) 4% of Traditional IRA portfolio value as yearly income while paying about 1% of Traditional IRA portfolio value in income taxes each year. This same statement holds true if one holds off on retirement until some years later. Incidentally, that tax rate is less than the 'expense ratio' charged by most actively-managed mutual funds. The '4% Rule' is based on idea that retiree can distribute maximum of perhaps 4% of total portfolio value each year if he/she wants to make sure that his/her portfolio does not run out of money before retiree runs out of life.

12) Years ago I adopted S&P 500 Index (past 1yr and 2yr periods) as my personal performance benchmark. I will not consider investing in any fund (or ETF) which has not recently outperformed the S&P 500 Index. Otherwise, stick with the S&P Index Fund.

13) As for fund prospectus, my analysis is simple. I generate a comparison graph (1yr & 2yrs) of fund's performance mapped against that of the S&P 500 Index. I have reviewed many funds over the years, every one of them 'under performed' (worst case was 14%) when compared to the 1yr & 2yr numbers provided in its prospectus. If I were to invest in a fund, I would make this comparison at least yearly. Otherwise, I would have to rely on fund's management to inform me about the fund's performance.

I practice all of these ideas and have for past 3 decades - they support my investment objective of 'maximizing value of my portfolio at retirement and beyond'. We live in a world of long-term compounded growth (and debt) - every financial decision we make includes some element of 'time value of money' and 'opportunity cost'. For example, assuming CAGR = 8%, payment of $1 in taxes 'today' represents loss of opportunity to invest that $1 in S&P Index Fund with expectation of having $21 in one's portfolio at 40 years in the future. That is a simple example of the power of compound interest. Incidentally, this same ratio applies to student loan debt and to credit card debt.

Beginning 30 years ago, I built a portfolio consisting of about 35 'cherry-picked' individual growth stocks - each stock was (and still is) predicted to double in value within 5 years (i.e., Rule of 72 translates to 14% CAGR). Many of my stocks were MF recommendations. My basic contribution strategy has been to invest as many dollars as possible while deferring taxes for as long as possible, perhaps even beyond my lifetime. I managed this all-stock portfolio with only 5-10 buy/sell transactions each year - fewer since retiring seven years ago. At least yearly, I review each stock's performance and make one of three choices: sell it, let it continue to ride, or add more cash. My income tax from distributions is about 1% of total portfolio value each year - remaining deferred taxes continue to be deferred and help fuel portfolio growth. Latest IRS rules are that my children will have up to ten years in which to take distributions and pay income tax on any Traditional IRA inheritance. What about performance? Following my retirement in Oct2013, my all-stock portfolio doubled in value within the next 4 years (i.e., 18% CAGR). As of Dec2020, it appears to be on target to double again before end of 2021.
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