So if you're willing and able to research and inform yourself about the above, why not do the same for investments in your control and care? Not all finial advisors are crooks and you can even adjust the level of precipitation in your own investments to what's comfortable to you. It's really not that hard and it can make a big difference for you even in your situation. It's never too late to start.
Well,....as I said from above, you're only receiving the information from the Form 5500. It would be up to you to find an accountant with the appropriate fiduciary forensic skills,...(..and a disinterest in the unbiased results..)...to dissect the information in the Form 5500. A layperson couldn't make an informed judgement about all the financial stuff.....
.......And, that's my point about dealings with stocks, bonds, 401(K) investments, and such,........A layperson not extensively schooled in economics in general, and bond trading in particular.......has no clue what he's being offered in the various prospectus issued by the Fund managers......who are, by the way, far away from being unbiased and disinterested in getting you to invest your money with them.......
You're right,....Not all financial managers are crooks......You can tell the honest ones from the crooks by the big, giant billboards over their offices that say: "I Am Not A Crook"..........
I'm being facetious.......Seriously, though......where do you find a financial advisor who is disinterested in...WHERE you spend your money? They are all Salespeople FIRST.....for their own agencies,.......and "Advisors", second.......Pretty much anything they'll do for you has a fee attached...
....And , their financial "product" is the best,...while their competitor's are all "dogs".........
In My Opinion,......The financial market operates at a level far above what we,...as laypersons,.....can access through casual training and part-time education. And,...I think that's by design.
In My Opinion,......98% of the Financial market choices and decisions done by us laypersons,......are by pure gut instinct...or hunches and hints.......
In My Opinion,........You'd have to take a full-time degree in Economics and Business Investing,...spending at least 8 years for a Master's Degree,.....to even begin to understand how to properly invest your money safely,..without the use of hunches and hints...
And,......That leaves out all of us truck drivers, steel workers, clerks, carpenters , electricians, office workers,......and any other in occupations other than banking,....as we're devoting just about all of our time keeping Body and Soul together.....
Thus,....we rely on Hunches, Hints, and Pure Gut Instinct,......to our financial detriment,.....and the enrichment of those who DO know all the rules.....
Heckuva way to "finance" a SAFE retirement........
I'll agree with you,...It's never too late to start educating yourself,....it may be too late for your financial well-being,...as you should've started your education right out of High School, in College,.......if you wanted to compete with the other Financial Big Boys......
But,...In My Opinion,.......I think the financial stock and bond banking world,......is very, very comfortable with us Hoi Polloi lacking enough education to make an informed decision.....
Job Security for them.......