MutualFunds - The Seattle Times
D4 Business | 2R | SUNDAY, DECEMBER 28, 2014 MutualFunds LUMP OF COAL AWARDS FOR 2014, PART 1 Your Funds Chuck Jaffe Syndicated columnist The mar ket may be up this year, but that didn’t put a stop to naughtiness around the fund world. My list has been made, and checked twice, and it’s time for the 19th annual Lump of Coal Awards, my twopart holiday tradition of easing Santa’s burden by singling out the bad boys and girls of the fund indus try who deserve nothing more than a lousy lump of lignite in their Christmas stockings this year. While the long bull mar ket has covered up a lot of performance flubs, Lumps of Coal are about more than just fund returns. The Lump of Coal Awards recognize managers, execu tives, firms, watchdogs and other fundindustry fum blers for actions, attitudes, behaviors, execution or results that are misguided, bumbling, offensive, disin genuous, hamhanded, graceless, reprehensible or just plain stupid. And the losers are: Management for Giant 5 Total Investment System for thinking that investors actually care what’s in a fund’s ticker symbol. In March, the ticker sym bol on Giant 5 was changed from FIVEX to CASHX. While investors love fun, cute ticker symbols, they like performance better. Giant 5, which is a fund offunds, badly lagged its peer group all year — and over the last five years, according to Morningstar — and is barely in positive territory. If management wanted an appropriate ticker, they should have gone for SUCKX. The Allianz Global In vestors Retirement Funds, for the year’s most offtar get performance. According to Lipper, the laggard in the “mixedasset target 2015” category was Allianz Global Investors 2015. Its 2020 sister fund was dead last in its peer group. As was the 2025 fund in its category. And the 2030, 2035, 2040, 2045 and 2055+ funds, all of them hindmost in their asset classes, with gains of no more than 3.7 percent. Only the Allianz 2050 fund wasn’t feeding on the bottom, but it’s close; it’s worst in the category for the last quarter, leaving it sec ondworst in the 2050 field this year. Relative to its eight targetdated siblings, that’s a winner. The Sector Rotation Fund — run by Navigator Money Management — for failing to act its age. Navigator, which runs the Sector Rotation Fund (NAVFX) as well as a news letter called “The Money Navigator,” got clipped in January by the Securities and Exchange Commission for “cherrypicking” the best recommendations and time periods to promote its ser vices. Regulators took par ticular issue with a newslet ter article which claimed that the Sector Rotation Fund produced an average annual return of 10.25 percent from August 31, 2002 through October 31, 2011. Similar claims were made numerous times by the firm, on its website, in newsletters and on fund manager and company President Mark Grimaldi’s Twitter account. Alas, the fund didn’t exist before Dec. 30, 2009; claims dating back to 2002 were poppycock, based instead on a model portfolio from one of Grimaldi’s other newsletters. Regulators are notorious ly slow to catch stuff like that, yet they found the error before Navigator officials did. Ironically, the fund’s real track record is pretty good; the only prob lem with that record is that it’s short. Time solves that; fund managers don’t get to use hypotheticals as some sort of fake ID to seem older than they really are. Bruce Berkowitz, man ager at Fairholme Fund (FAIRX) for giving up more than a year’s worth of gains in a single day. On Oct. 1, a court ruling sent the value of securities tied to Fannie Mae and Freddie Mac tumbling; as a result, Fairholme lost nearly 10 percent of its value in one shot, falling back to levels it had last seen in July of 2013. Bets on Fannie and Fred die — two government sponsored enterprises in the mortgage business — ac counted for about 15 per cent of Fairholme’s portfo lio. Berkowitz has never apologized for being fo cused — and shouldn’t — but in this case, he had a big hand in his own demise, as the plunge (some of Fannie and Freddie’s preferred stocks were down up to 50 percent) came after Berkowitz lost a legal bid to force the bailedout enter prises to share profits with private investors. Berkowitz is determined to fight the fight, and may win it yet, but investors who were just feeling like he had regained the magic touch that made him one of Morn ingstar’s “Managers of the Decade” for the 2000s were rightly shaken. Morningstar, for the performance — or lack thereof — of its “Managers of the Decade.” We’re nearly halfway into the 2010s, and the top man agers of the ’00s are embar rassing themselves. Berkowitz and Fairholme rank in the bottom 1 per centile of the largevalue category for the last five years. Bill Gross has now left Pimco after belowaver age performance in three of the five years of the 2010s and only Morningstar’s third winner, David Herro of Oakmark International (OAKIX), has managed to come away untarnished (though he was well below his category average this year). And that’s after Legg Mason’s Bill Miller spent the 2000s ruining the legend he made en route to becoming Morningstar’s “Manager of the Decade” for the 1990s. This big prize may be the ultimate sign that past per formance is no guarantee of future success. The Geoff Bobroff Me morial Lump of Coal — found in a fund’s paper work — goes to manage ment of the CMG funds, for namedropping. Bobroff — an industry consultant and former chairman of the Matthews Asia Funds — died of a heart attack last summer. He was an essential source to me over two decades, and the best and mosttrusted source to two generations of journalists covering mutual funds; he also was my key sounding board for the LumpofCoal Awards for 18 years He’d have appreci ated this one: Capital Management Group launched CMG Man aged High Yield Fund (CHYOX) on Oct. 6, and filed to change the fund’s name — it becomes CMG Tactical Bond on Dec. 30 — and principal investment strategy a month later. When managers can’t stick with what they’re doing for more than a month, their actions tell investors more than words just how much conviction they have in what they’re doing. Fund managers with no money in their fund, be cause we’re better off giving them coal than our money. Several studies this year reported that more than half of all fund managers have zero invested in their own funds. There’s a big body of research showing that the more insiders’ inter ests are in line with yours, the better a fund’s riskad justed performance. Next week: All things gross (as in Bill Gross), and the Lump of Coal MisMan ager of the Year. Chuck Jaffe is senior columnist for MarketWatch. He can be reached at [email protected] or at P.O. Box 70, Cohasset, MA 020250070. Copyright 2014, MarketWatch Fund Tracker Weekly spotlight on mutual fund performance Winners and losers: A mutualfund scorecard Fund Wkly % YTD % obj return return Biggest funds American Funds A AmcpA p American Funds A AMutlA p American Funds A BalA p American Funds A BondA p American Funds A CapIBA p American Funds A CapWGA p American Funds A FdInvA p American Funds A GwthA p American Funds A IncoA p American Funds A ICAA p American Funds A N PerA px American Funds A SmCpA pe American Funds A WshA p Artisan Funds Intl BlackRock Instl StrIncoOpp BlackRock Instl EquityDv BlackRock Instl GlbAlloc r Dimensional Fds EmMCrEq Dimensional Fds EmMktV Dimensional Fds USLgVa Dodge&Cox Balanced Dodge&Cox Income Dodge&Cox IntlStk Dodge&Cox Stock DoubleLine Funds TRBd I FPA Funds FPACres Fidelity Freedom FF2020K Fidelity Freedom FF2030K Fidelity Invest Balanc Fidelity Invest Contra Fidelity Invest GroCo Fidelity Invest LowP r Fidelity Invest Puritn Fidelity Invest TotalBd Fidelity Spart Adv 500IdxAdv Fidelity Spart Adv TotMktAd r Frank/Temp Frnk A IncomA p Frank/TmpFrnkAdv GlbBdAdv Harbor Funds CapApInst Harbor Funds Intl r Loomis Sayles LSBondI MFS Funds I ValueI Metro West Fds TotRtBdI Oakmark Funds I EqtyInc r Oakmark Funds I Intl Oakmark Funds I Oakmark Oppenheimer Y DevMktY PIMCO Instl PIMS AllAsset PIMCO Instl PIMS TotRt PIMCO Funds Instl Income Price Funds BlChip Price Funds CapApp Price Funds EqInc Price Funds EqIndex Price Funds Growth Price Funds MidCap Price Funds N Horiz Price Funds N Inc Price Funds Ret2020 Price Funds Ret2030 Price Funds Value Schwab Funds S&P Sel Vanguard Admiral 500Adml Vanguard Admiral GNMA Ad Vanguard Admiral HlthCr Vanguard Admiral ITAdml Vanguard Admiral ITGrAdm Vanguard Admiral LtdTrAd Vanguard Admiral MCpAdml Vanguard Admiral PrmCap r Vanguard Admiral STIGrAd Vanguard Admiral SmCAdm Vanguard Admiral TtlBAdml Vanguard Admiral WellslAdm Vanguard Admiral WelltnAdm Vanguard Admiral WdsrIIAd Vanguard Fds TotIntBInv Vanguard Fds DivdGro Vanguard Fds STAR Vanguard Fds TgtRe2015 Vanguard Fds TgRe2020 Vanguard Fds TgtRe2025 Vanguard Fds TgRe2030 Vanguard Fds TgtRe2035 Vanguard Fds TgtRe2040 Vanguard Fds TgtRe2045 Vanguard Idx Fds TotlIntl XC LV BL IB BL GL LC LG BL LC GL GL LC IL GT EI MP EM EM LV BL IB IL LV MT MP MP MP BL LG XG MC BL IB SP XC BL WB LG IL GT LC IB BL IL LC EM MP IB GT LG BL EI SP LG MG SG IB MP MP LV SP SP MT HB IM IB SM MC LC SB SC IB BL BL LV WB EI BL MP MP MP MP MP MP MP IL +0.7 +1.2 +0.9 0.0 +0.8 +0.6 +1.3 +1.1 +0.8 +0.8 +0.7 +1.1 +1.5 +0.5 +0.2 +1.6 +0.6 +1.0 +0.9 +2.1 +1.0 +0.1 +0.4 +1.5 NA +1.0 +0.8 +1.0 +0.9 +0.8 +1.4 +1.0 +0.8 0.0 +1.4 +1.5 +1.7 0.0 +1.1 +0.1 +0.3 +1.1 0.1 +1.1 +0.6 +1.6 +1.4 NA 0.0 NA +0.9 +0.8 +1.6 +1.4 +1.2 +1.5 +0.9 0.1 +0.8 +1.0 +1.5 +1.3 +1.4 0.0 0.6 0.1 0.1 0.1 +1.6 +0.1 0.1 +1.8 0.1 +0.4 +0.7 +1.2 +0.1 +0.7 +0.6 +0.6 +0.8 +0.8 +1.0 +1.1 +1.2 +1.1 +0.9 +13.3 +14.4 +9.6 +5.1 +7.9 +5.4 +10.3 +10.4 +9.5 +13.8 +4.3 +2.2 +12.7 +0.8 +4.0 +10.8 +2.9 1.1 4.3 +11.3 +9.7 +5.2 +1.4 +11.8 NA +7.5 +6.0 +6.8 +11.2 +10.9 +15.8 +8.1 +11.6 +5.1 +15.2 +13.9 +5.0 +1.7 +11.6 5.2 +4.8 +12.0 +5.7 +7.7 3.9 +12.9 4.3 NA +4.4 NA +10.3 +13.1 +8.8 +15.0 +9.9 +14.4 +6.8 +5.4 +6.3 +6.9 +14.8 +15.2 +15.3 +6.5 +30.1 +7.0 +5.4 +1.7 +15.1 +20.4 +1.6 +8.4 +5.5 +8.4 +10.8 +12.8 +8.4 +13.4 +8.1 +7.1 +7.7 +7.9 +8.1 +8.3 +8.3 +8.3 3.1 XC SP XC Vanguard Idx Fds TotStk Vanguard Instl Fds InstIdx Vanguard Instl Fds InsTStPlus 5yr % return +15.2 +13.9 +12.2 +4.5 +9.1 +9.3 +13.5 +13.5 +11.3 +13.4 +10.6 +11.6 +15.0 +9.1 +5.9 +13.0 +6.7 +2.9 +0.2 +17.0 +12.8 +5.1 +8.2 +15.6 NS +10.6 +8.3 +9.5 +11.7 +15.0 +17.8 +15.5 +11.7 +5.3 +15.5 +15.7 +9.6 +6.1 +14.7 +5.9 +8.6 +14.5 +6.9 +9.8 +9.9 +16.3 +5.8 NA +5.0 NA +16.8 +13.2 +13.3 +15.2 +15.9 +17.4 +21.3 +4.4 +10.2 +11.5 +16.1 +15.4 +15.5 +4.2 +20.3 +4.6 +6.3 +2.0 +16.9 +16.4 +2.9 +16.7 +4.3 +9.6 +11.4 +14.2 NS +14.8 +10.2 +8.9 +9.7 +10.2 +10.8 +11.3 +11.6 +11.6 +4.6 Best performers Voya Funds Cl A RussiaA p Frank/Tmp Frnk Adv TFrMkAd FPA Funds Paramnt Direxion Fds EmgMBull p ProFunds Inv Cl UltLatinAm Direxion Fds NatRBull2X Jacob Funds USSmCG I ProFunds Inv Cl UltraJapan Jacob Funds MicCGr I ProFunds Inv Cl UltSmCap ProFunds Inv Cl Oil&Gas ProFunds Inv Cl InternetUlt Fidelity Selects UtilGr Fidelity Adv Foc A Utilities Rydex Investor Utilities Pacific Advisors SCapValA t Hennessy Funds GasUtlInv r ProFunds Inv Cl BasicMatls Frank/Temp Frnk A UtilsA p Invest Managers TowleDpV Direxion Fds LatAmBull Fidelity Selects InEqp ProFunds Inv Cl UltMidCap Wells Fargo Adv A Util&TelA ProFunds Inv Cl UltDow30 Buffalo Funds MicroCp t Fidelity Invest Utility Litman Gregory Fds SmallCos I SchdSmCV r Amer Century Inv Util Worst performers +1.4 +13.9 +15.6 +1.4 +15.3 +15.5 +1.5 +14.1 +15.8 Fund Wkly % YTD % obj return return EM EM GL SQ SQ SE SG SQ SG SQ SQ SQ UT UT UT SC UT SQ UT SV SQ SE SQ UT SQ SG UT SC SV UT 35.7 14.5 1.7 12.8 37.3 21.6 +1.2 +10.4 4.5 +6.7 15.1 +3.3 +24.1 +23.6 +25.8 21.5 +23.3 +3.9 +27.9 +2.4 31.2 +1.1 +18.1 +18.5 +19.1 6.2 +15.0 3.2 11.7 +22.7 6.7 +4.2 +11.4 6.6 19.3 1.6 +0.1 +13.1 +12.2 +24.6 +8.4 +26.9 +14.6 +14.3 +12.5 +12.4 +18.3 +8.8 +14.2 NS 18.5 +14.4 +27.4 +12.6 +24.1 +20.9 +14.6 +13.8 +9.2 +13.0 Fund Wkly % YTD % obj return return 5yr % return ProFunds Inv Cl BiotechUlt Wells Fargo Adv A PrecMtlA ProFunds Inv Cl UltBear Rydex Dynamic InvSP5St H Tocqueville Fds Gold t Fidelity Selects Gold r OCM Funds GoldInv t Rydex Investor Biotech ProFunds Inv Cl UltShNq100 Frank/Temp Frnk A GoldPrM A Rydex Dynamic InvNasdSt H USAA Group PrecMM Fidelity Invest SCmdtyStrt GoodHaven Comstock Partners CapVlA Midas Funds Midas Fd t Leuthold Funds GrizzlyShrt Rydex H Class InvRusSt Harbor Funds CmdtRRtn I ICON Fds Hlthcare S Amer Century Inv GlGold First Eagle SGenGld p Schwab Funds HlthCare Fidelity Advisor A Biotech A Frank/Temp Frnk A BioDisA p Invesco Funds A GoldPrec p Credit Suisse Comm ComRet t Federated Instl FPruBearIS ProFunds Inv Cl PrecMetal Putnam Funds A GlblHlthA SQ AU SQ SQ AU AU AU HB SQ AU SQ AU SE XC SQ AU SQ SQ SE HB AU AU HB HB HB AU SE SQ SQ HB +8.7 +6.3 +4.7 +4.6 +4.5 +4.4 +4.3 +4.3 +4.1 +4.0 +3.6 +3.5 +3.4 +3.4 +3.3 +3.3 +3.2 +3.2 +3.2 +3.1 +3.1 +3.1 +3.1 +3.1 +3.1 +3.1 +3.0 +3.0 +3.0 +3.0 5yr % return 5.8 3.1 2.8 2.7 2.6 2.5 2.4 2.4 2.3 2.2 2.2 2.1 2.1 2.0 2.0 2.0 2.0 2.0 1.9 1.9 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.7 1.7 1.6 +47.8 9.3 28.6 28.5 4.9 9.9 6.7 +34.5 37.2 13.1 36.7 9.4 16.0 8.6 18.1 29.0 12.0 9.7 17.0 +26.0 12.7 3.8 +22.9 +35.2 +34.8 9.4 15.2 15.7 35.7 +28.6 +43.5 13.2 32.3 31.8 10.3 15.6 12.5 +28.4 37.3 15.5 37.1 15.3 5.6 NS 18.7 23.6 17.2 19.0 3.1 +19.4 14.7 10.5 +20.0 +31.6 +30.0 12.1 5.0 16.1 25.0 +17.3 Footnotes: e: Ex capitalgains distribution. f: Previous day{rsquo}s quote. n or nl: No upfront sales charge. p: Fund assets are used to pay for distribution costs. r: redemption fee or contingent deferred sales load may apply. s: Stock dividend or split. t: Both p and r. x: Ex cash dividend. NE: Data in question. NS: Fund did not exist at the start date. NA: No information available. Key to abbreviations and footnotes: Fund objectives: AB: Longterm topgrade corporate and govern ment bonds. AU: Gold oriented. BL: Balanced. EI: Equity income. EM: Emerging markets. EU: European region. GL: Global (includes U.S.). GM: General municipal bond. GT: General taxable bond. HB: Health and biotech. HC: Highyield taxable bond. HM: Highyield municipal bond. IB: Intermediateterm investmentgrade corporate bond. IG: Intermediateterm Treasury/government debt. IL: International (outside U.S.). IM: Intermediateterm municipal bond. LC: Largecap core. LG: Largecap growth. LT: Latin American. LU: Longterm Treasury/government debt. LV: Largecap value. MC: Midcap core. MG: Midcap growth. MP: Mixed portfolio (stocks and bonds). MT: Mortgage. MV: Midcap value. NM: Insured municipal bond. NR: Natural resources. PR: Pacific region. SB: Shortterm investmentgrade corporate bond. SC: Smallcap core. SE: Sector (specific industries). SG: Smallcap growth. SM: Shortterm munici pal debt. SP: S&P 500. SQ: Specialty diversified equity. SS: Single state municipal debt. SU: Shortterm Treasury/government debt. SV: Smallcap value. TK: Science and technology. UN: Unclassified. UT: Utility. WB: World bond. XC: Multicap core. XG: Multicap growth. XV: Multicap value 5year % return: Annualized performance over the past five years. Top 5 mutual funds by objective, yeartodate % return Emerging markets InstAXfd r AME Fd EmergAs r EAsiaA t EmMktI Price Funds Price Funds Fidelity Invest Fidelity Advisor A Virtus Funds I Equity income Utilities p ValLdrs ParnEqty EqInc DivInco Y Invesco Funds A Paydenfunds Parnassus Funds JPMorgan Sel Cls BMO Funds Health | biotech HlthSciA Biotch Biotech A BioDisA p Biotech Prudential Fds A Fidelity Selects Fidelity Advisor A Frank/Temp Frnk A Rydex Investor Global Lazard Instl Vanguard Fds Guinness Atkinson Cohen & Steers USAA Group GblInfra I GblMnV Inv GlblInno GblInfra I CapGr International Guggenheim Funds Fidelity Invest Fidelity Invest Virtus Funds I Fidelity Advisor T Largecap core Vanguard Fds Vanguard Admiral PNC Funds BMO Funds JPMorgan R Cl WldEqIncA AggIntl Canada ForOppI IntCAT p YTD % return Midcap core +11.0 +9.7 +6.7 +6.2 +5.0 FPA Funds JPMorgan Sel Cls Dreyfus Davenport Funds Vanguard Admiral YTD % return Smallcap core +17.8 +16.3 +16.0 +15.4 +15.3 Hennessy Funds Forum Funds Lazard Instl Vanguard Fds JPMorgan Sel Cls YTD % return Natural resources +36.4 +35.7 +35.2 +34.8 +34.5 Invest Managers Invest Managers Center Coast Oppenheimer A Oppenheimer Y YTD % return Pacific region YTD % return Longterm bond +19.7 +14.7 +14.0 +13.3 +12.0 Matthews Asian IndiaInv r Frank/Temp Frnk A IndiaGrA p Eaton Vance A GrIndia t Neuberger&BermFd GtChinEq I Hennessy Funds Japan Inv +59.3 +40.1 +36.5 +17.8 +9.3 Vanguard Idx Fds Vanguard Admiral GuideStone Funds Del Inv Instl Legg Mason A YTD % return Science | technology YTD % return Longterm U.S. +39.8 +38.9 +28.2 +26.7 +25.8 Vanguard Instl Fds Wasatch Vanguard Admiral Fidelity Spartan Price Funds YTD % return Mortgage +6.1 +3.9 +3.8 +3.2 +3.2 YTD % return PrmcpCor +20.7 PrmCap r +20.4 LCCrEqI p +18.1 LowVolEq I +17.9 IntrepAm +17.9 Fidelity Selects Fidelity Advisor I Columbia Class A Columbia Class A Price Funds Peren IntpdMCp ActMidA EqtyOpps MCpAdml CorGrow O GoldenSCC USSmMid I StrSCEqInv MExpEnhI Sector +17.6 +16.7 +16.0 +15.9 +15.1 Fidelity Selects Fidelity Selects ICON Fds Fidelity Selects Fidelity Selects YTD % return Balanced +14.4 +12.8 +12.4 +11.1 +10.6 WellsFargoAdv A Meeder Funds Meeder Funds Price Funds Hennessy Funds YTD % return Intermediate bond MLP&Engy +12.6 MLP&EnI I +12.5 MLPFoc I +8.1 StlpthAlpha +7.9 Alpha Y +6.9 Electr Electronic SelComm A GlobTech GlbTech Gold oriented GAMCO Funds First Eagle Tocqueville Fds OCM Funds Wells Fargo Adv A YTD % return GoldAAA SGenGld p Gold t GoldInv t PrecMtlA 3.5 3.8 4.9 6.7 9.3 YTD % return Trans Air ConsStapl ConStap CstHo YTD % return DivCapBldr AggGr p DynaGr p CapApp Eq&Inc Inv Invest Managers MorganStanley Inst Dimensional Fds Western Asset GuggenheimFunds Managed Acct Srs VanguardAdmiral AMG Managers Frank/Temp Frk A SEI Portfolios +34.2 +27.7 +17.2 +16.7 +14.8 CutwSelInc CorPlsFxI ITExQual CorePlus I USIntrBdA LTBnd LTGrAdml ExtDrGS4 ExtDurI WACpBdA +15.3 +15.1 +14.3 +13.1 +12.2 YTD % return +8.2 +7.8 +7.6 +7.4 +7.2 YTD % return +18.6 +17.2 +16.2 +15.1 +7.7 YTD % return ExDurTreas +43.3 USTryFd +30.9 LTsyAdml +24.0 SpLTTrAd r +24.0 USTLg +22.2 YTD % return US MrtgInst GNMA Ad IntDurGv x StrMPrt GNMA A +7.7 +6.5 +6.4 +6.4 +6.4 SOME HAVE ENOUGH TO RETIRE; SOME ... Investing Scott Burns Syndicated columnist Q: My question is very sim ple. I am 55 years old. I have a govern ment job from which I can retire and have about a $4,000a month annuity. I also have a house pay ment of $1,600 (still owe 25plus years), but no other major debt. And I have saved $450,000 in a 401(k) account. Can I retire based on this scenario? A: With an income of $4,000 a month, some home equity and $450,000 in savings, you can retire if you are willing to do what it takes to live on the given resources. Lots of people do it. And they do it without moving to Mexico, Thailand or Panama. It’s really a question of how much you want to stop working and what you are willing to do to achieve that goal. But if you want to main tain your current lifestyle, shelter arrangements and medical insurance cover age, it’s probably too early for you. The reason is your age. At 55, you have a very good chance of living an other 30 to 40 years. The resources you have are likely to look pretty limit ed. Q: I turn 65 in Decem ber; my wife turns 61 in November. We are consid ering retirement. Here is our current situa tion: (1) No creditcard debt. We pay off every month. (2) No mortgage on a $675,000 home. (3) Two latemodel cars that are paid off in full. (4) We have $50,000 in our checking account. (5) We have $20,000 in a Vanguard taxable ac count. (6) Our combined esti mated monthly Social Security benefit will be $5,000. (7) Our combined monthly pension benefits will be $3,000. (8) Our total 401(k) balance is $3 million. Can we retire now and be financially secure that we will not run out of money? A. Of course you can retire! In fact, let’s put it anoth er way: If you can’t, who could? But let me tell you why. Trust me, you aren’t the only person with lots of assets who can’t make the jump because they don’t know how much is enough. The one figure missing from the facts you sent is your anticipated retire ment spending. But we can squeeze it out of the information you sent. Here’s how. The biggest single expense for most Americans after retirement is the cost of shelter, their home. A recent report from EBRI, the Employee Benefit Research Institute, found that Americans age 60 to 64 devoted 42 percent of their spending to shelter. The proportion remains stable as people age, in cluding for people 75 and over. What could go wrong? Take your pick from a Menu of Worry. But con sidered against the human condition, you’ve got it made. So enjoy it. Think about others. Help others. The more you do, the deeper you will under stand, and enjoy, what you have. Questions: [email protected] Copyright 2014, Universal Press Syndicate
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