9th Post - Tony Robbins on Ridiculous Retirement Investment Fees

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(Just so you know, when Tony talks about 401ks, the Canadian equivalent is RRPs.)

Now the video I admit is pretty long, so here are the top 10 takeaways from the video -TLDR.
  1. More people have their savings in 401Ks/ RRSPs then anything else
  2. People pay on average 3.25% fees on their retirement investments while thinking that they pay only 1%.
  3. 2% DIFFERENCE IN FEES CAN MAKE A 44% DIFFERENCE IN RETIREMENT INCOME
  4. Less than 1% of people including those in the financial industry know how much they paid in fees.
  5. You can pay 0.15% in fees or 3.25% in fees for the same investment depending on who you get your investments from.
  6. The number 1 fear of people is not dying, but outliving their money 
  7. Business owners are a fiduciary - if they are audited and cannot prove that they compared fees between 401Ks/RRSP plans for their employees or they cannot justify the fees, the owner is considered the investment advisor and is liable on behalf of their employees. The average penalty is over $600,000.  
  8. 2-3 out of every 200 retirement plans need to be changed
  9. On average, changing your retirement plan will save you 57% on your investments.
  10. Some fees are not required by law to be disclosed.
So to summarize, if you want to have your best retirement, don't be the 1% that don't know exactly what their fees are. Take action now and get help if you need to. Remember, successful people know what they are doing. 


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