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Good service should be part of your retirement plan

You know that many companies offer many different products and services.What makes you stay with a company or decide not to go back to one? I believe the answer is service.For me, I'm not going back to a restaurant that had bad service no matter how good the food is. When it comes to your money and planning for retirement, everyone wants to talk about performance and fees. Service is an afterthought.Poor service can be a real nuisance when you try to have a smooth transition into your retirement years. You want to make sure good service is part of your retirement planning.What is good service worth you may be wondering.Paying a fee every time you want to withdraw some of your money can be frustrating and expensive. Depending how much you may pay and how often you make withdrawals, this can add up. I don't know anyone who enjoys calling 800 numbers and giving all of their personal information every time they need something or have a question. When you leave money in a retirement plan from a former job, you may be dealing with all of the above. Certain retirement plans, especially 403(b) plans for teachers and non-profit employees, often have a third-party administrator. This is an extra hoop to jump through if you need service.

It's fine when you are working as an active employee, but there usually is not a benefit to leaving money in a retirement plan from a company where you are no longer working.

Many retirement plans will ask for a spouse's signature if you want to take money out in addition to a third-party administrator. Perhaps rolling this money to an IRA is best for you at retirement. This may be your best chance to be treated like an individual. That's what the "I" in IRA stands for.From a service standpoint, this can be like the TV show Cheers: "Where everybody knows your name." Most people will agree that being known by their name, not by a number, is preferred.

If you are wondering why you never heard of this before, it's probably because you've never had to take money out of your retirement plan yet. Putting money in over the years is simple and doesn't require much service. Generally, you work, you save and you look at the bottom line results.Taking money out and making other changes gets more involved in retirement. Remember that the rules of the accumulation phase during your working years are totally different than the rules of the distribution phase during your retirement years.

Typically, IRAs are administered in a more flexible manner than employer retirement plans. Some plans will limit the number of withdrawals per year. Many have a mandatory 20 percent tax withholding rule on withdrawals.Ask yourself how you are benefiting by keeping your money in your Retirement Plan company after you are no longer working there. Maybe you put up with the hassle because you expect good results. I believe you can and should have it all. If you are dealing with poor service, those other benefits you may have can become less valuable as the frustration mounts.Think of a time you purchased an item for your home that required putting it together. Maybe the price seemed like a good deal and the box read that it was easy to put together or install. Have you experienced a time when you regretted saving a couple bucks to do it yourself? I know I have returned a number of items over the years because they weren't what I wanted, expected or were too challenging to handle myself. Don't let your retirement plans feel like a do-it-yourself project gone wrong and cause you stress.If you are fortunate enough to have a good financial forecast for retirement, don't let other issues derail your plans for enjoyment. A price can't be placed on good service, but it is quite valuable. Having a good financial professional who provides good service can help make retirement a bit smoother.

They should be accessible, willing to help and able to explain things in simple terms at a minimum. You could almost compare a tour guide in a foreign country to a financial professional in your retirement. Most people say retirement and investing is like a foreign language.You may want to consider getting guidance to make things smoother and less daunting. Having the equivalent of a financial 911 number to call with questions or in times of need can be immeasurably helpful.

Like most products and services, your finances should aspire to have it all: Good quality, suitable investments along with good service anytime you need something or simply have a question. No matter your age, you are always going to have questions and need some level of service from time to time.Don't spend countless hours on the phone on hold in retireme or speaking to a stranger who doesn't know you or anything about you. Your investments may only be as good as the level of service you get on them.Whoever manages your money and wherever it is invested, I highly suggest you plan to make good service part of your retirement plans.

[Source:http://www.courierpostonline.com/story/news/local/south-jersey/2015/05/09/good-service-part-retirement-plan/27051455/]Thank you!!