RETIRE SMART Consulting, LLC
Shikha Mittra is the Principal of RETIRE SMART Consulting, LLC and has over twenty years of industry experience working with top level executives (both in public and private sectors), business owners and self-employed professionals. Previously, she has worked for two major fortune 500 companies and received several awards for her work. She has been rated as one of top Financial Planners in the Country since 2006. Shikha has also been rated as of the Best Financial Advisors for Doctors in 2012 by Medical Economics. In 2015, she co-authored the Retirement Section of a handbook for physicians and their advisors, published by CRC, “Comprehensive Strategies for Physicians and their Advisors”.
Shikha started RETIRE SMART Consulting, because she believes the existing process is flawed. Financial planning should be transparent of fees, and advice should not be based on product sales. It creates a conflict of interest.
Additionally, Shikha is an editor for ”Finance for Non -finance Majors” (McGraw Hill). She is also currently an Adjunct Faculty member at Rutgers State University, New Brunswick, NJ. She served as a Regional Board Member of NAPFA (2011 to 2013), earned the Board of Directors Leadership Award from NAPFA (2013), on the Board of Trustees of Financial Planning Association of New Jersey Chapter (2008-2011) and an Advisory Board Member of the” Journal of Financial Planning” (2008-2009). Shikha is very involved in her community as she is a speaker at various non-profit events and provides pro bono work to Seniors who cannot afford a planner.She is also a Leadership Council member since 2014) of NSBA,(National Small Business Association) the oldest ,a non bipartisan advocacy group working with Congress to advocate for issues concerning small businesses .
A defined benefit is defined at retirement age. Then calculations are made to figure out what kind of contributions need to be made by the employer based on age, salary etc of employee.There are limits per year, per employee.
A defined contribution plan, where contribution is defined and employer and employee make yearly contributions at retirement, is based on the market value of the portfolio.
Shikha Mittra AIF(R), PPC(R), CFP(R),CRPs(R),CMFC(R), MBA
That all depends on the fee only advisor's experience, skills, and qualifications. Its like getting a heart surgery. Would you like to go a doctor who offers a cheaper price or would you rather go to someone who is experienced and has certifications/credentials?
ETFs and Institutional level funds that have lower expenses and no commissions.
Ask your plan administrator. Why are you matching 4%? I need to understand your objectives. I recommend a thorough analysis of your existing plan to see the pros and cons.You might come back to the same problem you faced before installing the safe harbor (plan may become top heavy and might need corrective distributions).
Lots of unknown in your situation such as your tax status, other income, etc. In any case, it also depends how well your funds are performing and your objectives. From cost stand, more transactions amount to more expenses, guess who pays for it? Sound planning is the key.