Thanks for posting.
This might work too: click here
Just to finish the money market fund part, which I didn't know about --
They were not, however, consumer friendly. While it was easy to move money in and out of a bank account, it often took weeks to redeem money market fund shares, requiring onerous paperwork. That was a turnoff to people who were used to having easy access to their money.
As his obituaries have all noted, Mr. Johnson threw that business model overboard by allowing Fidelity customers to write checks against the company’s money market fund. In one stroke, he made it as easy to take money out of a fund as to put money in. His thinking was that people would be more willing to entrust their money to Fidelity if they knew they could easily withdraw it. He would treat investors like consumers.
And to add to your summary, IRA's ---
In 1982, Congress created the Individual Retirement Account, or I.R.A., which allowed people to defer taxes on $2,000 a year if they put it aside for retirement. By 1984, Fidelity’s marketers were traveling the country, talking up I.R.A.s as a great middle-class tax break — and mutual funds as the way to make the most of it. Fidelity by then offered a variety of funds; Mr. Johnson was also among the first to make it easy for customers to switch from one fund to another, further enhancing the firm’s appeal.
The only thing that GRRR'd me is they would show those wonderful graphs of your account value in an IRA and compare it to one in a regular taxable account over 30 years, and obviously the IRA started out higher (with the up-front tax deduction), and grew much faster ...
but those eye-popping graphs left out the part about paying the taxes on withdrawal. I'm a big believer in the power of tax deferral, but still, let's not leave out the withdrawal phase. Especially when those withdrawals jack up one's Medicare Part B and D premiums (search IRMAA), and the amount of one's Social Security benefits that are taxed.
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