Frequently asked questions
Here is a list of questions we get often, and a few we get not so often.
About Spesía
Yes, educating and empowering people to invest "right" with confidence to improve their financial well-being is our mission. We are starting modestly with some educational resources but we plan to massively expand them over time.
No, Spesía's investing service is specifically designed for people who want to invest without having to be experts in financial markets or securities trading. We focus on education and explaining things in a simple manner. We aim to guide you in choosing an investment strategy that meets your goals, situation and risk-appetite and then handle everything else so that you don't have to. We strive to make investing with Spesía is as easy as depositing money into a regular bank account.
We charge an annual fee based on the value of the portfolios. However, we do not charge any fees for buying or selling, nor do we take any sales commissions or other charges.
This means that our interests are aligned with yours; our revenue increases only if your portfolio grows.
Most comparable investment funds in Iceland run by the banks or others are much more expensive than Spesía's funds. They also often invest heavily in Icelandic stocks even though most people living in Iceland already have more than enough exposure to Icelandic stocks through the pension funds. Spesía gives you the opportunity to invest in a well-diversified international portfolio at a much lower cost than is usually the case. Unlike most others in Iceland, Spesía also automatically rebalances the funds so that the desired ratio of stocks vs. bonds is maintained over time.
Yes. The company is Icelandic and Spesía's operation is subject to Icelandic law and regulations and requires a license from the Financial Supervisory Authority of the Central bank of Iceland. Furthermore, Spesía is solely owned by Icelandic shareholders, mainly its founding team. The company’s services are designed to meet the needs of Icelandic consumers.
Spesía is an Icelandic investment service that provides easy access to the returns provided by international financial markets. With Spesía, anyone can invest in a well-diversified global portfolio of stocks and bonds with an appropriate level of risk tailored to individual needs. Saving with Spesía is as easy as using regular bank accounts and is most suitable when saving for a longer time than than two years.
Spesía is primarily owned by its founders and employees and a select group of Icelandic investors. Spesía's founder and CEO is Georg Lúðvíksson, a personal finance expert and the founder and former CEO of Meniga, a personal finance business. Tómas Áki Gestsson is a founder and Chief Investment Officer and has held a variety of roles in the Icelandic financial sector, most recently at the Central Bank of Iceland.
The other co-founders, which are also shareholders, are Peter Short, the company's CTO, Bergur Ebbi, who leads marketing and communications, and Tinna Karen Gunnarsdóttir, who leads front-end development.
In addition, a little over 20 Icelandic investors, primarly individuals and family-offices, are shareholders in Spesía. These include Arnar Þór Másson and the investment firm of Guðmundur Fertram Sigurjónsson, both of whom serve on Spesía’s Board of Directors.
Spesía is an independent fintech company and is not owned by the Icelandic banks or is in any way part of the Icelandic traditional banking system.
Spesía is suitable for those looking to invest over a longer period, beyond one to two years, in a well-diversified international portfolio and who prefer a passive, long-term investment approach.
We do not recommend investing money that you might need to access at short notice. Spesía is also not suitable for those who wish to pick individual companies to invest in, engage in frequent trading, or bet on specific sectors or market trends. Our aim is not to be a traditional trading platform, but to support long-term, passive investment.
Deposits and withdrawals
No, it is not possible at the moment.
Yes, you can request a withdrawal at any time. We will then sell part of your portfolio and transfer the money to your bank account within two business days of the withdrawal request.
Yes, you can withdraw any amount.
You can deposit money into your Spesía account by logging into your account via www.spesia.is or the app.
Start by logging in with your electronic ID, select “Transfer” in the top right corner, and then “Deposit”. There, you can make a standard transfer using online banking or the app.
When you deposit, the entire amount is used to purchase in the fund that corresponds to the investment strategy you have chosen.
You request a withdrawal on your account pages or in the app.
- Log in to your Spesía account using electronic identification.
- Select “Transfer” in the top right corner and then “Withdraw”.
- Enter the amount you wish to withdraw from your account.
We then sell the assets in the fund and transfer the sale proceeds, minus any capital gains tax on the profit if applicable, to your bank account within two working days of the request.
After you have deposited into your Spesía account, Spesía will invest the amount according to the investment strategy you selected, which takes one to two working days.
No. There is no binding period and no withdrawal fee. The only delay is the processing time, which can take up to two working days from the withdrawal request.
However, it should be noted that investing with Spesía is intended for a longer term than one to two years, as short-term fluctuations can work against you.
When you request a withdrawal, you enter the details of the bank account you want the money paid into. The account must be Icelandic and registered in your name and personal ID (kennitala).
On my pages and in the app, you can see an overview of all deposits and withdrawals, both those that have already been processed and those that are in progress. You can view the transactions by clicking on "Transfers" in the left navigation on the website, or on the bottom navigation in the app.
Fees
No. There are no charges for opening an account, depositing, withdrawing, or closing an account with Spesía. You can view Spesía’s price list on the [landing page].
No. Everyone pays the same percentage of their total assets in the fund, regardless of the amount deposited.
Comparable investment funds in Iceland are generally much more expensive, often with fees ranging from 2–3% per annum (as of August 2026). Spesía estimates that up to two-thirds of the real returns for investors in Icelandic funds this century have ended up with banks and funds in the form of fees.
Spesía's goal is to be the most cost-effective option in Iceland, ensuring that the majority of returns benefit investors.
The Spesía pricing is very straightforward. Spesía's fees are divided into two parts: fund management fees and asset management fees. Additionally, there is a nominal cost within the funds themselves due to buying and selling assets, but Spesía does not charge special fees for buying or selling, and there are no hidden charges. You always see exactly what you are paying.
Spesía's aim is to be the most cost-effective option in Iceland so that the majority of returns go to investors. You can find Spesía's pricing here.
Yes. The return and account balance shown at any given time always reflects the value of your portfolio after all costs have been deducted. The number you see is simply what you would receive if you withdrew (aside from potential capital gains tax on any gains when you sell)
Spesía's fees are divided into a wealth management fee and a fund management fee. Additionally, a minor cost is incurred within the funds due to the buying and selling of assets.
The fees are calculated as a percentage of your total assets in the fund and are deducted daily. You will not receive a separate invoice; instead, the cost is directly reflected in your portfolio´s price at any given time.
Investing
Yes. Investing in equities and bonds always involves risk, and the value of your portfolio can increase or decrease. We help you choose an investment path that fits your risk tolerance and time horizon.
Not at the moment, but we aim to do so later.
Investing with Spesía is well-suited for long-term investments beyond one to two years. The longer the period, the more likely short-term fluctuations will even out, allowing you to benefit from the good long-term returns of financial markets.
The money you shouldn't invest is that which you might need to access at short notice; an emergency fund, a deposit needed soon, or money you absolutely cannot afford to lose, for instance, when you're holding it for someone else. In such cases, it's wiser to keep it in a savings account. This isn't because funds are poor investments, but because you don't want to find yourself forced to sell at the worst possible time.
The equity portion of the portfolio is in foreign currencies, so the exchange rate of the króna affects its value when measured in króna. If the króna weakens, the value of foreign assets in króna terms increases; if it strengthens, the value decreases.
For Icelandic households, this is more of an advantage than a disadvantage. Since income and expenses are in króna, an international portfolio provides some protection against shocks in the Icelandic economy, as the króna tends to depreciate in such situations.
No, the equity portion of the portfolio fluctuates with the exchange rate of the króna. For an Icelandic household, this is more of an advantage than a disadvantage. Since income and expenses are in króna, an international portfolio provides a certain level of protection when shocks occur in the Icelandic economy, as the króna tends to depreciate in such situations. When the króna strengthens, the portfolio's value decreases in króna terms, but in the long term, these fluctuations typically balance out, and it is not worth purchasing hedges as they generally incur more costs than benefits in most cases.
No one knows in advance whether markets will rise or fall in the near future, and few succeed in timing their purchases correctly over the long term. Therefore, we recommend regular deposits. This way, your purchases automatically spread across both market upswings and downswings.
If you have accumulated savings that you wish to invest with Spesía, it can also be beneficial to divide it and invest in several stages over a few months, rather than investing it all on the same day.
The general rule is simple: compare the interest rate on the loan with the return you expect. If the loan has a higher interest rate than the return you anticipate, paying it down is generally a better option, and it's also safe and free from capital gains tax, unlike market returns.
On the other hand, it can be beneficial to keep savings in funds that are easy to sell and access at short notice. Likewise, long-term investment in a global portfolio has historically provided returns that exceed the interest rates on favourable loans, such as student loans and some mortgages. Many households do a bit of both.
When you invest with Spesía you invest in one of the funds operated by Spesía. The fund then spreads your investment across thousands of publicly traded companies around the world as well as Icelandic government bonds instead instead of being tied to a single company or one bond issue. This significantly reduces the risk compared to owning shares in a single or few companies. Owning part of an international equity portfolio can also be considered protection against possible shocks in the small Icelandic economy.
Investing in Spesía's funds also involves low cost, since their operation is largely automated and because the funds buy assets in much larger volumes than an individual typically would. As a result, the cost is proportionally lower for indviduals invested in the funds. You benefit from the expertise of those designing and managing the funds, without having to follow developments in the financial markets yourself.
On top of that, there's a tax advantage for individuals investing though funds compared to investing in savings accounts, since you don't pay capital gains tax when the fund buys and sells, or when a company it holds pays a dividend. You only pay capital gains tax on the gain you realize when you withdraw money and sell all or part of your portfolio - not before.
Handling your tax return is also very simple with Spesía, since Spesía automatically sends information about your holdings to the Icelandic tax authority (Skatturinn), which then appears pre-filled on your tax return.
Spesía invests on your behalf in the international stocks and in Icelandic government bonds. The stock/bond ratio is different depending on what investing policy you choose when you open an account with Spesía. Spesía invests in global equities through a handful of low-cost index funds, resulting in a well-diversified global portfolio with shares in thousands of companies around the world, including the US, Europe and Asia. Spesía also invests in Icelandic government bonds. You can see the exact composition of your portfolio, i.e. which companies and bonds you're invested in and for how much, at any time under "My Portfolio" when you log in to your Spesía account.
Three, each corresponding to a fund managed by Spesía:
- Careful - SE 30 — 30% equities, 70% bonds
- Balanced - SE 60 — 60% equities, 40% bonds
- Growth - SE 100 — 100% equities
The higher the proportion of equities, the greater the expected return in the long term, and the more fluctuations along the way.
When financial markets fluctuate, the ratio between shares and bonds in the fund gradually becomes imbalanced. For example, if shares rise significantly, the fund might become riskier than the investment strategy you chose.
Spesía always manages the portfolio in accordance with the investment strategy you selected, including rebalancing to maintain the ratio of shares and bonds roughly constant at all times. Therefore, you don't need to do anything.
We are not reinventing the wheel. Spesía’s methodology is based on decades of research into investments and data on how markets and investors have actually behaved - not on feelings, predictions, or luck.
We invest in low-cost index funds with broad, international diversification, combining foreign equities and Icelandic government bonds in proportions that align with each individual's timeframe and risk appetite. No bets on individual companies, no attempts to predict the market day by day, but rather discipline, diversification, and low costs, which data shows are most beneficial in the long run.
Read more about the methodology here.
The aim of Spesía is to maximise your returns, taking into account the level of risk you choose when selecting an investment strategy upon opening an account with Spesía. Portfolio returns fluctuate in line with developments in financial markets, with shares and bonds historically providing respectable returns over the long term. However, returns on financial markets are never guaranteed, and the value of your investment can both rise and fall, especially in the short term. Generally, investing with Spesía is intended for the long term, as market fluctuations should even out over time.
Generally speaking, nothing. Declines are an integral part of financial markets and are actually what make higher long-term returns possible. You can think of uncertainty and regular declines as the "price" paid for good returns over the long term. Since 1900, global stocks have weathered world wars, oil crises, banking collapses, and pandemics, yet they have generally continued to rise over the long term.
What costs investors the most is rarely the decline itself, but rather selling in the middle of a downturn and missing out on the recovery, or leaving money in a savings account for years at low interest rates because the “right time” to start never arrives. If fluctuations keep you awake at night, it might indicate that your investment strategy is riskier than you can tolerate, so the right response might be to change your strategy, not to stop investing.
The value of your Spesía account is calculated every business day based on the value of your portfolio at the end of the day. But in between official end-of-day values (intraday) Spesía strives to estimate the change in value of the portfolio and shows you the estimated value of your account in close to real time.
Spesía invests in international equities through several index funds with low fees, resulting in a well-diversified global portfolio that can be described as a global stock portfolio. The portfolio includes shares in thousands of companies worldwide, including those in the United States, Europe, and Asia.
The main advantage of combining stocks and bonds is that these asset classes have historically tended to behave in such a way that when one rises, the other falls, and vice versa. They therefore tend to balance out each other's fluctuations rather than amplify them, which is the main reason why portfolios with a mix of stocks and bonds have been popular with long-term investors.
Some funds hire experts to select the "best" stocks in the hope of outperforming the market as a whole. This is known as active management. The problem is that it almost never works. Research shows that fewer than one in ten such funds manage to outperform the market in the long run, and it's impossible to know in advance which ones will do so.
At the same time, active management is far more expensive because, regardless of performance, investors always have to pay for the salaries, analysis, and office space behind active management. This is done through high fees that reduce returns – in Iceland, usually 2-3% per year. It might sound small, but it significantly eats into your returns over the long term.
Instead of trying to pick the best companies, index funds automatically buy shares in all companies in a given market (e.g., the 500 largest companies in the United States). This way, the returns follow the market as a whole, fees are much lower, and you don't have to rely on someone "guessing right."
For three reasons. Most of us are already dependent on the Icelandic economy through our jobs, homes, and pension savings. Increasing the risk associated with Iceland by investing in Icelandic stocks does not diversify this risk but rather concentrates it further in Iceland.
Secondly, investing in international stocks serves as a hedge against shocks that are specific to Iceland.
Thirdly, the Icelandic stock market is tiny compared with global markets, with few companies and industries. The best way to minimise risk without sacrificing expected return is through extensive diversification across a broad base of unrelated and unconnected assets.
You can read more about Spesía's investment methodology here.
The fund's reported return is based on the assumption that the full amount was invested for the entire period, which may not have applied to your case. Your return is also determined by when you made your deposit.
Investing with Spesía
No, not at the moment. An account with Spesía is limited to individuals who are 18 years or older and financially independent. We aim to offer savings options for children and teenagers soon.
No, you can only deposit cash, not securities or funds. You would need to sell any securities you hold elsewhere (the sale may be taxable) and deposit the proceeds with Spesía.
No, not at the moment.
When you set up an account, you'll answer a few questions about your goals, finances, investment horizon, and how you would feel if your portfolio temporarily decreased. Based on your answers, we suggest one of three investment strategies: Careful (30% stocks, 70% bonds), Balanced (60% stocks/40% bonds) or Growth (100% stocks).
You can choose whether to follow the recommendation and in most cases, you can select a different path if you wish. Two main factors influence this: the length of time you plan to invest and how well you can tolerate fluctuations along the way.
It only takes a few minutes and doesn't cost anything to open an account with Spesía. You need to be financially independent, have an Icelandic personal ID (kennitala), a valid electronic ID, an Icelandic bank account and have reached the age of 18.
When creating an account, you identify yourself with electronic ID and answer a few questions about your finances and your attitude towards investments and taking risk. Based on your answers, we propose an investment strategy that we believe is best suited for you and you can confirm this recommendation or choose a different strategy. Finally, you'll have to answer a few questions related to anti-money-laundering which we are required by law to ask, and sign an agreement with electronic ID where you agree to the terms of Spesía investing service. After you have finished the onboarding process, you can deposit money into your Spesía account and we will invest every króna in accordance with the investment strategy you have chosen.
When you open an account with Spesía, we help you choose an investment policy that suits you the best. By doing so, you are choosing a specific fund that Spesia owns and operates that invests according to the investment policy that you choose. When you deposit into your Spesía account, the entire amount is used to buy in the fund that corresponds to the investment policy you have chosen. Similarly, when you withdraw, a part of the fund is sold and the sale proceeds (minus capital gains tax on possible gains) are transferred to your bank account.
The value and return on your investment with Spesía follows the fund's performance: If the value of the fund's assets increases, your share also increases - and if the value decreases, your share decreases in the same way. Your portfolio of assets in the fund is always registered in your name and is always kept separate from Spesía's own finances, which only manages the funds on behalf of its investors. The assets are held in safe custody by an independent custodian company (T plus), not Spesía.
Your Spesíu account balance always shows the value of your portfolio and the returns on your funds after fees have been deducted, so the balance you when you login to your Spesía account is always what you have at any given time.
It only takes a few minutes to create an account. After that, you deposit into your Spesía account, and in most cases, you will see the deposit in the app within a minute after transferring. Spesía invests the amount according to the investment strategy you selected, but this takes one to two working days.
No, companies cannot currently invest with Spesía, as the service is only available for individuals at the moment. We plan to offer the service to legal entities in the future.
No, the service is only available to those who have an Icelandic national identification number, electronic ID, and an Icelandic bank account.
Three things: electronic ID (on your phone or card), an Icelandic national ID number, and an Icelandic bank account in your name. You must be 18 years or older and financially independent.
We want investments to be accessible to everyone and therefore there is no minimum deposit amount. You can invest any amount you like and start small and then deposit more later or start a subscription with a smaller amount and see how things go.
We are legally required under the Markets in Financial Instruments Directive to assess whether the service is suitable for you before we provide it. Questions about your knowledge, experience, financial situation, and risk tolerance are part of this legally required assessment.
However, the answers are also directly useful as they determine the investment strategy we recommend for you.
All financial institutions in Iceland are legally required under the laws on anti money laundering and terrorist financing to obtain information about their customers and the source of the funds deposited.
This is why we ask these questions; it’s nothing personal. The information is treated as confidential and used solely for this purpose.
Monthly subscriptions
Yes, you can set up automatic weekly or monthly deposits into your Spesía account and we actually highly encourage this. You choose the monthly amount and the date each month, and we will invest according to the investment strategy you have chosen. The minimum monthly subscription amount is 5,000 ISK.
Yes, you can manage your subscription in your online bank. There, you can pause it, change the amount or date, cancel the subscription, or change the account number it is linked to. For more details on how to set up an automatic monthly deposit to your Spesía account, see the instructions here.
We've created instructions here that explain how to do it with the main banks in Iceland. The steps are quite similar between banks.
If your bank is missing from the list it should still work similarly to the ones includes, but do let us know if you need assistance.
This way, you don’t have to worry about timing. Regular purchases automatically spread over both high and low points in the market, reducing the chances of hitting the worst time.
Additionally, investing becomes a habit. You don’t need to decide each month, and it’s common for people to end up saving more this way.
It could be because there were insufficient funds in the bank account linked to the subscription, or the time limits you set for the subscription have expired. Please check your account balance, or whether you need to extend the subscription timeframe.
My Spesía account
Yes, it is possible. To do so, you need to contact support@spesia.is.
If you have already started investing, the change involves selling your current assets and purchasing new ones in accordance with the new strategy. This may have tax implications if a profit is made on the sale.
No, it is not possible.
Not at the moment, maybe later.
You can change this information in your Spesía account. Log in, click on the icon in the top right corner, and then select “my information.” There, you can update both your email address and phone number.
You can stop doing business with Spesía at any time. Withdraw all assets from your account and then send a written request to us at support@spesia.is requesting that your account be closed.
There is no notice period, and no fee is charged for closing the account. Please note that if capital gains are generated from the withdrawal, Spesía will retain capital gains tax, as with other withdrawals.
In general, personal information is stored for 5-7 years from the termination of the business relationship, in accordance with the laws applicable to the operation. See more in Spesía’s privacy policy.
Yes, you can use Spesía both in the app and on www.spesia.is. The app works for both Android and iPhone and can be downloaded here.
You can maintain your account with Spesía as long as you have an Icelandic ID number, electronic identification, an Icelandic bank account, and are 18 years or older. However, please note that we withhold a 22% capital gains tax from all customers when profits are realised. If you are eligible to pay a lower tax rate in Iceland due to tax residence elsewhere and/or double taxation agreements, you must report this yourself on your Icelandic tax return and seek a correction from the Directorate of Internal Revenue (RSK) when assessed.
The next of kin or the representative of the estate contacts us at support@spesia.is. We assist them in transferring assets to the estate and provide guidance on the next steps.
Security and surveillance
Yes. If you are not satisfied with Spesía's handling of your complaint, you can refer the matter to the Complaints Committee on Business with Financial Undertakings. Information about the committee and how to contact them can be found at www.nefndir.is.
No. Spesía does not hold your funds in its own accounts; they are safeguarded by an independent custodian (T plús). Withdrawals are always paid into a bank account in your name.
Spesía will never ask you to provide sensitive information via email or SMS. We also never call you to request a money transfer.
If you receive such messages, do not respond or click on anything. Instead, contact us directly at support@spesia.is.
We'd really like to hear from you if that's the case, and to have the chance to resolve the issue if possible. If you're not satisfied with our service, you can contact us at complaints@spesia.is. We take complaints seriously, Spesía's Compliance Officer reviews the matter and you'll receive a response as soon as possible.
No, investments in equities, bonds, funds and other financial instruments are not insured in the same way as bank deposits. Howerver, unlike bank deposits, your portfolio with Spesía is always registered in your name and kept separate from Spesía's assets and finances, so there's no risk of it being lost if Spesía would run into trouble or stop operating. So your investments cannot really disappear or become inaccessible even if Spesía were to fail somehow. Finally, keep in mind that the value of your portfolio can both increase and decrease, and you may end up with less than you invested in the first place. There is no insurance against possible losses in the financial markets and the risk of loss and short-term fluctuations is the "price" everyone must pay for what is usually much better long-term returns compared to the predictability and insurance of savings accounts.
Privacy, data protection and information security are strictly adhered to in all of Spesía’s operations. We encourage you to review the company’s Terms of Use and Privacy Policy, which can be read here.
Yes. First, Spesía operates under a license from the Icelandic Financial Supervisory Authority (FME) and is subject to its ongoing supervision.
Second, your portoflio is always legally registered in your name and held by an independent custodian company (T plús), which is also licensed by the FME to be a custodian. This means that even if something were to happen to Spesía, your investments are always accessible to you and are at all times kept separate from Spesía's own assets.
The value of your portfolio may, however, fluctuate with the financial markets and in accordance with how risky an investment policy you choose when you opened your Spesía account. The value of your portfolio can both increase and decrease, although it tends to increase in the long run.
Your portfolio is your property, registered in your name and held with an independent custodian (T plús). It is not part of Spesía's assets and therefore will not be used to settle the company’s debts if things go wrong.
Taxes and other legal issues
Yes, if you have an Icelandic ID number (kennitala), bank account, electronic ID and are 18 years or older you can still use Spesía. But note that we still withhold 22% capital gains tax from all withdrawals when profits are realized. If you are supposed to pay a lower tax in Iceland due to tax residency elsewhere and/or double taxation treaty, you need to account for this yourself on your Icelandic tax return and request a correction to the Icelandic tax authority when filing your taxes.
No, the tax-free allowance for capital gains does not apply to investments in a mixed fund like the one offered by Spesía.
The capital gains tax for individuals in Iceland is 22%, and Spesía automatically withholds this and submits it to the tax authorities when you withdraw from your Spesía account and a profit is made on the sale. Returns are not taxable until they are realised upon sale.
Yes, in general in Iceland, gains from investments, for example capital gains from selling stocks or funds, is taxable as capital gains for individuals. The capital gains tax rate for individuals in Iceland is 22%, and Spesía automatically withholds it and remits it to the tax authorities whenever a profit is made when you withdraw from your Spesía account. Note that gains aren't taxable until they're realized when you choose to withdraw the money. In that sense, growing your money in funds like with Spesía is more tax-efficient than doing so in a savings account, where the return (interest paid) is realized and taxed annually.
Yes, in most cases. If you change your investment strategy, the current portfolio is sold and a new one is purchased in line with the new strategy. If a capital gain is realised on the assets sold, capital gains tax will apply, similar to other withdrawals. If no return has been generated or if the assets are sold at a loss, no tax is incurred in the process.
All dividends, interest or other income from the funds' underlying assets are re-invested in the funds and will be reflected in the funds' value at any given time. Since the funds do not pay out dividends, you do not have to worry about filing dividends in your tax return.
Spesía sends information to the Icelandic tax authority (Skatturinn) so that everything is automatically filled in on your tax return. Your investment with Spesía appears on your tax return as an asset held in one of the funds operated by Spesía, just like other funds, and similar to bank account balances. If a profit is generated from a withdrawal (sale of assets) during the year, Spesía withholds capital gains tax on that gain, remits it to the tax authority, and it is accounted for automatically on your tax return.
Upon withdrawal. You pay capital gains tax on the profit when you sell, not before, and Spesía automatically withholds it for you and delivers it to the tax authorities.
This is different from a savings account, where interest is paid and taxed at least annually. The difference is significant in the long term, as the returns that would otherwise go to tax continue to grow for you until you withdraw.
