Came across this clickbait retirement posting from Forbes. Normally, I wouldn’t click, but was hoping to find a morsel of something interesting it in. It’s aimed at Americans and I’m not sure about all the information, but something rang true for me.
Check out #1. Overpaying fees on retirement-aimed investments. For things like mutual funds and the like.
I’m getting ripped off it seems
According to my money coach, I’m costing myself more than $5,000 in annual investment fees — a portion of which I could save each year by making a few changes. (My coach is fee-for-advice only. Not associated with any investment companies. This differs from the coaching you’d get through a brokerage or bank, where they’re trying to sell you their financial products.)
I was stunned, so say the least. That’s money I want to spend on retirement scuba diving in Mexico!
I had an inkling my investment fees could be over the top, but I didn’t have the knowledge to calculate them myself. Nor was I inclined to really. I mean, aren’t they all charging exorbitant fees? Who would I change to? Which investments and could I get the same mix? How big of a hassle would it be to switch? A nightmare of complicated paperwork and potential incompetence? Too hellish to take on.
Action, That’s what. Now that I’ve got a dollar figure on the fees, I’ll be making some changes in the coming months. I don’t like leaving money on the table – EVER. Especially, my money.
I’m not qualified to give financial advice. But, I would recommend that, if you can, do a bit of research and try to figure out if what your investment fees are.
You might be shocked.