9 Year Mortgage on Costs That Can Ruin Your Retirement
It is said that what you don’t know can’t hurt you. However that is not the case when it comes to your retirement. What you don’t know can cost you, and in some cases it can cost you dearly. Advisers say there’s a host of unknown costs and fees lurking inside your 401 K plans, IRAs and other such retirement accounts. These fees can make a huge difference in your overall investment returns. Read on and 9 Year Mortgage will tell you what to look out for.
9 Year Mortgage and Fees That Can Ruin Your Retirement
9 Year Mortgage says that a lot of Americans are unaware of the fees they pay to their plan providers. 9 Year Mortgage says that more than 71% of 401 K plan participants incorrectly reported that they didn’t pay any fees and 6% said that they didn’t know whether or not they pay fees. However come January 1, 2012, plan sponsors will have to disclose fees participants pay on their 401 K plans.
10 Fees That Eat Up Your Retirement Savings
1. Account Termination Fees
2. Account Maintenance Fees
3. Various Account Transfer Fees
4. Roth Conversion Fee
5. Federal Fund Wire Fee and Overnight Delivery Fee
6. “Special Investment” Fee
7. “Special Investment” Set-Up Fee
8. Form 990-T Filing Fee
9. Loan Processing Fees
10. Record Keeping Fee
9 Year Mortgage says while these fees are troubling, there are some things you can do to make the cost less worrying. You can’t make the fees go away, but there may be a tax-efficient way to pay them. If you can be billed direct, and if allowed by the custodian, some fees may be paid directly by the account owner which could have some tax benefits.
9 Year Mortgage Concludes
9 Year Mortgage suggests that when you are looking at your 401 K plans make sure that you read carefully what all the fees are! Don’t just assume that you are not paying any, read carefully through the fine print, because that could make all the difference. 9 Year Mortgage says that the account termination and annual maintenance fees are probably the most common of the lesser-known fees. Also 9 Year Mortgage speculates that brokerage firms don’t like having assets transferred out, so they like to create fees and charges to discourage transfers. 9 Year Mortgage says another variation on the account termination fee comes with retirement accounts that use managed-money programs, like mutual fund wrap accounts. Many times these accounts have termination fees that must be paid prior to money being moved from the current manager to a new manager. So when it comes to your retirement don’t take it lightly, make sure you know what exactly is happening with you 401 K plan.
Here’s more information from 9 Year Mortgage on Retirement.
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