Money

15 Hidden Fees To Watch Out For in Retirement

If you want to guarantee a happy, stable retirement, it’s important to start saving — and investing — now. Unfortunately, hidden fees can wreak havoc on even the smartest investment strategies. Along with consulting fees, you might find yourself dealing with fees to trade, fees to advise and even high taxes. Watch out for these 15 hidden fees so you can avoid wasting your money in retirement.

Last updated Jan. 20, 2020

1. Advisory Fees

While financial advisors need to eat and pay rent just like anyone else, the rhetoric they use to express how much you’re being charged might be hard to decipher. Advisors often talk in “basis points,” which simply means tiny fractions of a percentage point. For example, 1% comprises 100 basis points, and 50 basis points are equal to 0.5%.

Depending on your investment, advisory fees can be some of the highest fees you’ll pay.

How

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Unemployment money was a coronavirus lifeline. Scammers grabbed $900K in NC cases.

Federal authorities in Charlotte said Thursday they had seized $80,000 held in bank accounts that they say scammers used to steal unemployment benefits meant to help people survive the coronavirus pandemic.

It was the second such case U.S. Attorney Andrew Murray’s office announced this week. More than $48,000 was seized in that case, authorities said Tuesday.

Court documents say unknown scammers used personal information stolen from identity theft victims in North Carolina’s Western District to apply online for state and federal unemployment benefits, Murray and Reginald DeMatteis, special agent in charge of the Secret Service in Charlotte, said in Thursday’s announcement.

The fraudsters then directed bank account holders to make financial transactions with the money or transfer it to other bank accounts, often overseas. Many of the account holders, referred to in court documents as “money mules,” were involved in online romances with the scammers and didn’t know they were

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When is the extra $600 federal unemployment cutoff? Your COVID-19 money questions, answered

It’s hard out there. And, in this time of uncertainty, USA TODAY is working to find answers to your money questions – anything from stimulus checks or unemployment benefits to your 401(k) or retirement plans. You can submit your questions here and read earlier answers below.

We will be updating the Q&A, so check back often. But, also look to these places:

The additional $600 in weekly jobless benefits provided by the federal government is officially set to end July 31. But states will pay it only through the week ending July 25 or July 26, a significant blow to unemployed workers counting on that money to bolster state benefits that average just $370 a week.

“The (Federal Pandemic Unemployment Compensation) $600 can be paid for weeks ending no later than the week ending prior to Friday, July 31, 2020,” the U.S. Department of Labor said in a statement. “For … Read More

Restaurants face high fees from delivery apps. Uber buying Postmates will make it worse.

Restaurants face high fees from delivery apps. Uber buying Postmates will make it worse.
Restaurants face high fees from delivery apps. Uber buying Postmates will make it worse.

Nobu Shiozawa is determined to get customers his restaurant’s homemade tofu and sushi without using delivery apps such as Uber Eats, Grubhub, DoorDash, and Postmates.

That’s not easy these days. Thanks to COVID-19, New York City banned restaurant dining in March. So Shiozawa, who owns and manages in New York City, uses his own small crew to avoid high commissions from the apps, usually .

“If I start using the food delivery service providers during the pandemic, the number of orders and the amount of sales would be increased,” he admitted.

But then he would have to hire more workers to handle the extra orders, which was hard for him to justify with the high fees and the fact he cut more than 60 percent of his staff after the pandemic started.

Image: Nobu Shiozawa

Image:

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Truist apologizes for links to slavery. ‘I will do everything I can to make it better,’ CEO says

Truist, the sixth-largest commercial bank in the United States, apologized for and denounced its predecessor banks’ roles in slavery in a letter sent Thursday to employees.

In 1872, two Confederate veterans and sons of wealthy slave-owning planters, Alpheus Branch and Thomas Jefferson Hadley IV, founded the banking house Branch and Hadley in the town of Wilson. The institution would eventually become known as BB&T, and after a 2019 merger with SunTrust, renamed to Truist.

“I deeply regret and denounce the role that our heritage companies played more than 100 years ago to perpetuate the atrocity of slavery and the repression of enslaved peoples and their descendants,” CEO Kelly King said in an interview.

“I find that personally it makes me very sad, it makes me very mad. I will do everything I can to make it better,” he said.

King pledged more support for African American communities and said the

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BMW could make features like heated seats, adaptive cruise into subscription-based add-ons

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BMW just announced a couple different tech initiatives. One is a software update for iDrive 7.0 that will be sent out wirelessly to BMWs equipped with that infotainment software. The second is an expansion of its ConnectedDrive Store, and it’s this second announcement that will likely draw criticism from future BMW buyers.

Why, you ask? Well, we’re sure you all remember the Apple CarPlay subscription method debacle. For a couple years, BMW forced buyers to pay a continuous fee for access to Apple CarPlay in its vehicles, whereas every other car company either made it free or charged upfront like a regular option on a car. BMW has since ended this subscription program and made Apple CarPlay standard on every new car, mostly because everybody yelled loudly enough about it. 

This same model is making a return, but instead of CarPlay, BMW has announced its

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Tim Gunn and Heidi Klum Took That Big Amazon Money and Ran with It

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At one point in the development of “Making the Cut” with Amazon Prime Video, executive producer and host Heidi Klum decided to ask the online retail behemoth if they could have a jet for the show.

Not some dinky Gulfstream, mind you. Like…a jet jet. A real, big jet.

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“We were kind of hoping to get a big Amazon plane, because I was already thinking about commercials we can shoot — like Tim [Gunn] and I hopping out of a plane with Amazon boxes, delivering them to people,” Klum said in an interview with IndieWire. “My brain was going 100 miles an hour. A plane would have been nice with sewing machines in there, like ‘OK, your first assignment is not in New York, it’s in Paris. But guess what?’ You open a plane, they go in there, and there

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9 Free (Or Cheap) Ways To Do Your Taxes Online

The IRS has pushed Tax Day 2020 to July 15th in light of the coronavirus outbreak. This delay now applies to both filing federal returns and federal tax payments, and many states are following suit and extending their tax deadline too.

July 15th might seem like a long time away, but experts are still recommending that you file as soon as possible. Hopefully you’ve already gathered your documents and have decided whether it’s a good idea for you to do your own taxes. Now, you might also might want to start figuring out where you’re going to file this year.

How you choose to file will depend on your particular tax situation. For instance, if you are a full-time employee and only have one W-2 to deal with, the process will likely be more straightforward and you can probably save a lot of money by filing yourself online.

If you

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YouTube cuts off Shane Dawson’s ad money

Shane Dawson
Shane Dawson

YouTube has stopped allowing Shane Dawson to make money from adverts on his three channels, which have 34 million subscribers between them.

The decision comes after the vlogger apologised for having uploaded multiple offensive videos, including appearing in blackface and using racial slurs.

On Friday, Dawson posted a video titled Taking Accountability, in which he apologised for such content.

“I should lose everything,” he said. “I have put so much hate on the internet.”

Dawson became one of the streaming giant’s original stars after launching ShaneDawsonTV in 2008, building a reputation as an online shock jock of sorts.

The 31-year-old has 22.4 million subscribers on his main channel, but has lost almost a million subscribers in the past month, according to tracker Socialblade.

In the past, he has also posted videos insulting people living with disabilities, and joked about paedophilia and hypothetically murdering a woman.

Controversies

YouTube confirmed

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Terry Crews Panned Online For His Cautionary Tweet On Black Lives Matter

Terry Crews again faced heated criticism on Tuesday over a tweet about the possible direction of the Black Lives Matter movement.

“If you are a child of God, you are my brother and sister. I have family of every race, creed and ideology,” the actor tweeted. “We must ensure #blacklivesmatter doesn’t morph into #blacklivesbetter.”

His comment ― like one he made earlier this month voicing concerns about “Black supremacy” ― drew swift and harsh backlash.

It prompted Bernice King, daughter of Martin Luther King Jr., to respond, “We’re so far from that bridge, Terry.”

She explained in her tweet:

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