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.