Everybody knows about termites. They are insects that hide away inside of wood, eating away from the inside out. Now, imagine fees being the termites hiding away in your portfolio eating away at your retirement savings. If you aren’t careful, they can cause a lot of problems. Anna Christine, a partner with Golden Reserve, appeared on “Live In The D” to share what to look for and what you can do. Golden Reserve is a retirement planning firm that helps people in or nearing retirement.
First, Christine talked about advisor fees that can have a significant impact. “Usually advisors are charging an asset under management fee. What that means is that your fee is based on a percentage in your retirement.” It’s something that can really add up.
When it comes to the stock market, you can also be impacted by fees as well. Christine says things like mutual funds can be purchased for you and those can have expenses and fees attached to them too. “So, it‘s not only the asset under management fee, but it’s all these other fees hiding out in your portfolio too,” said Christine.
The cost of fees obviously vary based on the portfolio size, but Christine says it can add up over years to hundreds of thousands of dollars in retirement.
One things Christine says her company offers is a fee filter to show you exactly how much you can anticipate to pay in fees out of your retirement nest egg.
You can learn more about Golden Reserve and how they can help your retirement by calling 313-497-5809.
To learn more about hidden fees, click the video player above.
Disclaimer: The information provided is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual’s situation. Financial instruments involve risk. Actual customer results may vary. Subject to full terms and conditions available at: goldenreserve.com.