[{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/www.amorusolaw.com\/blog\/ready-to-retire-watch-for-hidden-fees-new-york-ny-greenwich-ct\/#BlogPosting","mainEntityOfPage":"https:\/\/www.amorusolaw.com\/blog\/ready-to-retire-watch-for-hidden-fees-new-york-ny-greenwich-ct\/","headline":"Ready to Retire? Watch for Hidden Fees","name":"Ready to Retire? Watch for Hidden Fees","description":"Fees can drain your accounts, so watch them carefully. You have saved for many, many years and are now ready for retirement. You need to accomplish many tasks as you get ready to leave your job but one of the most important things to watch for as you go over your accounts are hidden fees, […]","datePublished":"2018-08-16","dateModified":"2023-08-05","author":{"@type":"Person","@id":"https:\/\/www.amorusolaw.com\/blog\/author\/amorusolaw\/#Person","name":"Amoruso & Amoruso, LLP","url":"https:\/\/www.amorusolaw.com\/blog\/author\/amorusolaw\/","identifier":5,"image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/12de032c04195e9c39a06a6d6eea182f7b4fa655c20e245f8094a244b5cdd0cb?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/12de032c04195e9c39a06a6d6eea182f7b4fa655c20e245f8094a244b5cdd0cb?s=96&d=mm&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Amoruso & Amoruso, LLP","logo":{"@type":"ImageObject","@id":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/07\/amoruso-logo.svg","url":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/07\/amoruso-logo.svg","width":0,"height":0}},"image":{"@type":"ImageObject","@id":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/04\/6a01901dd0a082970b022ad362c247.jpg","url":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/04\/6a01901dd0a082970b022ad362c247.jpg","height":1024,"width":1024},"url":"https:\/\/www.amorusolaw.com\/blog\/ready-to-retire-watch-for-hidden-fees-new-york-ny-greenwich-ct\/","about":["Estate Planning","IRA","Required Minimum Distributions \/ RMDs"],"wordCount":455,"keywords":["Estate Planning","IRA","RMDs"],"articleBody":"Fees can drain your accounts, so watch them carefully.You have saved for many, many years and are now ready for retirement. You need to accomplish many tasks as you get ready to leave your job but one of the most important things to watch for as you go over your accounts are hidden fees, according to US News & World Report in a “10 Hidden Fees to Be Aware of in Retirement“.Annuities. When you buy an annuity, the sales person receives a commission. There are also underwriting and management expenses. Annuities are generally understood to have higher fees than typical mutual funds, so be aware of the cost and the benefits before making a purchase.Advisory Fees. In a non-fiduciary managed account, typically with a broker who is not a registered investment advisor or CFP, it may be difficult to discern the fees. Ask questions and make sure that you understand how much of your money is being invested and how money is being paid in fees.Inactivity Fees from Brokerage Accounts. Here\u2019s money tossed away. Check the fine print on your online brokerage accounts to be sure you are not spending money because the account is inactive.RMD Penalties. Anyone over age 70 \u00bd is required to take a minimum distribution from their IRA and other retirement accounts. If you take the money by December 31st, you are fine. However, if you forget, the penalty is steep:\u00a0it can be up to 50% of the required withdrawal amount. That is an expensive mistake.Mutual Fund Expense Ratios. These are fees charged to cover a fund\u2019s annual expenses. If you don\u2019t know what they are, find out what you are spending on an annual basis.Home Costs. If your retirement includes aging in place, make plans to ensure that your home remains safe.\u00a0 This can include changing out a tub for a walk-in shower, adding a downstairs bedroom or repairs.Car Costs. If you\u2019ve got two cars but only use one, you should consider becoming a one-car household.Travel in Retirement. Make the most out of your travel budget and be more aware of additional costs in organized trips. If you\u2019re savvier about spending, you\u2019ll likely be able to take more trips.Inflation. This basic economic occurrence has been historically low in recent years.\u00a0 However, it does not go away. Make sure that you\u2019re prepared, if and when it returns with a bang.In addition to going over your accounts, take some time and meet with your estate planning attorney.Reference: US News & World Report (July 18, 2018) “10 Hidden Fees to Be Aware of in Retirement”For more information on asset preservation and estate planning, please visit my estate planning website."},{"@context":"https:\/\/schema.org\/","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"Blog","item":"https:\/\/www.amorusolaw.com\/blog\/#breadcrumbitem"},{"@type":"ListItem","position":2,"name":"Ready to Retire? 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