RICHMOND, Va. (WWBT) - If you have your money in a retirement plan, there may be some fees attached.
Do you know how much your fees are? Have you ever checked?
Our partners at the financial website NerdWallet say it's time to look. Open your next statement that you get in the mail or in an email.
Nerdwallet even recommends a site called FeeX.com. There you can plug in your information and see how your fees compare to other people’s plans.
Anna Jackson, a personal finance expert with Nerdwallet, says these fees can be hard to track down, but once you find them it’s worth it to compare.
“It’s hard to know how those fees compare to other places and so this tool will help you really break that down in an easily understandable way,” said Jackson.
You pay an increasing amount in fees as your account balances grow, because the fees are based on a percentage of your assets.
So, every dollar taken out to cover management costs is one less dollar left to invest in the portfolio to compound and grow.
Nerdwallet has a great write up on this here.
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