Over the past few years, financial institutions have come under serious fire for the charges associated with debit and credit cards which can make paying off debt extremely difficult. However, financial institutions do not limit their charges to debt-laden accounts. In fact, they are just as likely to impose fees and costs on qualified accounts, like your 401(k) plan and IRA retirement accounts. As these fees are often automatically billed against your tax-deferred qualified accounts, you may be losing some major benefits to these retirement accounts unknowingly. Make sure you are aware of the potential fees associated with your retirement accounts and see if you can identify some other methods of paying those fees so they don’t ravage your retirement savings efforts.
To learn more, read this report.