13 Hidden Charges That Are Secretly Ripping You Off

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Retirement hustle

If you’re making contributions to a qualified retirement plan such as a 401(k), you should be wary of extra fees such as administration charges, fund marketing charges, legal fees or expense ratios, that can add up to 1 percent. It might not seem much but in the end, the amounts you’ll have to pay are not at all negligible. “Such a small fee can reduce your retirement balance by 28 percent,” says Garrett Gunderson, founder and chief wealth architect at the Wealth Factory.

Neglecting certain costs is one of the most common retirement savings mistakes. Here are another 7 Crucial Mistakes You Should Avoid in Retirement.

 

Check out your cable provider

Cable providers take advantage of the fact that most of us don’t verify for what channels we have to pay certain fees, sometimes, overcharged ones. They claim they offer great deals when in fact they make sure they cover their costs with all sorts of hidden fees. “In any event, cable companies will almost always renegotiate or lower the costs of Internet service, cable packages, etc., if you call to cancel. For example, I got mine down from $170 a month to $100 by negotiating,” says Gunderson.

To make sure you’re not paying more than you should, check your cable bill to see what channels you watch the most and negotiate a package that includes only those channels. For more tips on how to save money, see also Cut These 11 Unnecessary Expenses and Save Money During the Coronavirus Crisis.

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