Avoiding Common Errors

Navigating these financial traps requires vigilance. Retirees often fall into a false sense of security, assuming their long-term financial institutions always operate in their best interest. To protect your wealth, build a routine around auditing your finances.

• Review Statements Monthly: Setting your bills to “auto-pay” is convenient, but it allows price hikes and hidden fees to slip by unnoticed. Carve out thirty minutes a month to review line items on your bank and credit card statements.
• Question Everything: If you spot a mysterious administrative charge on an investment account or a sudden hike in your insurance premium, call the provider immediately. Customer retention departments often have the power to reverse fees for loyal customers.
• Consolidate Your Accounts: Maintaining five different checking accounts and multiple legacy 401(k)s from previous employers makes tracking fees nearly impossible. Consolidating your assets into one or two primary institutions greatly reduces the surface area for administrative fees.