Investment fees could leave you old and broke

You want to save as much as possible for retirement. The financial services industry wants to make as much money off you as it can.

That thorny conflict is at the heart of the battle over what is known as the “fiduciary rule.” If implemented, it would require financial advisers to put clients’ best interests first when counseling them about retirement savings. In practice, it typically would prevent financial pros from steering you into a high-cost investment if similar low-cost choices are available.

The differences in fees — often fractions of a percent — may sound minuscule.

Over time, though, higher fees can dramatically reduce the amount of money that investors accumulate for retirement, according to the Securities and Exchange Commission and other investor watchdogs, and significantly increase the chances that savers will run out of money late in life.

In my latest for the Associated Press, how to save money for retirement without making the financial services industry even richer.

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