However, many of today's banks, brokerage firms, investment firms and even mutual funds no longer charge fees. What does the broker offer that makes it worth paying them an administration fee for IRAs when so many don't charge any IRA maintenance or an annual IRA fee? Let's take a closer look at some of the most common fees you'll encounter when you start investing for retirement in your IRAs and 401 (k). Investing in index funds instead of actively managed funds can be an easy way to pay less in management fees. However, to take advantage of all the benefits of saving on these retirement plans, you must keep an eye on management fees.
Many brokerage firms, mutual funds, banks and investment firms offer free IRAs without charging an annual IRA fee, and these aren't just big discount brokers either. Even in financial firms that charge annual custody fees to their IRA accounts, there are usually ways to get an IRA account for free.