I enjoy reading articles like this that delve into people’s personal finances and offer advice on investing and retirement planning.

What I found most interesting about this one is that the simplest and most significant recommended changes was buried near the end of the article:

“They can add to their retirement income by cutting costs on their many mutual funds, some of which have fees of 2.8 per cent of assets under management. A switch to exchange-traded funds, some of which have fees of a tenth of a per cent a year, could save two per cent, or at the $430,000 asset level, $8,600 a year.”

I’m not sure why a simple way of saving almost $9,000 a year would be an afterthought. If you do one thing with your investment portfolio this year, find out how much money you’re paying in management fees. It’s important to know whether you’re getting value for what you’re paying or whether there’s a lower-cost strategy that could generate the same or better results for you.