IRA fees and charges can eat into your retirement savings. For example, you might have to pay account maintenance and transaction fees. If you invest in mutual funds, you pay expense ratio and sales load costs.

All these costs reduce your potential income in later life. To save money, you can open no-fee IRAs. However, before you choose a no-fee provider, ask the following questions.

1. Does the IRA Have Any Fees and Costs?

A no-fee IRA doesn't always have no charges at all. In some cases, these accounts waive or reduce management costs.

So, for example, your provider might not charge you standard costs such as account opening and maintenance fees. However, some might still charge additional fees for certain actions such as closing or transferring the account.

Plus, not all no-fee accounts reduce transactional investment fees. You might still have charges as you trade and invest within the account. For example, you might have expense ratio and sales load costs when you invest in certain products.

So, ask providers about all the fees within the IRA. It's important to understand what you'll save and what you still have to pay for.

2. Does the IRA Have Investment Conditions?

Some IRA providers work on a no-fee basis as long as you meet investment limits. You might have to make a minimum deposit to open the account and then make a certain contribution every month. Or, you might have to maintain a minimum account balance.

However, not all providers set these conditions. So, if you would struggle to meet them now and in the future, then you should look for a provider that doesn't have these requirements.

3. How Limited Are Your No-Fee Investment Choices?

Some IRA providers take the basic no-fee principle a step further. You don't have to pay standard commissions, expense ratios or sales loads when you put your money in some products.

Typically, a provider will offer a few different options here. However, you won't get no-fee status on all of their trading list.

So, check which funds have no-fee status with each provider. If you would invest in the fund anyway, then you'll save money.

However, if the funds don't meet your investment plans, then they might not be the best option for you. The money you save in fees could be lost in other ways.

To find out more about a No Fees for Life IRA,  contact a business near you..