Core Insights - Many retirees are focusing on controlling expenses due to limited monthly income, leading to a frugal lifestyle [1] - A significant portion of American seniors on Social Security are cutting back on discretionary and essential items due to rising living costs [2] Investment Fees - Investment fees are a major expense that can be easily reduced without affecting lifestyle, potentially saving thousands of dollars in retirement [3] - The average expense ratio for active U.S. funds was 1% in 2024, while financial advisors typically charge between 0.5% to 1.5% of assets under management [4] - Despite the perceived value of high fees for sophisticated investment strategies, many funds fail to deliver superior performance after fees are considered [5] - Only 33% of actively managed mutual funds and ETFs outperformed their passive counterparts over a 12-month period through June 2025, indicating that high fees may not correlate with better returns [6] - Reducing investment fees, even by a small percentage, can significantly impact long-term savings, aligning with Warren Buffett's advice to invest in low-cost index funds [7]