Ocean County Freeholder Joe Vicari is hoping to protect senior citizens from having their retirement savings slowly drained by hidden fees. Vicari said in many cases, seniors are being told that there are no fees associated with their 401k's and bank accounts but he says many of these accounts contain hidden fees.

"Many business magazines have stated that for the lifetime of many seniors. They will pay $155,000 total in those hidden fees," said Vicari

He's working with the Department of Consumer Affairs, the State Banking Commission and the State Assembly to help intervene.

"In over the next several weeks I will be meeting with people from the Banking Commission and from the State Assembly to have a state law that if you do pay a fee to make sure that it's transparent and at the end of the year to let the person know exactly what they paid," explained Vicari.

He said if seniors knew about the hidden fees in advance, they could write them off in their taxes.


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