Understanding 401(k) fees

If you’re like many Americans – 71 percent, according to an AARP survey – you might be under the impression that your 401(k) plan administrator doesn’t charge you anything to maintain your account. You’d be wrong.
In fact, these companies typically charge fees equivalent to 0.5 to 2 percent of your account balance each year – sometimes as high as 5 percent. In addition to ongoing tariffs for managing your investment options, plan administrators often deduct numerous other fees from individuals’ accounts, including charges for administrative costs, sales commissions, advertising, insurance, and trading expenses.
Perhaps equally disturbing is that many employers – which have a fiduciary responsibility to ensure the retirement plans they sponsor have reasonable fees and expenses – often don’t know what fees their employees are being charged either.
Over time, out-of-control fees can take a serious toll. The Department of Labor estimates that paying just 1 percent in extraneous fees each year could reduce your account balance by 28 percent during an average working career.

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