Here's a quick question about your retirement savings: When was the last time you checked the fees on your 401(k)?
If you're like most Americans, chances are you're not sure what exactly your plan is charging you. Even though employers are now required to disclose more information about 401(k) fees, only about half of workers said they actually noticed the data, while just 14 percent made changes after reviewing the information, according to a 2013 study from the Employee Benefit Research Institute.
As 401(k)s gained in popularity during the 1990s and 2000s, employers touted them as a way for workers to take control of their financial future. While that may seem positive, the downside is that employees need to take greater responsibility for being on top of issues such as asset allocation and fees. In addition, employers are increasingly shifting costs onto their workers, making it even harder to save enough for your golden years.