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Here’s a question that you probably don’t want to answer honestly: What fees are you being charged by your 401(k) plan?
Don’t feel bad if you haven’t got a clue, because that puts you in the majority. An AARP study a few years back found that 65 percent of 401(k) account-holders didn’t know they were even paying fees.
The average American couple could pay nearly $155,000 in fees for their 401(k) plans over their careers, reducing their eventual nest eggs by more than 30%, according to a new report.
American workers who don’t think twice about their employer-sponsored 401(k) plans may be surprised to learn that fees can cut their retirement savings by 30 percent over a lifetime.
A household with two people earning the median income of their age group from 25 to 65 will pay an average of $154,794 in 401(k) fees and lost returns, according to a report from progressive, non-partisan public policy research group, Demos, based in New York.
Americans are increasingly dependent on credit cards just to put food on the table and keep the lights on, a new study shows. Although we’re doing a better job overall paying our bills on time these days, many people are relying on more easily attainable credit just to keep their heads above water.
As wary as the public may be of Wall Street, it is not wary enough because the financial industry rips people off even more than most of us realize -- specifically, in 401(k) fees.
One of the main benefits of renewable energy is that we can meet our energy demands in a way that is more environmentally sustainable and through a medium that has a seemingly infinite supply. In contrast, fossil fuels are extracted through environmentally destructive means and will eventually run out, leaving behind a scarred earth and an oil and gas addicted population.
On April 19th, a coalition of national voting rights groups working on behalf of Georgia residents and advocacy groups secured a landmark settlement to ensure that voter registration opportunities are offered to all public assistance applicants, as is required by the National Voter Registration Act.
A median-income, two-earner household will pay nearly $155,000 over the course of their lifetime in 401(k) fees, according to a new analysis by national public policy center Demos.
If you think your employer knows more about your 401(k) plan's fees than you do, think again. Sponsors of some 401(k) plans don't understand the fees they're paying toward plan administration, says a new report by the U.S. Government Accountability Office. The GAO reported on one case, in fact, where a relatively large plan underestimated its recordkeeping costs by $58,000. And more than 90 percent of plan sponsors don't use free tools the government supplies to help compare costs among 401(k) plan providers, the report says.