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.
Do you know how much your 401k is costing you? I would wager not, nor have you ever asked your employer about costs or looked in fund documents to find out. Chances are, it’s far too much and it’s eating away your retirement nest egg.
Upcoming Labor Department regulations mandating disclosure of retirement-plan costs are long overdue. Even then (I haven’t seen the final version yet), they may be so bureaucratic that millions may ignore them.
