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If the answer is “no,” you’re not alone. Not only are you not alone, you’re in good company.
401(k) plans are the most common retirement vehicle for US workers, but half of participants admit they don’t know what fees they’re paying, according to a 2013 study by research firm LIMRA. More than twenty percent mistakenly think they don’t pay any fees. These fees – even a small percentage over a long period of time – can have a big impact on your retirement savings.
Figuring out how much you’re paying in 401(k) fees isn’t always easy. Here are the best places to start:
You may find that the fees associated with your investments are low compared to others. But if the opposite is true, there are some options you can consider:
Finding the fees associated with your 401(k) plan may not be at the top of your to-do list, but a little research could go a long way, possibly saving you thousands over the life of your plan. Like most financial matters, there are many things to consider before deciding to make changes to your 401(k) plan. Consult the appropriate professionals for advice specific to your situation.