Tuesday, June 15, 2010

401k Plan Fees

It always seems that the costs associated with managing a 401k are hard to figure out. Most large companies now send out reports that are clear about the 3-month performance of your funds, but they rarely tell you the actual dollar amount you are losing to plan fees. The Center for Retirement Research at Boston College estimates that "an annual fee of 0.5% of assets can reduce your savings by 12.5% over 30 years." If you work for a smaller company, your fees might be even higher.  

It is possible however to find out how much you are paying in plan fees. BrightScope.com has an extensive list of employer managed fund fees. For fun, I looked up one employer, the Allstate Corporation, and learned that employees investing in their 401k plan may lose more than $300,000 in savings over the course of their career. This can equate to up to 11 years of extra work to make up the money lost to fund fees.

Take a look and let me know what you found out about your employer.


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