5-Hour Energy: A Success Equal Parts Caffeine, Chemistry and…
Suddenly, Amazon Doesn't Love Its Moms Anymore
This post is part of a series where retirement expert Dan Solin offers simple answers to the ten toughest retirement questions. See all 10.
Q: How can I find out what fees I'm paying in my 401(k) plan?
A: There is over $6 trillion invested in 401(k) plans.
It is a pot of gold that sends advisors, insurance companies and the mutual fund industry into a feeding frenzy of fee gouging.
Most 401(k) plans are polluted with unnecessary fees, some of which are disclosed and many of which are not.
It is a national disgrace that is imperiling a secure retirement for millions of hard working employees.
Ask your Human Resources Department or Plan Administrator for a breakdown of all fees in your plan. If they can't -- or won't -- give it to you, ask them to order a fee audit, where specially trained accountants can make this determination.
Remember, all costs in these plans directly affect your returns. You have a right to know what they are.
Dan Solin is the author of The Smartest Investment Book You'll Ever Read (Perigee Books 2006) and The Smartest 401(k) Book You'll Ever Read (Perigee Books, June 24, 2008)
Goldman Earnings Sink After Buffett Dividend
Johnson & Johnson's Income Falls 23%
Burberry Shares Leap on Sales Update
Reader Comments (Page 1 of 1)
7-15-2008 @ 5:26PM
spugadiccio said...
Way to go ...my business sales are down 60% in the last two years my earnings went from $9000 a month down to $2500 !!! I'm in my 50's now but maybe I should listen to the government and go back to college for another 5 years , while supporting my family of 4 and maybe when I'm 59 the economy might be better and I can start a new career competing with people a third my age...... this is wonderful - Thank God I listened to the government investment prognosticators and have been investing in mutual funds with my wonderful IRA.... in 1999 they said my $55000 would be almost $200,000 in ten years....well here it is and my $55000 is now $60000...well at least I feel better knowing the hedge fund managers , oil company employees , fu#cking government lawmakers , and their cronies are all multi millionaires at the publics expense .... maybe I can sell my body to blind women for sex....
8-17-2008 @ 11:59PM
flilguy said...
Yeah I notice that they say, "Ask your Human Resources Department or Plan Administrator for a breakdown of all fees in your plan." Most of the time the Human Resources Department don't want to talk with employees about such matters. They usually will give a 800# or a website and hope you don't call back. The number or website may help. But there is a good chance they will tell you "Ask your Human Resources Department or Plan Administrator for a breakdown of all fees in your plan." Then you will find yourself going in a complete circle.