Do you know how much you are paying in fees in your 401k plan? Most people don’t. If you’re lucky enough to be enrolled in a company-sponsored 401k retirement plan, you might want to ask how much the fees are.
A recent study of plans from a number of different companies found that the average fee size was between 1.5% and 2% annually for smaller plans, and 1% for larger plans. But some people are paying more than 2%. That will lead to a huge reduction over time in the amount that are able to put away for retirement. For more on 401k fees, click here.