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April 14, 2014

Typical 401(k) fees may cost you $70K

  • Most savers have only a vague idea how much they're paying in 401(k) fees, though the information is buried in complex fund statements.
    • By JOSH BOAK
    AP Economics Writers

    WASHINGTON — It's the silent enemy in our retirement accounts: High fees.

    And now a new study finds that the typical 401(k) fees — adding up to a modest-sounding 1 percent a year — would erase $70,000 from an average worker's account over a four-decade career compared with lower-cost options. To compensate for the higher fees, someone would have to work an extra three years before retiring.


     
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