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Greg Carpenter

By: Greg Carpenter on February 1st, 2013

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Don't Suffer Losses From Excessive 401(k) Fees

401(k) Fees

There's been a lot of news lately about the effects of concussions on NFL players. Even though it is not nearly as important, it got me thinking of the parallels for those of us with 401(k) plans.

So too, with those invested in 401k plans. When we take a hit to our retirement plans, in the form of excessive 401(k) fees, we often don't even realize it. When we get to retirement, and if we can sort out how much of our account has been levied in fees, it will be both alarming and dismaying. Sadly, you might have even been able to purchase a home with the lost money. It's that much!

So what can be done? First - recognize that time is of the essence. Once time has passed and the fees have been assessed, your money is gone. You will have less time to earn it back before retirement.

Second - educate yourself. 71 percent of savers believed that they did not pay any 401(k) fees and six percent indicated they did not know if fees were levied, in a survey published last February by AARP.

With Super Bowl XLVII fast approaching, I plan to watch the game with the rest of America. But my concern for players and their ability to enjoy retirement is accelerating, just like it is for you my fellow 401(k) investor.

Until next time, go Niners, my friends.

 

About Greg Carpenter

Greg Carpenter founded Employee Fiduciary in 2004. With 29 years of experience in accounting and finance, Greg has brought his expertise to a variety of advisory, senior and executive management roles. Greg has worked for a national accounting firm, a Fortune 500 plan sponsor, a major brokerage firm, and he served as the CEO of a major 401k TPA firm. He is a CPA and earned his BA from Yale and his MBA from The University of Chicago Booth School of Business.