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Friday, June 10, 2011

401k Fees

Many Americans have been ripped off by the outrageous hidden fees embedded in many 401k plans:


This is about to change in 2012, as 401k fees will be required to be disclosed. Notice the names of the 401k providers in the video. Why wouldn't they return the calls of Bloomberg News?

Hopefully, Americans will get proactive on this important issue and understand the impact of fees on their retirement.
Posted by Robert Wasilewski at 7:23 AM
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5 comments:

  1. Canadian Couch PotatoJune 10, 2011 at 9:32 AM

    This is appalling. Canadians love to complain that we pay outrageous investing fees, but it looks like we're not alone.

    ReplyDelete
  2. DIY InvestorJune 10, 2011 at 1:32 PM

    re: Canadian Couch Potato I think the financial services industry is the same everywhere. They know they have a product the public doesn't understand and they have government unintended support to charge outrageous fees.

    ReplyDelete
  3. BeatingTheIndexJune 10, 2011 at 3:22 PM

    It must be so frustrating after all those years of putting money away to discover the damage that cannot be fixed!

    ReplyDelete
  4. DIY InvestorJune 10, 2011 at 4:29 PM

    re: Mich It is a good thing they are going to make funds explicitly report their fees because plan administrators are fiduciaries who could be legally held responsible for controlling costs. Don't be surprised if you see law suits mount as people learn that they have been exploited.

    ReplyDelete
  5. MoneyConeJune 10, 2011 at 5:08 PM

    What amazes me is what took the regulators so long to ask for this simple change?

    ReplyDelete

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