Don’t Miss Charles Massimo on the Bill & Joel Radio Show Discussing 401(k) Hidden Fees and the Effects on Your Retirement Income
USA Today recently reported that retirement savings are on a major upswing as balances reach a year high, averaging $74,000. But how are 401(k) Hidden Fees affecting your retirement income? There are two sides to this story. “It’s great that more people are saving, but when you think about it, ‘Who can survive off of $74,000 when they retire?’ People just aren’t’ saving enough and they should take full advantage of their firm’s 401(k) plan.
However, hidden fees which are buried in these 401(k) plans are diminishing plan participant’s account balances. Don’t be a victim! Go to human resources, your company’s owner or upper level management and find out what your plan is truly costing you. With new 408(b) 2 Department of Labor Regulations taking effect January 1, 2012, service providers will have an obligation to show all hidden fees. The problem is will that be too late for many existing 401(k) plans?
About Charles Massimo
Recognized as industry expert and guest speaker at national industry conferences, Charles Massimo is a published author and media subject expert on topics ranging from wealth/asset management to investment and financial planning for high net worth families.