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Are you being flogged by fees?
If you are like a great many working Americans, you rely heavily upon your 401(k) for your retirement years. Pension plans are a thing of the past, the future of Social Security is uncertain, and many don’t feel qualified to make decisions about their investments, so they put their retirement savings into a 401(k) and hope for the best.
Unfortunately 401(k)s are not all created equal, and the high cost of actively managed funds are hidden away in novel-length prospectuses full of jargon. Failure to read the fine print has led to a whopping 67% of Americans believing that their 401(k)s have no fees, according to AARP.
Nothing could be further from the truth. If you have a 401(k), the chances are high that you are heavily invested in mutual funds, which come laden with fees. These fees may not sound big, at an average of 3%, but they will eat away at your future nest egg like termites – unnoticed until the damage is irreparable.
Legal Disclosure: Tony Robbins is the Chief of Investor Psychology at Creative Planning, Inc., an SEC Registered Investment Advisor (RIA) with wealth managers serving all 50 states. Mr. Robbins receives compensation for serving in this capacity based on increased business derived by Creative Planning from his services. Accordingly, Mr. Robbins has a financial incentive to refer investors to Creative Planning.
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