As Americans watched their nest eggs sink during the Great Recession, many wondered whether they would ever be able to retire. Come this fall, millions of workers who invest in 401(k)s will learn their plans are probably worth even less than they thought.
“Fees take away from the accumulated savings of your lifetime,” says Mary Beth Franklin, a contributing editor at InvestmentNews.
As of July 1, the Labor Department will require 401(k) plan providers to clearly disclose how much in fees they’re charging on those retirement savings. Plan participants will see those fees detailed in their third-quarter statements, which will arrive around Thanksgiving, Franklin tells Morning Edition co-host Renee Montagne.
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