Fees may be shrinking your 401 (k) - 13abc.com Toledo (OH) News, Weather and Sports

Fees may be shrinking your 401 (k)

Posted: Updated:

t's the silent enemy in our retirement accounts: High fees.
    
And now a new study finds that the typical 401(k) fees - adding up to a modest-sounding 1 percent a year - would erase $70,000 from an average worker's account over a four-decade career compared with lower-cost options. To compensate for the higher fees, someone would have to work an extra three years.
    
The study comes from the Center for American Progress, a liberal think tank. Its analysis, backed by industry and government data, suggests that U.S. workers, already struggling to save enough for retirement, are being further held back by fund costs.
    
"The corrosive effect of high fees in many of these retirement accounts forces many Americans to work years longer than necessary or than planned," the report said.

  • Top StoriesMore>>

  • FBI charges 26 people for selling heroin

    FBI charges 26 people for selling heroin

    Reporter Alexis Means has details on a major FBI drug bust in Toledo.

    Reporter Alexis Means has details on a major FBI drug bust in Toledo.

  • Police investigate shooting at downtown strip club

    Police investigate shooting at downtown strip club

    Thursday, August 21 2014 8:01 AM EDT2014-08-21 12:01:14 GMT
    Toledo police are investigating a shooting at a downtown strip club. It happened just before one a.m. at Chez Joey gentleman's club on the 700 block of Monroe Street. Detectives say at least one person was
    Toledo police are investigating a shooting at a downtown strip club.  
  • Recycling services see major increase in water bottles

    Recycling services see major increase in water bottles

    Toledo and surrounding areas are still feeling the impact from the water crisis. During the height of the crisis, residents were worried about getting their hands on bottled water. Now all those extra bottles are causing extra waste. 13abc's Kristi Leigh has the story.

Area Events Calendar

See It, Shoot It, Send It!