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>>

  • Breaking News

    West Nile virus found in Ottawa Hills

    West Nile virus found in Ottawa Hills

    Monday, July 28 2014 4:09 PM EDT2014-07-28 20:09:22 GMT
    West Nile is in Northwest Ohio. Biologists are confirming that 30 mosquitos tested positive for the virus. The test site where the infected mosquitos were found is in the Ottawa Hills area by Central Avenue. 30 mosquitos gathered around the second week of July were found to be carrying the virus. Health officials warn just one bite from an infected mosquito can give you the virus. In most people, West Nile feels like the flu, with aches, pains and fatigue. In some, the virus can be very ...
    West Nile is in Northwest Ohio. Biologists are confirming that 30 mosquitos tested positive for the virus. The test site where the infected mosquitos were found is in the Ottawa Hills area by Central Avenue. 30 mosquitos gathered around the second week of July were found to be carrying the virus. Health officials warn just one bite from an infected mosquito can give you the virus. In most people, West Nile feels like the flu, with aches, pains and fatigue. In some, the virus can be very ...
  • Toppled rail cars remain along tracks after Springfield Twp. train derailment

    Toppled rail cars remain along tracks after Springfield Twp. train derailment

    Monday, July 28 2014 4:22 PM EDT2014-07-28 20:22:01 GMT
    25 days after a train derailed at the Crissey Road Crossing, 11 overturned rail cars and piles of other parts remain between the tracks and Old Airport Highway. 
    25 days after a train derailed at the Crissey Road Crossing, 11 overturned rail cars and piles of other parts remain between the tracks and Old Airport Highway. 

  • Lucas County to unify economic development efforts

    Lucas County to unify economic development efforts

    Monday, July 28 2014 4:02 PM EDT2014-07-28 20:02:52 GMT
    Lucas County will change the way it attracts jobs to the area by unifying economic development efforts into one county department.
    Lucas County will change the way it attracts jobs to the area by unifying economic development efforts into one county department.

Area Events Calendar

See It, Shoot It, Send It!