What I have said for 10 years now!
Your Broker (Not You) Will Retire on Your Retirement Plan - On Retirement (usnews.com)
A study published by Demos makes a compelling case for something I have known for a long time: Retirement savings accounts like 401(k)s, 403(b)s, 457s, IRAs, Keoghs, and SEPs are a giant rip-off and a national disgrace. Demos is a non-partisan public policy research and advocacy group. Among its stated goals is “a more equitable economy with widely shared prosperity and opportunity.†It found some low hanging fruit with its analysis of retirement plans.
Here’s a summary of the findings of this study:
Your Broker (Not You) Will Retire on Your Retirement Plan - On Retirement (usnews.com)
A study published by Demos makes a compelling case for something I have known for a long time: Retirement savings accounts like 401(k)s, 403(b)s, 457s, IRAs, Keoghs, and SEPs are a giant rip-off and a national disgrace. Demos is a non-partisan public policy research and advocacy group. Among its stated goals is “a more equitable economy with widely shared prosperity and opportunity.†It found some low hanging fruit with its analysis of retirement plans.
Here’s a summary of the findings of this study:
- The average American household will pay, on average, almost $155,000 over the course of their lifetime in total401(k) fees. In this economy, that would buy a pretty nice home.
- The fees paid by 401(k) participants are 46 percent higher than fees required to manage the typical traditional pension plan.
- Merely requiring the disclosure of fees, which new Department of Labor regulations effective on July 1, 2012 will do, will only “marginally reduce†excessive fees.
- Employees believe that higher fees guarantee higher returns when the opposite is true. Lower fee index funds often have higher net returns than higher fee actively managed funds.
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