The Worst Offender for Fees

In today’s banking economy, there are fees for everything. ATM fees, checking account fees, over the limit fees, cash advance fees, and the list goes on and on.

But there is one fee that you might not be aware of that is the worst offender of them all….

According Money Talks News… 1 in 4 Americans do not know what the fees are on their 401k accounts.

For example, if one 401k account charges half a percent and another account charges 1.5% the difference over a period of 35 years of investing could total $63,000.

The reason most people don’t know about the fees is because they are automatically taken out of your account and you are not required to write a check.

Here are 3 things you can do to minimize your 401k fees:

1. Invest in index funds. Actively managed funds typically have much higher fees.

2. Leave your money alone. Every time you transfer money they charge fees.

3. Talk to your employer. If they don’t have low-fee funds to invest in, ask them to consider adding more investment options.

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