- Life coach and author notes that 92 percent Americans don’t know the costs involved with their 401(k) plan — and 72 percent believe they’re not paying anything.
- A 1 percent fee cut can help money last 10 additional years in retirement.
- Fees can slash retirement savings by as much as 60 percent.
Best-selling author and life coach Tony Robbins says that hidden fees in retirement plans are confusing and a major problem for retirement savers. Unfortunately, the move toward increased disclosure has not solved this problem, he believes.
“For 30 years the industry did not even have to tell investors what they were charging,” said Robbins, who is also a partner and board member of America’s Best 401k and chief of investor psychology for Creative Planning. “A few years ago the law changed, and now you get a 35- to 50-page disclosure document that — if you’re a lawyer or you have a degree in finance — maybe you can understand.”
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