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Don't Let High 401(k) Fees Impact Your Retirement

Don't Let High 401(k) Fees Impact Your Retirement

April 24, 2023

As a 401(k) plan advisor, I've seen firsthand the impact that high fees can have on an individual's ability to save for retirement and maintain a comfortable standard of living in retirement.

A recent study by the National Bureau of Economic Research found that high fees in 401(k) plans can significantly reduce retirement wealth and income over time. The study, titled "The Effects of 401(k) Fees on Retirement Wealth," analyzed the impact of fees on retirement savings and income for a sample of individuals aged 50 to 60.

The results showed that fees of 1% can reduce retirement wealth by 17%, while fees of 2% can reduce retirement wealth by 31%.These numbers are alarming, and they emphasize the importance of taking steps to reduce plan fees.

At Equity 401k Consultants, we specialize in helping plan sponsors evaluate their plan fees and identify low-cost investment options to maximize retirement savings and income.

We work with a variety of investment providers to offer customized solutions tailored to each plan's unique needs and goals.

In addition to helping plan sponsors reduce fees, we also provide valuable education and support to plan participants. We offer retirement planning workshops, individual consultations, and online resources to help participants make informed investment decisions and maximize their retirement savings.

Our mission is to help business owners create prosperity and provide security for their employees. This eeps us dedicated to helping plan sponsors and participants achieve their retirement goals.

We understand that retirement planning can be overwhelming, but we're here to provide the guidance and support needed to make informed decisions and achieve financial security in retirement.

Don't let high 401(k) fees impact your retirement.

Contact us today to learn how we can help you evaluate your plan fees and potentially save you money on investment costs. Together, we can build a better retirement future for you and your employees.