Democrats.org posted “Disclosing 401(k) Fees“:
Workers deserve to retire with the dignity and comfort that they have earned, but as the Associated Press reports, incomplete information about hidden fees can drain thousands of dollars from 401(k) plans.
I have been looking around for some information on how these work and how people are using them. I found a site at http://www.efmoody.com/ where Errold F. Moody Jr. has gathered a lot of information. I also found an interesting article on MSN.money by Sottt Burns references Brooks Hamilton, titled How the 401(k) System Fails Most People at http://moneycentral.msn.com/content/RetirementandWills/P90046.asp.
Apparently, we have a problem here since so many employers have moved from defined benefit plans to 401(k) plans which people can’t understand or can’t afford. Add to that the first link above, in which the hidden fees have made the system look more like a scam than a pension plan.
If you are depending upon a 401(k) plan and actually have time to inform yourself about it, that will be time well spent. If you are working 2 jobs and don’t have time to check on your 401(k), just plan to work a lot longer than you expect…