In my first blog about costly retirement planning traps, I explained how conventional retirement plans put you in jeopardy of losing money you absolutely cannot afford to lose. Just because all the other lemmings choose to dive over the cliff, doesn’t mean you have to!
Now let’s look at the gremlins of conventional retirement plans that are decimating the nest egg you’re trying to build: FEES.
Do you even know how much you’re paying in fees each year for your retirement account? If you’re like most Americans, you don’t have a clue. The Employee Benefit Research Institute found that only half of 401(k) plan participants even noticed the fee information stuffed in the 14-page disclosure (that requires a magnifying glass to read and 3 years of law school to understand).
And almost no one makes any changes to their plan if they do read the fee disclosures.
Most folks just don’t think fees are all that important. Or, they think they’re unavoidable – sort of like death and taxes.