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That 2% fee on my 401k cost me more than my car, and I found out from a podcast
I was listening to a money podcast on my drive to the gym last week and the host said a 2% annual fee on a 401k can eat up almost half your gains over 30 years. I had to pull over and check my own statement. Turns out my plan charges 1.8% in admin fees, which on my $47,000 balance is about $846 a year just gone. I always thought fees were like $30 a year, not almost a thousand. Ran the numbers and if I had been in a low cost index fund since 2015 I would have about $9,000 more right now. Has anyone actually moved their old 401k to a cheaper plan, and was it a pain to do?
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emma_dixon709d ago
Weren't we all told fees were peanuts? Rolling mine over was easier than I expected.
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