According to a new study by the AARP, 401(k) plan participants are largely unaware of the fees they pay to their plan providers. More than seven in 10 (71 percent) plan participants claimed they did not pay any fees, even though they do, and six percent said they did not know whether they paid a fee.
When the fees were explained to them, six in 10 couldn't identify the amount of their fees.
"Americans are trying to plan for their retirement without all the information they need about their 401(k) plans," said Jean Setzfand, AARP Director of Financial Security in a statement. "The research shows a clear lack of understanding about 401(k) fees and the impact they might have on one's saving."
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