401K hidden fees pushing back the average retirement time

BIRMINGHAM, Ala. (WIAT) – Hidden fees may be eating away at your 401K.

Today’s 401K fees will zap $70,000 from the average worker’s account over the course of a career. To compensate most people will have to work an extra three years.

Employees rely on their employers to negotiate with money management firms on their behalf because companies can use their size to negotiate discounts.

401K’s used to cost employees less, but now there are more complaints of conflicts of interest from companies passing along excessive 401K related fees.

Copyright 2014 WIAT-CBS42

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