Nov 9, 2018
In this episode of Inside the Plan, Bill Bush and Andy
Bush, Advisors at Horizon Financial Group give us the 411 on fees
associated with our 401k. The delve into why we pay for our plans
and how we can get the most value out of our plan.
- 1:00--- There are fees associated with your 401k.
- 1:52--- There is a cost associated with the recordkeeper--the
company keeping track of your investments and sending you
- 2:40--- The investing itself also costs money even if it is a
passive holding account. It costs even more when the advisor.
- 4:16--- Retirement fund advisors provide education. A lot of
times these services exist but participants pay without using these
- 6:20--- Depending on the size of the plan, fees can vary
greatly. you can find more information on the fees on your
statement. The plan sponsor has a responsibility to give this
report to participants if it is not in your statement.
- 7:20--- When you look at your statement, the number you see is
the number after fees.
- 8:22--- Any service you get you pay for it. Make sure you are
taking advantage of the advisor available to you.
3 Key Points:
- If you have a 401k plan, chances are you are paying fees to
have the service.
- The fees are associated with the recordkeeping company as well
as how you are making investments.
- Keep track of your fees via your statements to ensure you are
getting the most value out of your plan.
- “Inside a 401k plan, there
are fees.” –Bil.
- “There is a misconception
that 401k are free.” –Andy.
- “What in life is free? The
air.” –Bill and Andy.
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