401(k) Fees Need More Transparency, Labor Dept. Says

Memo to 401(k) savings plan service providers: You’re ignoring the intent of Labor Department disclosure rules when you bury the expenses and fees for those plans in a mountain of paperwork, using language only legal experts can decipher. If investors don’t know or understand how much they’re paying in fees associated with different investment options, for example, how can they know if they’re overpaying for certain funds and limiting retirement balances from increasing more fully? Phyllis C. Borzi, the assistant secretary of …

Seven Easy Ways to Boost Your 401(k)

Sadly, 401(k)  plans may not be the best vehicle to guarantee us a secure retirement that will last through the years. Too many variable factors – the market’s performance, the timing of  our retirement, the cost of our plan, our asset allocation and so on – can influence whether we’re able to save the sobering amount financial planners say we’ll need. By the looks of it, we’re in deep trouble. Financial advisers say we need to have saved eight to …

401(k) Balances Hit Record High – $111,900 for Ages 50-54

Here’s some good news.  Our retirement plan balances are rising, so maybe we actually can retire in relative comfort, provided we continue to save and save some more. A Fidelity Investments analysis of 401(k) plans showed that the average balance rose to a record high at the end of last year  – $77,300. That’s up from $69,100, a 12 percent increase from one year earlier. Workers 50-plus did even better. Here’s the average breakdown by age group as of the end …