fees

High Fees Can Sap Over $100,000 From Your 401(k) Plan

Posted on 04/17/2014 by |Money and Work | Comments

Bulletin Today | Money & SavingsSome 52 million Americans rely on their 401(k) savings plans as a key part of their retirement. Now, the Washington-based Center for American Progress says in a new study that high investment fees could cost the typical worker $100,000 or more over the course of a four-decade career. That may force some to stay on the job at least three years longer than they’d planned just to make up for that loss. Given the fact that many older workers are having a difficult …

Payday Loan Fees Often Exceed the Amount Borrowed

Posted on 03/25/2014 by |Senior Editor, Money Team | Comments

Money & SavingsIf you need more evidence that payday loans can be a debt trap, look no further than today’s report by the Consumer Financial Protection Bureau. The agency found that 4 out of 5 payday loans are renewed or rolled over within two weeks after the end of their term. In half of these cases, the borrower renews the loan at least 10 times in a row. And repeat borrowing may be more expensive than many borrowers may realize. Fees in …

Lucky Workers Snare More Company Cash for Their 401(k)s

Posted on 03/24/2014 by |Money and Work | Comments

Bulletin Today | WorkRemember when AOL announced recently that it would pay its 401(k) matching contributions to employees in a lump sum at the end of the year, rather than during each pay period, potentially costing employees’ retirement nest eggs thousands of dollars? If workers left in November, they’d lose out on nearly a year’s worth of company contributions. Those who stayed forfeited any gains made throughout the year. The tech company was forced to reverse its policy after an outcry by employees. (Criticism …

How Do Your 401(k) Fees Stack Up?

Posted on 10/3/2013 by |Money and Work | Comments

Bulletin Today | Money & SavingsNow that the government requires the fees associated with our 401(k) accounts to be disclosed, we all want to know: Are they on the low side, about what they should be, or too darn high? At the moment, it’s pretty hard to tell. Federal regulators are mulling over ways to improve the disclosures so that retirement savers like you and me can more easily answer that question. There’s a lot at stake. More than 50 million workers and retirees hold …

401(k) Fees: Workers Aren’t Doing Much to Lower Them

Posted on 08/5/2013 by |Money and Work | Comments

Bulletin Today | Money & SavingsThough we now know how much 401(k) fees are siphoning from our 401(k) plans, we don’t seem to be doing much about it. It’s been a year since the Labor Department required employers that sponsor a retirement saving plan to provide more information about the expenses connected with the various investment options and administering the plan. According to a new survey by the nonprofit Employee Benefit Research Institute (EBRI), 53 percent of defined contribution plan participants say they noticed the fee …

Don’t Get Snookered by Sneaky Fees

Posted on 07/25/2013 by |Money and Work | Comments

Bulletin Today | Money & SavingsIf you’re using credit and debit cards to pay for purchases — and let’s face it, who isn’t these days? — you’re probably paying hundreds of dollars in fees you didn’t even know about. These sneaky charges typically show up in your statement for things like a membership or subscription that automatically renewed without your authorization, or when a free two-week trial morphs into an ongoing membership that charges you each month (again without your permission), or when extra fees …