PITTSBURGH (KDKA) – Millions of Americans put money into a 401(k) plan, hoping it will one day lead to a comfortable retirement.
But, fees can chip away at your retirement, often costing tens of thousands of dollars.READ MORE: Pittsburgh Weather: Monday Warm-Up Ahead Of Dropping Temperatures
A typical two-income couple will pay more than $150,000 in fees over the course of their lives. That’s a lot of money coming out of your nest egg you could have later on. Consumer Reports says look for plan offerings with lower fees.
A good option – “Target Date Funds” for your 401(k) – which reallocate over time based on your expected retirement date. Consumer Reports found fees as low as .15 percent. And it pays to start planning early.READ MORE: Year Up Program Offering Pittsburgh Housing Authority Residents Skills Training, Internships
At the very least, save enough to take full advantage of your company’s 401(k) match. Many investors aren’t taking high fees lying down. The Supreme Court found in favor of 401(k) investors in just one case Consumer Reports looked at – employees of Edison International.
You can find more of Consumer Reports information on saving for retirement on Consumer Reports’ website here.
Complete ratings and recommendations on all kinds of products, including appliances, cars & trucks, and electronic gear, are available on Consumer Reports’ website. Subscribe to CR.org.MORE NEWS: How To Wake Up And Stay Alert Without The Help Of Coffee