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I saw this article on the Forbes website, then went to the PBS Frontline Page to see more. Thought you might be interested.
"Martin Smith, an Emmy-winning correspondent for PBS’ Frontline, is worried about his retirement — and yours. In his excellent Frontline documentary airing Tuesday, April 23, on PBS, The Retirement Gamble (check local listings), Smith, 64, says: “I started saving for my retirement in my late 20s. But along the way I dipped into my nest egg … not once, but several times. And now, like millions of other baby boomers, I, too, don’t have enough. Most of my savings went to pay for my kids’ educations. A divorce and the crash of 2008 didn’t help either. "
Please note that it is on beginning tonight, Tuesday, Apr 23. This is the promo for the 1 hour documentary. If you click on the Check Local Listings button, you will see when it airs where you live:
“'The Retirement Gamble,' airing Tuesday, April 23, is an eye-opening investigation of a financial services industry that may be draining your retirement savings with every passing year. An examination of retirement accounts. Included: the lack of uniformity in plans, which results in some workers paying much more than others; the cost of a seemingly small annual fee when spread out across a worker's lifetime; hidden fees."
Thanks for posting this Laura. I liked the Forbes article about 401K fees, as it's long been a pet peeve of mine. My DH (a former teacher) had access to a 403B plan - it had a ton of choices, but the administrative fees and fees on the individual mutual funds were terrible. Why should an S & P 500 fund have fees over 1%.
A relative recently started a new job and asked my advice about his 401K plan. It had extremely limited choices and all the funds offered had ridiculous fees - and this was a fairly large company.
It made me wonder what the financial incentives were for any company in choosing a 401K plan - it is a subject I know nothing about, but would guess that companies must gain something, or why wouldn't they choose better plans for their employees.
Thanks for posting this Laura. I liked the Forbes article about 401K fees, as it's long been a pet peeve of mine. My DH (a former teacher) had access to a 403B plan - it had a ton of choices, but the administrative fees and fees on the individual mutual funds were terrible. Why should an S & P 500 fund have fees over 1%.
A relative recently started a new job and asked my advice about his 401K plan. It had extremely limited choices and all the funds offered had ridiculous fees - and this was a fairly large company.
It made me wonder what the financial incentives were for any company in choosing a 401K plan - it is a subject I know nothing about, but would guess that companies must gain something, or why wouldn't they choose better plans for their employees.
One thing many do not realize is that they have the freedom to rollover their 401K or 403B from company sponsored funds, into self-directed funds.
I'm watching right now - interesting. Index funds???????????????hmmmmmmm Everyone has a different opinion.
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Everyone has a different opinion.
