Fixing the Drain on Retirement Savings: How Retirement Fees Are Straining the Middle Class and What We Can Do about Them. Center for American Progress. Jennifer Erickson and David Madland. April 11, 2014.
Less than one in five American workers in private industry has access to defined benefit pension plans. As a result, most Americans’ quality of life during retirement depends on whether they have invested in retirement savings vehicles such as 401(k)s and Individual Retirement Accounts, or IRAs, and how their investments perform. The reality is, the corrosive effect of high fees in many of these retirement accounts forces many Americans to work years longer than necessary or than planned. Clearer, more transparent information has helped inform consumers about a variety of decisions from choosing between appliances to choosing between dinner options, according to the report. [Note: contains copyrighted material].
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