High 401(k) fees are costing millions of Americans tens of thousands of dollars, forcing them to work years longer before retirement, according to a new report released Friday by the Center for American Progress.
The report's authors, CAP economic experts Jennifer Erickson and David Madland, call for all retirement funds to have a clear, understandable label that provides consumers with relevant, concise, and accessible information about fees.
Improved fee disclosure could help individuals make better financial decisions—especially since data show that higher-cost funds do not necessarily perform better—and could also force a national conversation about how best to improve our retirement system, they explained.
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