2761: Hidden 401K Fees No One Talks About by Logan Allec with Saving Joyfully on Saving for Retirement

Optimal Finance Daily - Financial Independence and Money Advice

Optimal Living Daily LLC

Investing, Self-improvement, Education, Business

4.5 • 1.3K Ratings

🗓️ 15 June 2024

⏱️ 11 minutes

🔗️ Recording | iTunes | RSS

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Summary

Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com. Episode 2761: Discover the surprising costs of your 401(k) in Logan Allec's exploration of the often overlooked fees draining your retirement savings. Allec illuminates hidden charges like 12b-1 fees, administration costs, and transaction fees, offering crucial advice on how to minimize their impact and maximize your future funds. Read along with the original article(s) here: https://savingjoyfully.com/blog/hidden-401k-fees-no-one-talks-about Quotes to ponder: "Your 401(k) may be charging you for a variety of things that you’re not aware of depending on how you use the account." "While some 401(k) providers don’t charge fees, the vast majority do, and you may be surprised when you realize how much of your contributions are covering these costs rather than your retirement." "12b-1 fees are legally limited to 1% of your total assets, but a single percent can have a substantial impact on your retirement savings." Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Looking to part ways with complicated, expensive, and uncertain shipping,
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0:36.0	Simple, affordable, reliable.
0:39.0	This is Optimal daily episode 2761.
0:44.0	Hidden 401k fees no one talks about by Logan
0:48.4	Alec with saving joyfully.com.
0:51.0	And I'm your host and personal finance enthusiasts Diana Meriam.
0:55.0	Now let's get right to it and continue optimizing your life.
0:59.0	Hidden 401k fees no one talks about by Logan Alec with saving joyfully.
1:09.0	Contributing to a 401k or other retirement account can be incredibly satisfying,
1:16.0	but you may not realize how much money you're spending on fees.
1:20.0	In fact, your 401k may be charging you for a variety of things that you're not aware of,
1:25.4	depending on how you use the account.
1:28.2	This article will cover some of the most prevalent hidden fees in 401k's that could be draining money from your retirement fund.
1:36.1	Remember to include all fees and other charges when determining how to use any extra cash. Do all 401k's charge fees? While some 401k providers don't
1:48.0	charge fees, the truth is that the vast majority of people with 401k accounts are paying at least some fees.
	...

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