67% of People Unaware of This Crucial 401K Fact, Leading to Costly Consequences

These 5 misconceptions can make the difference between hitting your financial goals and easily exceeding them. Be sure to stay until the end to learn about how much your 401(k) really costs you ... Costly 401k Myths We All Thought Were True 401(k) Fees. Department of Labor (DOL) Report: - Google: average 401k fees DOL or - Click here. (Caution: Automatically downloads a PDF from the DOL's website) 🔥 MORE FROM AZUL: Twitter: Essays: 💲 NEED FINANCIAL ADVICE? 💲 1) Google "fee-only financial adviser" or visit www.NAPFA.org (the largest association of fee-only financial advisers). NOT an affiliate link 2) The first question to ask any financial adviser is, "Are you a fiduciary to me 100% of the time". Get the answer in writing 3) Please note that some people call themselves "fee-based". This is NOT the same as fee-only. Fee-only advisers have committed to being fiduciary to you 100% of the time. 4) Personally, I would only hire an adviser who is a fiduciary to me 100% of the time. This is not a suggestion on what you should do. Just sharing my personal preference. ⚠️ Azul's "Scammer" Warning ➡ PLEASE READ! ⚠️ Be careful of scammers. In the comments section, I will NEVER ask you to contact me, offer any investment products, recommend a stock broker, or anything similar. Some scam bot commenters 'ask' for investment help, and later, other comment bots reply with "how great X idea/investment/person is" in the replies. These are scam threads. Do not fall for them. 🚨 Azul's VIDEOS ARE NOT FINANCIAL ADVICE (Disclaimer) 🚨 This information is only provided as an informational resource and should not be viewed as investment advice or recommendations. To get professional financial advice from a fee-only financial advisor near you, please visit www.napfa.org. The decisions on how to invest, when to retire, and other financial planning topics are some of the most important financial decisions you will make in your life. I urge you to seek professional financial advice as you make this decision. Ideally, from a financial adviser, AND a CPA AND an attorney. Having the perspective of all three professions will help you make the right decision for you and your family. This information is being presented without consideration of the investment objectives, risk tolerance, or financial circumstances of any specific investor and may NOT be suitable for all investors. This information is NOT intended to, and should NOT, form a primary basis for any investment decision that you may make. Always consult your own legal, tax, and/or investment advisor before making any investment/tax/estate/financial planning considerations or decisions. Spoiler Alert: There are no "get rich" programs. Rather, just basic blocking & tackling and putting in time and care. Do your homework, choose wisely and (IMHO) work with experienced professionals who are fiduciary to you 100% of the time. TAGS- #azul #RetirementPlanning #FinancialAdvice #Investing #FinancialFreedom #RetirementGoals #FinancialPlanning #CareerAdvice #SeniorYears #RetirementLife #RetireWithPurpose #FinancialWellness #RetirementDreams #FinancialEducation #RetirementSavings #WealthManagement #EarlyRetirement #FinancialIndependence #RetirementJourney #RetirementCommunity #RetirementStrategy...(read more)

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LEARN MORE ABOUT: 401k Plans REVEALED: Best Investment During Inflation HOW TO INVEST IN GOLD: Gold IRA Investing HOW TO INVEST IN SILVER: Silver IRA Investing

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67% Do NOT Know This About Their 401K ... And It Cost Them Dearly Retirement planning is an essential aspect of financial security, and for most Americans, their 401K plays a crucial role in this process. A 401K is an employer-sponsored retirement savings account that allows individuals to contribute a portion of their pre-tax income towards their retirement. While many people are aware of the existence of their 401K, a startling 67% of individuals are unaware of a critical fact about these accounts that can potentially cost them dearly. The alarming reality is that the majority of Americans do not know how much they are paying in fees associated with their 401K. These fees can significantly impact the overall growth of their retirement fund. According to a survey conducted by TD Ameritrade, only 33% of participants had any knowledge of the specific fees they were being charged. One might wonder how such a significant number of individuals are unaware of something as crucial as the fees attached to their retirement savings. One reason for this lack of awareness is the complex nature of the fee structure. Many fees are hidden or are buried deep within the paperwork provided by financial institutions. The lack of transparency surrounding these fees often leaves individuals in the dark, unaware of what they are actually paying. One of the most common fees associated with 401Ks is the administrative fee. This fee covers the cost of managing and maintaining the retirement plan and is usually a percentage of the total assets invested. Although seemingly small, these fees can stack up over time, hindering the overall growth of the retirement fund. Another fee that often goes unnoticed is the investment fee. This fee is charged by mutual funds or other investment vehicles offered within the 401K plan. It covers the cost associated with managing the investments within the fund. Again, this fee may appear insignificant at first glance, but over the long term, it can have a substantial impact on the final nest egg. The consequences of being unaware of these fees are immense. Over a 30-year period, a single percentage point increase in fees can potentially reduce an individual's retirement savings by almost 20%. This means that a significant portion of their hard-earned money is being eaten away without their knowledge. So, how can individuals protect themselves from these hidden fees? The first step is to educate oneself about the fee structure associated with their 401K. By thoroughly reading the provided disclosures and statements, individuals can identify and understand the various fees they are being charged. Additionally, it is essential to compare the fees charged by different financial institutions. Not all 401K plans are created equal, and while it may seem like a daunting task, researching and switching to a plan with lower fees can significantly impact the growth of retirement savings. Furthermore, individuals should take advantage of online resources and calculators that can help them estimate the impact of fees on their 401K. By entering specific data, such as their current retirement savings, anticipated contributions, and estimated fees, individuals can have a clearer picture of how fees can impact their future financial stability. In conclusion, the lack of awareness about fees associated with 401Ks is costing Americans dearly. With the majority of individuals in the dark about the specific fees being charged, their retirement savings are taking a significant hit. Education and due diligence are crucial in safeguarding one's financial future. By becoming knowledgeable about the fee structure and actively seeking lower-cost options, individuals can maximize their retirement savings and ensure a more financially secure retirement. https://inflationprotection.org/67-of-people-unaware-of-this-crucial-401k-fact-leading-to-costly-consequences/?feed_id=146322&_unique_id=652ce987f1657 #Inflation #Retirement #GoldIRA #Wealth #Investing #3401kmistakesinvestorsmaynotrealizethey’remakingrightnow #3reasonsnottocashoutyour401k #azul #boglehead3fundportfolio #bogleheads3fund #bogleheads3fundportfolio #burnout #canyouretirewitha401k #cashout401kwithoutpenalty #Foryou #howtopottytrainaboyin3days #howtousemy401k #Seven401kMistakes401kInvestingforBeginners #shouldIrollovermy401k #snapping12whereareyou #viral #whattherichdontwantyoutoknow #401k #3401kmistakesinvestorsmaynotrealizethey’remakingrightnow #3reasonsnottocashoutyour401k #azul #boglehead3fundportfolio #bogleheads3fund #bogleheads3fundportfolio #burnout #canyouretirewitha401k #cashout401kwithoutpenalty #Foryou #howtopottytrainaboyin3days #howtousemy401k #Seven401kMistakes401kInvestingforBeginners #shouldIrollovermy401k #snapping12whereareyou #viral #whattherichdontwantyoutoknow