I watched the Frontline documentary entitled 'The Retirement Gamble'on the 401(k) retirement accounts. Now I consider myself a fairly savvy investor, however, I learned things that were quite shocking. For instance, if you invest in a 401(k) for 50 years and you are being charged at least 2% per year in fees. The total cost of fees over the lifetime of your 401(k) can cost you over $63,000. What! That is insane.
So I immediately checked my 401(k) options and looked at the fees. Several of my funds charged between 4% and 6%. I changed my investment options to index funds (S&P 500) and Vanguard Funds (Bond and Small Cap) which have very low fee expenses.
If you contribute to your 401(k) or are planning to, please take some action. Start by educating yourself, read some books or magazines on the subject, and get printouts of your 401(k) elections. It will take some time, but you can do it. Afterwards, you will have the information and knowledge to make changes to your 401(k), if necessary.
Please, please, please do not let the excuse of ignorance or complexity stop you from being proactive. I can offer some educational information. DISCLAIMER: I AM NOT A INVESTMENT ADVISER AND I DO NOT CLAIM TO BE ONE. THEREFORE, YOU ARE RESPONSIBLE FOR YOUR OWN INVESTMENT DECISIONS.
Please act now! Doing nothing is not an option.