Are your fees too high? If so, they are eating away your returns. Pay close attention to participant fee disclosures from your employer, as the U.S. Department of Labor requires companies to send this notification to 401(k) savers on a quarterly basis. Certain services, such as FeeX, spell out the details of your retirement plan fees, breaking them down into record-keeping costs and fund expenses.
“If your 401(k) charges high fees, get your match and look to investing in an IRA,” said O’Shea.
Finally, take a second look at your liabilities, and see if you can pay them down faster to free up more cash for investing.
“Are you paying for expenses now that may go away, so that you can use that money for something else in the future?” asked Blanchett. “That can make more sense for people who have student loans and other debts at higher interest rates.”
