BrightScope is pleased to announce the launch of the Personal 401k Fee Report, a revolutionary free tool to help all 401k participants better understand the fees they are paying within their 401k plans.
- The tool starts by asking participants for some basic information that we need to show participants the impact of fees on their retirement balance:
- Next the tool asks participants to identify all of their 401k accounts.Â According to BrightScope research there are over 15 million 401k accounts for retired or separated employees.Â While there is not real data available, BrightScope has estimated that this could represent over $500 billion in retirement assets. Helping participants track down their old 401k accounts and understand their rollover options is of critical importance to securing retirement income for all Americans. Our tool can help participants identify multiple 401k accounts:
- Once a plan is selected you can update your individual investment holdings using sliders.Â Because we already have data on 30,000 401k plans entering in investment information should be very straightforward:
- Once a plan has been identified and all funds have been loaded a participant can discover their fees.Â In this case the participant is paying 1.22% in their old 401k plan at Anderson Baker Cole and by moving to a low-cost IRA they could potentially save $86,775 in retirement:
- We have also made it easier to roll an old 401k plan into an IRA by simply following the clickable links to a variety of low-cost IRA providers.
Oh and like we mentioned at the top, the personal 401k Fee Report is completely free to use. We just didn’t think it would be fair to charge anyone for a report that helps them figure out what they are paying in fees.