What impact can fees have on your employees’ success in retirement?
Well, no one wants to pay more than they have to. However, when you are the fiduciary of a 401(k) plan, you have a duty of loyalty and prudence.
In fact, you have personal liability relating to the results of an employee’s participation in your retirement plan. Therefore, it’s critical that you are benchmarking your plan’s fees.
Today, though, I’d like to highlight how you can improve your plans by reducing fees or enhancing investment performance.
If we take a look at the chart featured in the video, we can see that if you are able to reduce an individual’s fees by 1.5% it can make a difference of nearly $120,000 more in a 30-year period.
By reducing fees and expenses and improving performance to save an employee 1.5%, someone who may otherwise have started with $374,532 when they retire at 65 could instead start retirement with a balance of $498,395.
This is a difference of more than $1,100 in the money they would be receiving each month.
Imagine how this would impact your employees’ quality of life. That’s what Epstein Financial Services is all about.
Our mission and our goals are to impact fees, impact performance, and reduce your fiduciary liability.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.