Small Business Owners are not Familiar With Their Retirement Plan Fees
Many small business owners are not familiar with how much they or their employees pay in fees to their retirement plans, finds a Pew Charitable Trusts study.
The survey found only 19 percent of small to midsize business leaders were very familiar with their retirement plan fees, 34 percent were not at all familiar with their plan fees. 31 percent of workers said they were not at all familiar with their plan fees.
Researchers say the limited amount of knowledge from both business owners and workers can be detrimental to workers’ long-term finances. The amount of money savers pay on their investments can make a huge difference over time in terms of retirement savings growth.