The average 401(k) charges the participant ~2.2% of their account balance each year, according to SmartAsset.
This number is rapidly declining, but even if you cut it in half, it would still be concerning.
When you leave a company, you have three options for dealing with your 401(k):
- Leave the account at your previous employer
- Transfer it to your new employer
- Roll it over to an IRA at a trusted custodian
Given how much you might be paying in fees, I don’t recommend neglecting this part of your financial plan.
In today’s podcast episode, we talk about each of these options and help you decide which is best:
