“Whether you are a business owner or an employee, you can see how your company’s 401(k) plan stacks up by using this free online Fee Checker tool at www.ShowMeTheFees.com. It will analyze your plan and calculate within seconds how much you’re being charged in fees. Business owners can go one step further and provide a copy of their “fee disclosure” for a more detailed look under the hood. Most important, this quick process can also show you how much you can save over time by switching to a better plan. I won’t be surprised if you save yourself hundreds and hundreds of thousands of dollars over the years.
I was chatting about this with my dentist and friend Dr. Craig Spodak. He has more than 40 employees, and he wanted to make sure they weren’t being ripped off. I don’t want to name specific names here because these problems are systemic, not just limited to a handful of companies. But when Craig told me the name of the infamous company that provided his 401(k) plan, I couldn’t help but cringe. My diagnosis was immediate: his dentistry practice would need to undergo an urgent extraction. Otherwise the pain would only get worse.