Think about it…
When it comes to saving for retirement, there are a number of options available. But knowing the ins and outs of all of these plans can be hard. Below is some general information on factors impacting saving for retirement.
What About Fees?
As with any purchase, it’s important to know what you are being charged for your retirement plan. Even small fees may have a big impact over time. There are generally two types of fees when it comes to investing – transactional and ongoing.
Transactional fees may apply at the time of a transaction. For example, a plan may charge an enrollment fee or, if you move your account balance from one retirement plan into a new plan, a rollover fee. In addition, a fund may have a sales charge that applies when you first invest in that fund.
Ongoing fees are typically charged to your retirement savings plan on a regular basis. For example, some plans have annual administration or management fees.
Transactional and ongoing fees can affect how your savings grow over time. That’s why it’s important to ask your retirement plan provider questions so you understand the fees that apply to your plan.
If you don’t know where to start, you can ask your provider: “What are all the fees related to my account?”
Employers who sponsor a retirement plan should also talk to their selected provider and/or a financial advisor to learn how a plan’s fees may impact investment performance and costs to employees, and how fees may vary among different investment options.
Learn more about retirement plan fees and expenses at https://www.dol.gov/sites/dolgov/files/ebsa/about-ebsa/our-activities/resource-center/publications/understanding-retirement-plan-fees-and-expenses.pdf
What About Social Security?
In the United States, Social Security plays an important part in making a comfortable retirement. But Social Security alone won’t provide 100% of your post-retirement needs. According to the Social Security Administration, there needs to be three major elements of your retirement portfolio: benefits from workplace retirement plans, personal savings and investments, and Social Security benefits.
Learn more by using Social Security’s Retirement Planner and related tools by visiting https://www.ssa.gov/planners/retire/
Also, learn more about how to maximize your Social Security benefit by visiting
www.consumerfinance.gov/retirement/before-you-claim
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The Small Business Retirement Marketplace is administered by the Washington Department of Commerce as established in RCW Chapter 43.330.730-750. Plans carried on the Retirement Marketplace are verified by the Department of Financial Institutions and/or the Office of the Insurance Commissioner to meet the requirements set forth in RCW 43.330.732(7) and 735(6)(a).
Enrollment in plans on the Retirement Marketplace is voluntary. Plan enrollment is managed by private financial services firms. Saving through certain plans will not be appropriate for all individuals. Employer facilitation of most retirement savings plans carries certain legal obligations for which employers are entirely responsible. Contributing to a retirement savings plan may offer tax benefits and/or consequences. Other private sector plans not offered on the Retirement Marketplace may charge lower fees. Consult your tax or financial adviser with questions related to investments.
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