If the answer is "twenty-eight percent," what's the question?
Q1: What percentage of Americans will be insured under the new health insurance reform law?
Q2: How much can a one-percentage point difference in 401(k) fees reduce overall retirement income over a lifetime of saving?
Q3: What's the percent of Committee Members up for re-election in 2010?
Q4: How much has age discrimination increased?
Continue reading for the answer.
Q1: What percentage of Americans will be insured under the new health insurance reform law?
Q2: How much can a one-percentage point difference in 401(k) fees reduce overall retirement income over a lifetime of saving?
Q3: What's the percent of Committee Members up for re-election in 2010?
Q4: How much has age discrimination increased?
Continue reading for the answer.
The correct question is Q2: How much can a one-percentage point difference in 401(k) fees reduce
overall retirement income over a lifetime of saving?
That's right -- an extra percentage point taken out of your 401(k) in fees can reduce your overall retirement income by twenty-eight percent over a lifetime of saving.
But worse is that Wall Street isn't required to tell you how much it's taking out of your account in fees, so it's impossible to shop around for a retirement plan with the lowest fees.
The House recently passed a measure to require Wall Street to provide information about fees to American families. Unfortunately, the Senate stripped the provision out of legislation.
And for the record:
That's right -- an extra percentage point taken out of your 401(k) in fees can reduce your overall retirement income by twenty-eight percent over a lifetime of saving.
But worse is that Wall Street isn't required to tell you how much it's taking out of your account in fees, so it's impossible to shop around for a retirement plan with the lowest fees.
The House recently passed a measure to require Wall Street to provide information about fees to American families. Unfortunately, the Senate stripped the provision out of legislation.
And for the record:
- The health reform law makes insurance more affordable by providing the largest middle class tax cut for health care in history, reducing premium costs for tens of millions of families and small business owners who are priced out of coverage today. This helps 32 million Americans afford health care who do not get it today – and makes coverage more affordable for many more. Under the plan, 95% of Americans will be insured.
- 100% of Committee Members are up for re-election in 2010 (along with all Members of the House of Representatives)
- According to the EEOC, discrimination based on age actually increased by 30 percent in 2008 alone. Once a job is lost, it’s often much more difficult for older workers to land a new job that may require different skills sets, pay cuts, or new educational degrees. Only 61 percent of workers age 55-64 who lost their jobs in 2005-07 had been re-employed as of January 2008, compared to 75 percent of those 25 to 54.
