How to Rescue Your Retirement Plan | Tony Robbins Podcast

In this episode of the Tony Robbins podcast, Richard Bradley, Editor-in-Chief of Worth Magazine, hosts the podcast and offers up insightful information into the best retirement plans in America. Bradley is joined by Tom Zgainer and Josh Robbins of America’s Best 401k, and the three sit down to discuss the many misconceptions people have about saving for retirement.
Presently, more than 90 million Americans contribute to 401ks, but still don’t know much about what they’re putting their money into. In fact, Bradley and his guests claim that 70% of Americans with 401ks are so in the dark about retirement that they don’t know there are fees associated with their retirement accounts. The most damaging thing about these hidden fees is that they’re chipping away at the returns people receive on their 401k accounts over time.
In 2012, 401k providers became legally required to publicly disclose their fees upfront. This changed retirement accounts for the better, as people were more knowledgeable about what they were putting their funds into. Now, each participant in the plan has to legally receive a disclosure. But oftentimes, these disclosures can be hidden on the provider’s website, and are intentionally created to be unreasonably long and difficult to read through, ultimately making it difficult for participants to know what they’re doing with their money.
One finance professional, Robert Hilton Smith, went on a mission to find out how many fees he was paying related to his 401k account. He found 17 different fees that were hitting his account. This could result in major losses for individuals. Say there’s a person in their 30s making $30,000 annually. Over their lifetime, this person is susceptible to paying up to $154,000 in fees alone. How much money would they have if this money were put to work compounding? How much would they have made? This is the difference between being able to retire and being afraid to.
How do you avoid overpaying for underperformance? Zgainer and Robbins developed a simple-to-use fee checker for their brand. This tool empowers people to further investigate their options and compare their potential investments side-by-side. Zgainer and Robbins also encourage listeners to not be afraid about switching 401k plan providers, as this can often lead to massively increasing their savings in the long run.
So, what is the best retirement plan? Find out for yourself by listening to the full podcast. With detailed information about the smartest ways to invest and the best 401k plans, this episode of the podcast is ideal for anyone looking to start taking control of their future finances and maximizing their potential.
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Tony Robbins is a #1 New York Times best-selling author, entrepreneur, and philanthropist. For more than 37 years, millions of people have enjoyed the warmth, humor and dynamic presentation of Mr. Robbins' corporate and personal development events. As the nation's #1 life and business strategist, he¹s called upon to consult and coach some of the world¹s finest athletes, entertainers, Fortune 500 CEOs, and even presidents of nations.