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Illustration of a hand holding a magnifying glass to a 401 K monthly report
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A large percentage of 401(k) savers don't understand the fees involved in these popular retirement accounts, and it could be costing them thousands, a new government report says.

More than 40% of 401(k) participants do not know they are paying any fees associated with their accounts, according to a new survey done by the nonpartisan U.S. Government Accountability Office (GAO). Roughly 45% of those surveyed also couldn't determine how much they pay in fees just by reading through the disclosures.

That’s concerning, since high 401(k) fees can eat up tens of thousands of dollars by the time someone retires.