The next time you check your 401(k) account, take a careful look at the fees you're paying.
"Fees erode returns," and what you don't know could be hurting you, according to Josh Robbins, chief strategy officer at America's Best 401k.
Retirement savers often think of their 401(k) fees as "small percentages," and that's a mistake, Robbins said.
Take two investors, for example: one who's paying 1 percent in fees and another who's paying 2 percent.
"The person with 2 percent in fees will run out of money 10 years sooner than the person with one percent in fees," Robbins said. "That's dramatic."
To prevent that from happening to you, Robbins recommends you use a tactic he calls "financial archaeology."
First, if you're investing in a 401(k) plan, ask for a copy of your fee disclosure and look at the expense ratios on the mutual funds.
"If they're very high, like north of 1 percent, then that's a good indication that you might be paying too much," Robbins said.