Here's one way to determine if fees are devouring your retirement savings: Open up your mail.
About 6 out of 10 retirement plan participants are cracking open their annual 401(k) fee disclosures, according to a recent survey by Schwab Retirement Plan Services.
The company, an affiliate of Charles Schwab, polled 1,000 individuals in May, all of whom were contributors to their plans.
That means more than 40 percent of participants said they did not review their 401(k) fee disclosure documents. This annual report is mandated under a U.S. Labor Department regulation.
"Your employer must send out an annual disclosure showing the fees and investment performance for every fund in your 401(k) plan, all in one place," said Catherine Golladay, senior vice president, participant services and administration at Schwab Retirement Plan Services.
What you're paying matters because high fees erode your investment returns over time.