Retirement Goes Out the Window

for millions of Americans, thanks to ripoff 401(k)s. Their fees make matters even worse.

The median 401(k) balance was a scant $23,000 at the end of the first quarter this year among Fidelity Investments’ 11.8 million accounts.

The higher your income, the greater the absolute value you pay in fees.

A dual-earning household in which each partner earns an income greater than three-quarters of Americans each year over their lifetime can expect to pay as much as $277,969.

Robert Hiltonsmith, policy analyst at Demos, said the most surprising finding was how much of a retirement balance can be lost to fees.

“I knew it was going to be a lot I didn’t realize it was going to be more than 30 percent of what your retirement nest egg would have been,” he said.

You're better off with a savings account. And to think people on Wall Street want to grab Social Security.