Eighty percent of investors in 401(k) plans say they don’t know how much they are paying in fees, AARP found in a survey. And half said they didn’t know how the investment, administrative and individual fees would impact their savings.

“With Americans more responsible than ever for making better choices to secure their financial futures, financial literacy and an understanding about those decisions is increasingly important,” said David Certner, legislative counsel and policy director for AARP. “Plan administrators are going to have to be more transparent and make the necessary information about 401(k)s readily available to plan participants.”

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