Spaghetti ignorance
STEPHEN CRANSTON: Millennials and their money
Among the millennials surveyed, 42% did not know what they were paying their service providers in fees on retirement savings and a further 51% believed they were paying less than 1%. This is very naive
I always imagine that the wolf in Little Red Riding Hood would have teeth a lot like those of Steven Nathan. As CEO of the index-based 10X retirement administrator, he talks often about how his competitors, who don’t boast his gnashers, take bites out of retirement savings. I am surprised that he didn’t star in the recent YouTube video in which a waiter eats 40% of people’s spaghetti. He left that to comedian Nik Rabinowitz, who has also done hosting work for the Financial Mail. The point of the video was to show the effect of excess fees on retirement savings (or any other kind, for that matter). This has been Nathan’s preoccupation for several years.Among the millennials 42% did not know what they were paying their service providers in fees and a further 51% believed they were paying less than 1%. This is very naive, considering that retirement funds do not just charge investment fees but also administration fees, and have to pay sundry service providers such as tracing agencies.<...
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