(NEW YORK) -- More than 50 million Americans have 401(k) retirement plans. That's the good news, according to Charles Schwab Chief Executive Walter Bettinger. The bad news is that the median 401(k) balance is barely over $40,000, hardly enough to retire on. Bettinger told the National Press Club Monday that he's angry with the 401(k) system making it too expensive for Americans to save money for their golden years.
Not only should overall fees be lowered to make building a 401(k) plan more affordable, but Bettinger says that 401(k) programs should also go the extra mile and provide people with a money manager.
The CEO explained, "Research we've done on plans at Schwab show that employees working with an independent professional double their savings rates and set up a far superior investment allocation."
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