<br><div><aside class="gnt_em gnt_em__fp gnt_em_vp__tp gnt_em__el" aria-label="Video - Here’s everything you need to know about how to choose the right retirement plan"/><p class="gnt_ar_b_p">You can't expect Social Security to provide you with enough income to cover all of your retirement expenses. That's where personal savings come in. And in that regard, you have options.</p><p class="gnt_ar_b_p">If your employer offers a <a target="_blank" href="https://www.fool.com/retirement/plans/401k/?utm_source=usa-today&utm_medium=feed&utm_campaign=article&referring_guid=eea96795-0c69-4169-a48c-ab0063f4e87a" rel="noopener" data-t-l=":b|e|inline click|${u}" class="gnt_ar_b_a">401(k) plan</a>, you may be inclined to participate. This especially holds true if that plan comes with a generous employer match.</p><p class="gnt_ar_b_p">In a recent New York Life <a target="_blank" href="https://www.newyorklife.com/assets/newsroom/docs/pdfs/Wealth-watch-supplemental-data-sheet-2022.pdf" data-t-l=":b|e|inline click|${u}" class="gnt_ar_b_a" rel="noopener">survey</a>, 55% of respondents say they house their retirement savings in a 401(k). But while these plans have their benefits, they also have their drawbacks. And so you may want to consider another home for your money.</p><p class="gnt_ar_b_p"><strong>Subscribe to our newsletter: </strong><a target="_blank" href="https://profile.usatoday.com/newsletters/the-daily-money/" rel="noopener" data-t-l=":b|e|inline click|${u}" class="gnt_ar_b_a">The Daily Money delivers our top personal finance stories to your inbox</a></p><h2 class="gnt_ar_b_h2">The problem with 401(k)s</h2><p class="gnt_ar_b_p">Let's get one thing out of the way. Some 401(k) plans are better than others, so while your neighbor's plan might leave much to be desired, your plan might be fantastic. But generally speaking, there are certain disadvantages you might encounter when you save for retirement in a 401(k).</p><aside aria-label="advertisement" class="gnt_m gnt_x gnt_x__lbl gnt_x__al"/><p class="gnt_ar_b_p">First, let's talk fees. You'll commonly pay hefty administrative fees with a 401(k), and those generally aren't negotiable.</p><p class="gnt_ar_b_p">Then there are investment fees to consider. Some 401(k)s offer more choices than others, but if your options are limited, you could get stuck having to load up on mutual funds with high fees, or expense ratios, that eat away at your returns.</p><aside aria-label="advertisement" class="gnt_m gnt_x gnt_x__lbl gnt_x__al"/><p class="gnt_ar_b_p">Now to be fair, most 401(k) plans do offer a combination of actively managed mutual funds and low-cost <a target="_blank" href="https://www.fool.com/investing/how-to-invest/index-funds/?utm_source=usa-today&utm_medium=feed&utm_campaign=article&referring_guid=eea96795-0c69-4169-a48c-ab0063f4e87a" rel="noopener" data-t-l=":b|e|inline click|${u}" class="gnt_ar_b_a">index funds</a>, which are passively...</p></div> <style> .wrapper { text-align: center; } </style> <div class="wrapper"> <a class="button" href ="https://www.usatoday.com/story/money/personalfinance/retirement/2022/06/14/401-k-not-best-retirement-account-for-everyone/50363757/">Read more <span>➤</span></a> </div>