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High fees eroding many 401(k) accounts
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WASHINGTON - It's the silent enemy in our retirement accounts: High fees. And now a new study finds that the typical 401(k) fees - adding up to a modest-sounding 1 percent a year - would erase $70,000 from an average worker's account over a four-decade career compared with lower-cost options. To compensate for the higher fees, someone would have to work an extra three years before retiring.