Field note 01
Fees & cost analysis · 4 min read
The hidden drag in an old 401(k) usually is not one fee. It is the stack.
Former-employer plans often hide costs across several lines: fund expenses, recordkeeping, admin, and sometimes an advisory overlay. Looking at only one number misses the real drag.
By Dan Zimon · February 10, 2026
Households often know the old 401(k) feels expensive but cannot see why. The problem is rarely a single obvious charge. It is usually a layered fee stack: the fund expense ratio, the recordkeeping line, administrative charges, and in some cases a managed-account or investment-advice overlay on top.
That matters because each layer compounds quietly. Over a working household's final ten or fifteen years before retirement, the real cost is not just the dollars paid this year. It is the lower base left behind to compound next year.
This is exactly why the calculator exists. The point is not to pressure anyone into a rollover. The point is to make the fee picture plain enough that a family can decide with both eyes open.