Free-market competition has delivered to working savers what five decades of legislative effort has failed to provide — virtually universal access to low-cost investing.
How low? Try this: The Federal Thrift Savings Plan enjoyed by government workers has long been the lowest cost 401(k) plan in the country. It has an annual cost of 3 basis points. That’s three one-hundredths of 1 percent. This reduces the cost of retirement saving to essentially trivial levels, enough that the vast majority of the return on investment goes to the actual saver, not the financial services industry.
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