The best way to manage your 401(k) plan is to build a globally diversified portfolio, at the appropriate risk level and rebalance. The best plan will do this for you and take full responsibility.

Now that he’s got your attention, Hiltonsmith has four tips for minimizing those fees in order to maximize the benefits of your 401k retirement plan.1) Utilize Your Employer Match

Most companies make matching contributions to 401k, at least up to a certain level. It’s imperative that workers make sure they’re getting largest possible participation from their employer. Over the long haul the benefit of maximizing company matching programs will more than offset the impact of hidden fees.

2) Choose Low Fee Funds

When choosing from the various fund options forget going with the hottest hand or best trailing returns. “Over the long horizon, over 30 years, you’re going to get the highest returns just by picking the lowest fee plan,” says Hiltonsmith.

Your fund choices will have the expense ratios outlined, or at least summarized. Pick the fund with the smallest price tag, even if the option sounds less sexy than some of the alternatives.

3) Consider an IRA

Too many people think a 401k is all they need for retirement. Not so fast. It may seem like wearing both belts and suspenders but Hiltonsmith says savvy investors have both an IRA and 401k.

Not only is too much savings never enough, a low-fee IRA can give investors a place to rollover their 401k’s into lower fees as the option becomes available over time.

4) Talk to Your Employer About Plan Options

Don’t just blindly plug your 401k contributions into the plan. Talk to your company’s investment adviser to make sure you’re optimizing the amount of money you’ll eventually be able to take out of the plan.

Plan participants must realize they they are responsible for their own retirement.

Please comment or call to discuss how this affects you and your financial future.