Transcript for Getting the Most Out of Your Retirement Plan
We are back with "real money" week. Tonight more for your retirement fund. We help a family save hundreds of thousands of dollars for the future by showing them fees they didn't know existed. Tonight you can save big, too. Abc's paula faris on keeping your money in your pocket. Reporter: Gram gibson owns a chiropractic business in seattle and recently started saving for his retirement but they have no idea if their plan is getting the most bang for its buck. When you check your statement do you understand all of that verbage? No, I don't. Do you know what fees to look for? No. Do you have any idea how much you're paying in fees? No. Reporter: Like so many of us they don't know where to look. It's easier to watch the statements come in and -- the money is coming in. Reporter: One look at their portfolio and our expert says this chiropractor's plan is in need of a major adjustment. Tip number one, find out what fees you're paying by looking for these two key phrases, add minute administrative expenses and expense ratio. Did you know that that meant fees? I don't think I understood how it was deducted or when. Reporter: Tip number two, compare fees and find out how much wrur paying long term by plugging into websites like personal capital.Com or nerd wallet.Com. You say the fees are really high? They're astronomical. Reporter: Tip three, look for plans that have fees under one per. You can't be afraid to ask what fees am I paying. Reporter: The gibson's are paying upwards of 1.8 percent. For every $100 they're putting away the provider is getting $2. That may not sound like much but by switching providers and knocking off one percent in fees, the gibson's can save a jaw dropping amount. 500,000 over nearly 30 years. 500,000 is more than I think we even thought we would end up saving. Half a million dollars for one percent. That's a lot. And that's real money! Reporter:500,000 in fees is an astounding number. IF YOU CAN NOT SWITCH 401(k) Providers, if you get it through your employer, then invest what your economy matches. If you can't, shop around. They're out there. We have the tools on our website and our expert joanna is standing by on facebook so you can send your questions. Every around you is going $500,000 over 30 years. Tomorrow you're going shopping.
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