How You're Missing Out on $100K in Your 401(k)

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June 17 (Bloomberg) -- Financial Engines CEO Jeff Maggioncalda explains how you may be missing out on as much as $100,000 or more in lifetime benefits. He speaks with Pimm Fox on Bloomberg Television's "Taking Stock." (Source: Bloomberg)

Service, i am joined by an investment strategist.

Financial engines is the largest in good pendant registered adviser in america.

We were started about 18 is ago by bill sharp.

The idea was to create services using technology to help americans with 401(k) plans figure out how they should invest.

They're able to input their own individual information and then get some kind of guidance or response so that they can make better decisions.

We work with the record keepers, people like fidelity, vanguard.

We are automatically connected to those systems.

We do give specific recommendations for which funds you should buy, which you should sell.

In some cases, people say, i don't want to deal with my 401(k) at all.

Can you manage it for me?

There has been some issues with 401(k)'s moving into ira's. there was a great article in bloomberg today.

Something we see a lot in the industry.

People that spent their life saving in their 401(k) plans, they retire, they stumble upon a broker, tell them to move all of their money into a set of proprietary funds, charges commissions, very high fees.

Employers want to make sure that all of those life savings aren't squandered by some brokers.

You mentioned life savings, some people look at social security as a form of her time in savings.

They have to make choices about when to apply for social security, how to do it, how to do it perhaps in conjunction with a partner.

It is far more complicated than most people think.

75% of people start collecting it when they retire.

What they don't realize is that if they waited longer, they could make a lot more money.

How do you and your spouse both make this choice to maximize the amount of income that they get from social security?

If you use some of your 401(k), you could get well over $100,000 by claiming the right way but it is complicated.

There is more than 8000 different combinations on how a married couple can claim social security.

Tell us about the service of that you can use some of this information and really compute when to take social security?

We are connected with about 8 million people by working with the employers.

We have been thinking about how much you should put in, how much you should invest.

It turns out for 60% of people, 75% of their retirement income will come from social security.

We have linked social security's and 401(k) together so that you can use this to make more from social security.

It is an online service that you can go through.

You can talk to an independent advisor.

We can show you how to make more . and make good decisions about your retirement.

The decision they make is the

This text has been automatically generated. It may not be 100% accurate.

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