I have calculated how much fee you are paying in dollar amount for 30 years. The calculation based on $10,000 investment made with 7% yearly return for next 30 years. The 0.05% expense ratio which is usually associated with passively managed fund like ETF will earn you $74989 (after deducting $1134 fees) after 30 years. If fund charges you 2% fee yearly and earn 7% return for next 30 years, the return reduced to $41545.
All group members please remember when you select mutual fund look the expense ratio. The fund that charges 2% expense ratio would have same return if index finish 20% per year and fund end up 22%. The fund manager will keep saying we beat index by 2% but in nut shell you got exactly same return the index produced since expense ratio of index fund is very minimal - in above case 0.03%. For me and my wife 401K, I have invested 100% in SPY ETF with expense ratio around 0.04%. Please check your 401K investment allocation.