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Pro
Northwestern mutual is a primarily an insurance company. There's no reason to have a retirement account with them. Transfer to a well known brokerage such as Vanguard, Schwab, or Fidelity. Buy low cost fund such as VTSAX, FZROX, SWTSX.
Echo this. OP you may have been pressured into this by NM's aggressive sales people.
Pro
Yes - would recommend VTI or any vanguard s&p or other tracking etfs that have a .04% expense ratio. 0.75% will cost you a lot in the long run (if you hold for decades could cost you hundred thousand plus) so I steer clear of anything that expensive.
Chief
Not going to sugar-coat it, I would close it and move it immediately, to one of the big brokerages like Vanguard, Fidelity, or Schwab. You are paying tons of extra fees - both in outrageously high expense ratios AND probably load fees - that, when compounded over decades, could cost you tens or hundreds of thousands of dollars.
NM sales guys are so aggressive
VTI and VXUS (if you want international stocks). If you want bonds BND and BNDX. I do 60% VTI and 40% VXUS. No bonds.
.75% will eat a lot of return. Find an online compound interest calculator and plug in rate of return of 10% (historical annualised stock return) then try with 9.25% (after fees) you’ll be surprised by how much you’ll lose to fees. A lot of studies also found that fees is the single most important factor in returns.
random walk
Chief
The problem isn't the internal exp ratio (its a target date fund) . The problem is that it's an A share so you are paying a front load
Pro
Echo what FA1 says - you’re paying a front load fee of over 5% PLUS a high expense ratio. I’m going to guess you were talked into buying some sort of insurance product as well?
I did the same thing early in my career, when I didn’t know any better. Fixed that error early at least, and I suggest you do the same. You can do a lot better using a basic account at Fidelity, etc., and folks on this forum will be all too happy to suggest low-fee funds that match your risk/reward tolerance.
Try to keep expense ratio lower than .5 - many index funds have .02 - makes a huge difference over time
Are you also paying a management fee on the account? If so move the account asap