Customer Reviews

Stop the 401(k) Rip-Off!: Eliminate Costly Hidden Fees to Improve Your Life

5 star:		(17)
4 star:		(4)
3 star:		(1)
2 star:		(0)
1 star:		(0)

 

 

David Loeper shows 401k participants (both owners and employees) how to expose the hidden (and often excessive) fees in their 401k plans. Until congress decides to require full fee disclosure, participants will have to fight for it alone. If you don't KNOW that your plan fees are 1% or less, I suggest you follow David's advice and start the difficult task of uncovering your plan's hidden fees.

Most people I talk to would like to be millionaires by the time they retire. That means that investment in retirement accounts or general brokerage accounts should be increased by a couple thousand dollars a year and maintain a decent return. The percentage of return is the main factor in attaining that million-dollar status (especially when the interest starts to overtake the voluntary contributions as the main annual investment). What Loeper shows in fascinating detail in Stop the 401(k) Rip-off is that the companies (insurance companies) that sell the 401(k) plans to employers take a sizable chunk of the return--often before you even see your statement (which may have additional fees shown).

The total damage is scary and may force you to immediately reconsider your retirement planning. After fund expense ratios, administration fees, wrap fees, M&E charges, and countless other fees that make retirement account statements start to look like cell phone statements, the total return may be 4% off of what your money has really made. In other words, a 401(k) plan makes almost as much money for the insurance companies as the employee.

Loeper utilizes multiple charts and examples to make his point that the 401(k) program is a rip-off and we should stop using them. Everyone who invests heavily in these accounts should know what they're getting themselves into and read this book.

As one without a financial background, there seems to be a lack of practical, understandable, quality information on managing and making the most of your 401k. The insights in Loeper's book fill this void. This is especially true regarding the high fees charged by some 401k providers. Following his guidance should help businesses and individual investors determine the true cost of their 401k, minimize those expenses, make better choices, and get the most out of their retirement accounts.

This is not the type of book I'd normally read. Thankfully, a friend a loaned me their copy. Read this book, apply what you learn and enjoy your retirement!

My name is Matthew Hutcheson. I'm an independent pension fiduciary, and have studied retirement plan economics for over fifteen years. Every American worker with a 401(k) (or a 403(b)/457 for that matter) should put this book on the top of their reading list. The information contained in this book could be worth many thousands of extra retirement dollars to you down the road. Mr. Loeper should be congratulated on one of the most important and practical retirement books of the decade.

This book is great for all investors. The book is easy to read and understand. If you think you are getting ripped off...you need to read this book! It is an eye opener! Very well thought out and to the point!

This book blows the whistle on undisclosed 401(k) fees that are netted against the returns you receive on your hard-earned 401(k) balances. The author guides you on figuring out what fees you might be charged with unawares and provides guidance on what to do if those fees turn out to be excessive. The book puts the costs of excessive fees in the very real context of the very painful impact on your lifestyle (delaying retirement, crimping retirement spending, increasing how much you need to save pre-retirement.) Read this book to learn how to fix your Company's 401(k) plan even if you are just a participant and not the boss. You owe it to yourself and your family.

For many people the question isn't "Am I getting ripped off?," but rather "How bad?" While the subject matter won't keep you on the edge of your seat, 401(k) Ripoff is a must-read book that will leave you feeling misled, misinformed, and likely more than a little pissed off. The fact is, if you haven't given much thought to your 401(k) (or even if you have but lack the requisite know-how) you're probably losing thousands of dollars in exorbitant costs...and with just a little bit of information you can do something about it. There's very little "industry speak" so don't worry if finance isn't your background; this is written for people who don't ordinarily put their investments under a microscope. The real-world examples really bring it home, and the real-world recommendations are plausible and well-thought out.

You can read this book over a week's worth of lunch breaks, I recommend it.

What an eye opener! I wish I knew how much my retirement accounts would be worth if I had known about the high expenses and hidden fees of my plan provider, and had taken action. Hopefully, the plan providers will take note and offer full disclosure on all expenses, and lower fees overall.

Hidden fees are a drag on your wealth accumulation and retirement goals. To have a better and richer retirement, read this book. Share it with your boss and your H/R department. Don't accept over priced 401(k)'s -- fight back!

The author seems genuinely concerned about people losing money to
unscrupulous money managers. The book is very informative.