Stop the Retirement Rip-off: How to Avoid Hidden Fees and Keep More of Your Money [Paperback]

David B. Loeper (Author)

Book Description

Publication Date: April 6, 2009

Saving for retirement is a difficult task, especially during these challenging economic times. Individuals who participate in their retirement plans are being charged billions in fees annually—and no one is looking out for their best interests—even though the laws say both plan sponsors and employers should be held responsible for acting in their employees’ best interests. The fact is that unless individuals are willing to stand-up and secure their financial future, they’re likely to face less money in their retirement plan accounts and have to work longer to accumulate the funds they need for retirement. In Stop the Retirement Rip-off, author David Loeper provides the necessary tools for readers to take action and make the most of their retirement plans. It offers a road map for employees to understand the fees and costs associated with their plans; as well as improve their standing within their company by proactively helping their employer to take needed action. The book features a non confrontational positive approach to bringing your retirement plan problems to the attention of your employer. Written in a straightforward and accessible style, Stop the Retirement Rip-off provides readers with sensible strategies for making the most of their retirement funds, and will put them back in control of their financial future.

Editorial Reviews

From the Back Cover

How much more secure would your retirement be with an extra $100,000 or more?

What would you do if you could retire three years earlier?

What would you do in retirement with an extra $7,000 per year?

While it may seem too good to be true, you can achieve these retirement goals, if you learn how to put the expenses of your retirement plan—whether it is a 401(k), 457, or 403(b)—in your pocket.

Believe it or not, your retirement plan is probably costing you too much. And unless you're willing to take action now, you'll ultimately have less money in retirement or be forced to work years longer to accumulate the funds you'll need.

In Stop the Retirement Rip-off, author David Loeper outlines a practical five-step approach to understanding your organization's retirement plan and overcoming its potential inefficiencies.

• Step 1 will help you figure out what you're really paying in retirement plan expenses andthe price of those expenses on your quality of life

• Step 2 shows how you can highlight the problem of excess retirement plan expenses toyour employer in a positive and proactive manner

• Step 3 explores how fellow associates and coworkers can join in your request to get your employer to resolve the problem

• Step 4 discusses what to do next if an employer ignores your attempt to make themaware of excess retirement plan expenses

• Step 5 addresses how to make the most of your money, and your life, after fixing yourretirement plan

Don't miss the opportunity to improve your life. Stop the Retirement Rip-off offers sensible strategies for making the most of your retirement funds and will put you back in control ofyour financial future.

About the Author

David B. Loeper is the founder and CEO of Financeware, Inc. He has appeared on CNBC and Bloomberg TV, served on the Investment Advisory Committee of the $30 billion Virginia Retirement System, and was chairman of the Advisory Council for the Investment Management Consultants Association (IMCA). He earned the CIMA designation (Certified Investment Management Analyst) from Wharton Business School in 1990 in conjunction with IMCA.

Product Details

• Paperback: 222 pages
• Publisher: Wiley; 1 edition (April 6, 2009)
• Language: English
• ISBN-10: 0470448806
• ISBN-13: 978-0470448809
• Product Dimensions: 8.8 x 5.9 x 0.7 inches
• Shipping Weight: 7.2 ounces (View shipping rates and policies)
• Average Customer Review: 3.7 out of 5 stars  See all reviews (6 customer reviews)
• Amazon Best Sellers Rank: #668,828 in Books (See Top 100 in Books)

More About the Author

DAVID B. LOEPER, CIMA(R), CIMC(R)
Author and Chairman/Chief Executive Officer- Financeware, Inc.

David B. Loeper is a Certified Investment Management Analyst SM, a Certified Investment Management Consultant SM and the CEO of Financeware, Inc. which does business as Wealthcare Capital Management. An SEC Registered Investment Adviser with nearly 25 years experience, Loeper has appeared on CNBC and has been a featured contributor on Bloomberg TV.

Loeper joined Wheat First Securities as vice president of investment consulting in 1988, where he served for 10 years. He was promoted to managing director of investment consulting, and then eventually to managing director of strategic planning for the retail brokerage division. He left his position at Wheat First Securities in 1999 to found Financeware.

Active in industry associations throughout his career, Loeper has been a member of the Investment Management Consultants Association (IMCA) for over 20 years, serving on the advisory council for more than 5 years, most recently as chairman. Loeper was also appointed by the governor of Virginia to serve on the Investment Advisory Committee of the nearly $30 billion Virginia Retirement System. He received his CIMA(R) designation in 1990 by completing a program offered through Wharton Business School, in conjunction with IMCA.

Drawing on years of experience in financial services including serving as a fiduciary for all types of ERISA plans, Loeper has authored numerous whitepapers and books including the top selling book, Stop the 401k Rip-off! as well as The Four Pillars of Retirement Plans, Stop the Retirement Rip-off and Stop the Investing Rip-off.

Customer Reviews

Most Helpful Customer Reviews

7 of 7 people found the following review helpful:

5.0 out of 5 stars Important Guide for Retirement Plan Participants and Employers, April 13, 2009

By 

R. P. Wilson "Finance Pro" (VA, USA) - See all my reviews
(REAL NAME)   

This review is from: Stop the Retirement Rip-off: How to Avoid Hidden Fees and Keep More of Your Money (Paperback)

Loeper's updated book contains a "how to" guide written for retirment plan participants - expanded beyond just 401(k) participants in this edition. But the guide is equally important for plan sponsors, where if they haven't done proper due diligence on the full, often hidden, costs of plans they offer their employees they could end up in a minefield of litigation risks.

Besides showing the reader the right questions to ask to determine what, usually undisclosed, or obsurely disclosed, costs are being deducted from their plan balances every year, Loeper shows what even a fraction of 1% in excess costs means in real terms to a plan participant. Be it working longer, having less to spend in retirment, subjecting themself to more investment risk, or having to save a lot more - these are all the types of actions effectly imposed on a participant to offset the long-term impact of excessive costs that can be eliminated by a knowledgeable employer. Reading this book can make that employer knowledgeable enough to easily reduce plan costs.

Loeper walks a participant step-by-step in how to approach and alert their employers to industry abuses in this area - to raise the alarm bell and help prevent unnecessary systematic reduction of hard-earned participant plan balances.

3 of 3 people found the following review helpful:

5.0 out of 5 stars Updated version of 401(k) Rip-off, April 1, 2009

By 

JohnGalt - See all my reviews

Amazon Verified Purchase

This review is from: Stop the Retirement Rip-off: How to Avoid Hidden Fees and Keep More of Your Money (Paperback)

This book is an updated version of Stop the 401(k)rip-off that includes other types of retirement plans like 457 and 403b plans. Other than that and some updated portfolio allocation information, it is basically the same. It is an easy read and actually, the author's writing style is very entertaining considering the topic.

Getting participants informed about excessive fees and conflicts of interest and providing them with easy to execute steps to get their employer to fix their "costly clunker" retirement plan is the only way to help investors make the most out of their retirement plan since the DOL has tabled new disclosure regulations about fees and conflicts of interest.

The steps are easy to follow and allow you to approach your employer in a positive, non-confrontational way to fix your retirement plan.

With what the author discloses about conflicts of interest and hidden fee skimming about retirement plans, I'm anxious to get his next book, Stop the Investing Rip-off that supposedly will show the inner workings of rip-off artists from Wall Street brokers, financial planners and advisors, newsletters, discount brokers and even the media.
Stop the Investing Rip-off: How to Avoid Being a Victim and Make More Money I might also consider getting his book about retirement plans designed for employers, advisors and attorneys as a gift for our benefits manager. The Four Pillars of Retirement Plans: The Fiduciary Guide to Participant Directed Retirement Plans

2 of 2 people found the following review helpful:

4.0 out of 5 stars Very helpful, June 7, 2009

By 

Tina "Tina" (Montreal, Quebec) - See all my reviews
(TOP 1000 REVIEWER)   

This review is from: Stop the Retirement Rip-off: How to Avoid Hidden Fees and Keep More of Your Money (Paperback)

Unfortunately, I am at the age where retirement is looming in the future (okay, its still 12 years away - but still it feels pretty close). I have been reading up on retirement and more specifically on how to make every penny of my retirement money work for ME instead of for my broker, government or bank. This has proven to be quite the challenge as it seems as though every where you turn, someone is sticking their hand out wanting a chunk of your savings.

I was thrilled to discover Stop the Retirement Rip-Off. This is one of the best books I have read on this subject to date, especially since it takes a very step by step look at one of my huge pet peeves - hidden and not so hidden extra fees in the banking systems, governement or elsewhere.

In fact, using 5 specific steps (which are all clearly explained in this book) author Loeper encourages us by telling us that WE ARE responsible for our money and that it is up to us to stay informed and on top of our money - and that by following his 5 steps and keeping our eyes open and keeping informed - we can avoir being ripped-off when it comes to our retirement.

This book is written for the lay person, there are no fancy financial terms here and the steps, suggestions and recommendations are all very logical and easily done.

I highly recommend this book - it is very well worth the investment.