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

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!

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.

An easy read with tremendous information. It's extremely hard to believe how much 401k plan providers are over-charging and not disclosing the fees to the participants. With millions of individual investors counting on 401k assets to support them in retirement, many will find the information in this book a very powerful weapon in hopefully changing their plan options and saving themselves thousands of dollars in the process. Read this book and then give it to your colleagues!

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.

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!