Stop the Retirement Rip-off by David B. Loeper

Author:David B. Loeper
Language: eng
Format: epub, mobi
Publisher: John Wiley & Sons, Ltd.
Published: 2011-10-14T16:00:00+00:00

Water Cooler/Lunch Room/Happy Hour with Peers

A great way to start the conversation with your associates in these environments is to simply say, “Have you guys seen how much we are paying in our retirement plan?” Continue with, “I picked up this book that explains how to figure out the impact of these fees to your lifestyle, shows you what fair prices are for plans like ours and, contacted (NAME) in human resources.”

Then, to get their response going, you can say, “I don’t know what you are paying, but when I found out, I frankly had Retirement Plan Sticker Shock. I also found out that there are options out there that could reduce our costs by half without costing our employer one penny. This book I’ve read showed me that I’ll have to work ____ years longer or save $_____ more a year, just to make up for these extra needless fees!”

At this point in the conversation, you need to wait and see who cares enough about their future and their lifestyle to be concerned about it. There will be plenty of skeptics who say things like their broker charges them more than the retirement plan, or that their brilliant market timing is what is more important, that they picked some incredible fund, or that the nice person in human resources wouldn’t select a plan with excessive fees. These people are not candidates to help you fix the problem, so don’t waste any more time on them. Their complacency is why everyone is happy despite getting burned with massive, needless expense.

However, you might find a few people who are objective enough to want to learn about the facts. These folks may say something like, “Does that extra fee really make that much of a difference?” Or “How did you figure out the extra fees impacted you that much?” Or, even better, “I’ll be damned if I’m going to work ____ years longer just to make up for needless fees!”

These are your targets for recruiting your troops. If you know these associates well enough, you might not be uncomfortable showing them the research you did, but it isn’t necessary in most cases. While your troops might want your copy of this book to figure out their own individual expenses, it really isn’t needed since you have already identified the excess expenses. All they really need to know is what they can do to help in the cause of lowering the expenses that every employee in your company is paying.

The best way to position this issue with the potential recruits is to say, “What have you got to lose by getting the company to look for a better deal on our plan?” Tell them you have already shown the “powers that be” the excessive expenses, and all this person needs is a little nudge to get her to look into more cost-effective options.

Alternatively, if you are lucky enough to get more than three troops, then have a different one of them send an

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