John Oliver explains the big 401(k) scam: Fees are eating up your retirement "like termites"

"Last Week Tonight" dives deep into retirement plans and how financial service companies are screwing us

Published June 13, 2016 12:59PM (EDT)

"Last Week Tonight" host John Oliver last night devoted his investigatory main segment to retirement plans.

"If you are lucky, your job offers a 401(k) retirement plan," Oliver said. "And if it does, you should probably take advantage of it. But you should also know they can be a goldmine for financial service companies."

Oliver explained that financial services companies charge various fees (e.g. stewardship, bookkeeping, finders') that compound and "really mount up."

"Compound interest works both way, meaning, while your money adds up, your fees can really add up too," he continued. "So think of fees like termites: they're tiny, they're barely noticeable, and they can eat away your fucking future."

Watch the full segment below:

By Brendan Gauthier

Brendan Gauthier is a freelance writer.

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