On Sunday’s Last Week Tonight, John Oliver gave a bit of advice on how to save for retirement without getting screwed over by high fees from financial advisors. Introducing his topic in the clip, Oliver says, “Money — you know, the thing that everyone likes to think they’re good with, despite the evidence provided in every episode of The Suze Orman Show.” On her show, Orman takes callers with money issues who want to buy nice things, and she frequently denies them their request because they should save for retirement.
“And many do — we currently have around $24 trillion sitting in retirement assets,” Oliver adds after showing clips of Orman. “And a lot of that money is in the hands of financial services companies, so let’s talk a little about how they work — which I know sounds boring, but as a favor to your future self, it is worth watching this for 20 minutes, because you could easily make small mistakes which could seriously cost you down the line.”
Oliver then launches into a discussion of key retirement terms and pieces of advice about 401(k) saving, which “can be a gold mine for financial service companies,” thanks to fees. Oliver advises, “Think of fees like termites — they’re tiny, they’re barely noticeable, and they can eat away your f—king future.”
He then brings in Billy Eichner to give some harsh words to those trying to save. “Average people like you — and, let’s face it, you’re very, very average — should probably just invest in low-cost index funds and leave it alone.”