So you can imagine my excitement when I saw HBO’s Last Week Tonight with John Oliver: Retirement Plans special. This one HITS THE JACKPOT!
It’s absolutely hilarious! I’ve never heard anyone talk about retirement plans quite like this before. It’s everything the personal finance community blogs about, but a whole lot funnier!
Don’t worry if you don’t have HBO. You can watch the entire thing on YouTube below.
In case you’ve never heard of it, Last Week Tonight is kind of like the Daily Show on Comedy Central where they take real topics and then blast them. But because its on HBO, they can say (i.e. swear) and do a whole lot more!
Here’s a quick run-down of all the topics that they cover in this segment:
- Examples of why we’re all really stupid when it comes to buying stuff using examples from the Suze Orman show; including one caller who wanted to spend $4,000 on an elf spotting certification??
- Are the people in the Prudential commercials actually walking towards the date of their own death? Creepy …
- It turns out that the term “financial adviser” has absolutely no meaning. In fact, you can go to Last Week Tonight’s website and print out your own financial advising certificate.
- Why do advisers push annuities so hard? No surprise – BIG commissions!
- Did you know that not all advisers are “fiduciary’s”? Legally, they don’t have to act in your best interest.
- 401(k) plan fees and the negative effects of compounding fees.
- Passively vs actively managed funds. How many times can you say the word “active” in one commercial?
- A group of top fund managers were outperformed against a cat named Orlando!
- When was the last time you read the Wikipedia page for “rope”?
- John Hancock’s 401(k) plan for Last Week Tonight, the outrageous fees their researchers found in the contract, and their broker who made a $10 million dollar error in his Excel spreadsheet.
- They close out with how the Prudential commercial really should go!
Even though it’s over 20 minutes long, it’s totally worth watching the full episode. Enjoy! Note: Moderately safe for work (some swearing).
Readers: Let me know what you think of this video. Pretty spot on for some topics, huh?