Average investors are getting cheated out of thousands of dollars in earnings for their 401(k) plans by hidden fees and expenses, according to Bloomberg.

“We're getting bamboozled,” said Jerry Schneider, 62, who said he hoped to save $1.5 million for retirement when he joined Elcon Associates Inc. in 1995. He said he now has about $450,000 and may not be able to retire as planned in September or October.

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