Hidden fees are a major problem for retirement savers. Unfortunately, the move toward increased disclosure has not solved it, said Tony Robbins, author of Money: Master the Game. 'For thirty years the industry did not even have to tell you what they were charging you,' said Robbins. 'Three years ago the law changed and now you get a 35 to 50 page disclosure document that somebody who is sophisticated can’t read!' Robbins stressed that paying more in fees means less money for retirement. On the other hand, he said cutting fees by 1% can make your money last 10 additional years in retirement. According to Robbins, hidden fees and backdoor payments are costing Americans about $17 billion per year and can reduce a participant’s overall nest egg by as much as 40% to 60%. Robbins said he wrote the book because he believes that most participants are in the dark about their 401k plans and the financial system wants to ensure it stays that way. He said the 401k industry has been around for more than three decades, but it wasn’t until 2012 that these service providers had to disclose their fees. Furthermore, he cited a study that said 67% of people enrolled in 401ks think they pay zero fees, when that is not in fact true.