Retirement Rollover Blues – A Tale of Caution
Thousands of baby boomers are retiring every day and many of them rely on financial professionals to help them through the process. Often, advisors (insurance agents, brokers, financial planners/advisors) convince their clients to roll their money out of their retirement plan and into an IRA. There are several reasons why this can be a good idea but several others that would advise caution. A recent Bloomberg News article exposed the seedy underside of the 401(k) rollover business. The name of the article is, “Retirees Suffer as $300 Billion 401(k) Rollover Boom Enriches Brokers.” The author of the article is John Hechinger. It is well worth reading if you are at or near retirement and trying to figure out what you should do with your retirement nest egg. The article does a very good job of exposing some of the worst parts of the 401(k) rollover marketplace.
Here is a link to the article: http://www.bloomberg.com/news/2014-06-17/retirees-suffer-as-401-k-rollover-boom-enriches-brokers.html
On my show, I review the article and provide some of my thoughts on the subject and how to protect yourself. It is a continuation of a conversation that I started in the previous week. Here is a summary of the show:
Segment 1: Review of previous week to catch folks up
Segment 2: Into the details on annuity rollover sales including commissions
Segment 3: More details focusing on non-traded REITs and commissions
Segment 4: Short segment on final thoughts
I hope you enjoy this program and remember to subscribe or follow my blog so you know when podcasts become available.