Planning For Retirement
Rollover Central (Big Business, Buyer Beware)
One of the largest financial decisions a person will make during their lifetime is what to do with their retirement savings when they retire. I have heard many horror stories from folks over the years who have made wrong decisions. The stories often revolve around someone convincing them to buy a complicated and costly financial product. On the program this week, I spend time going through a framework to develop a good decision making process.
Too often, people will immediately be talked into rolling or transferring their monies out of a retirement plan before comparing it to the proposed solution. In other cases, a lack of disclosure or too much faith in the salesperson dooms the transaction and/or the relationship.
The concept of “money in motion” has been taught to financial salespeople for generations. That is, focus on people who are at or near a lifetime event to gather assets. They will be more vulnerable and responsive to sales pitches when they are facing a big decision. It all makes sense, but too often these trolling for dollars safaris end up hurting real people. I have seen many inexperienced or unscrupulous salespeople sell costly financial products that appear to benefit them more than their clients.
On the program this week, I spend time walking through some of the issues that folks face as they get close to retirement and what they should do with their retirement savings. I hope you enjoy the program this week. – Gary
If you have a question or would like to contact Gary, the best way is through Gary’s Email at email@example.com. You can always try to call him as well 916.436.8331.