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xchrom

(108,903 posts)
Tue Jun 24, 2014, 05:08 AM Jun 2014

Meet the Guy Stealing Your Retirement Savings Right Under Your Nose

http://www.alternet.org/economy/meet-guy-stealing-your-retirement-savings-right-under-your-nose



Let's say you're a person who has worked very hard. You've done the right thing — you've saved every possible penny for your 401(k). For this, you're hoping to have a decent stream of income in your golden years. And yet in the end, you may not have access to all of that hard-earned money. Why? Because the legal standards that govern people who give advice on retirement plans are a complete joke.

Right now, all across the country, the savings of blameless, hard-working people are being nibbled away without their knowledge by unscrupulous actors. And there doesn’t seem to be anything that can be done about it.

Meet “the Guy”

When you ask people about their retirement planning, they often refer to somebody known as “the Guy.” As in, “Oh, yeah, the Guy who advises me recommended a variable annuity.” Or, “the Guy says I should switch to a different mutual fund.”

The Guy advertises himself as a financial expert. He (or she) wears a neat suit and speaks in impressive sounding financialese, projecting confidence and authority. This individual shows up at your workplace with thick binders and nifty brochures— maybe just as you’re getting ready to retire and figure out what to do with your 401(k). Or maybe he comes recommended to you through friends or neighbors. Or he hosts a helpful seminar at your community center, or your favorite restaurant. This Guy is supposed to give you advice that protects your financial interests. That’s his job, right?
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