Here's a statement of the obvious: The opinions expressed here are those of the participants, not those of the Mutual Fund Observer. We cannot vouch for the accuracy or appropriateness of any of it, though we do encourage civility and good humor.
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When Brokers Want To Move Your Money Out Of A Very Good Thing
It is important that TSP participants to educate themselves early in their career so that they won't be fool into rollover over their 401(k) money into expensive annuity. This sort of stuff happens more frequently than reported with inurances companies in disguise. My wife work for the federal government and received invitations frequently from these companies for their retirement services. The use of scare tactics and out-right lies is what they do to sell annuity products.
The new plans will make sure over 20 millions people without any human care. Hey, think about all the saving (and campaign contribution they will get afterward).
By the way, I went with my wife to these meetings and asked questions including the fiduciary responsibility on behalf of the investors which they failed to answer adequately. How can they - after all is their commission must comes first?
It's not just federal employees who are hoodwinked by annuity salespersons. It truly is everyone. Often done under the guise of "retirement planning", the annuity people have all the great lures, but seldom disclose all the facts. It only takes one question to put them off track. Ask everyone you might work with, including the persons you currently work with, if they will provide a written document attesting to their fiduciary status (must include a phrase similar to "act solely in the best interests of each client"), and ask them to personally sign it. Ours is included in our Code of Ethics document. If the person you are talking to cannot comply, end the meeting.
Comments
Ted, you read the whole piece, right?
By the way, I went with my wife to these meetings and asked questions including the fiduciary responsibility on behalf of the investors which they failed to answer adequately. How can they - after all is their commission must comes first?