Retirees frequently seek investment advice as to how to best manage their retirement funds. This advice sometimes includes the investment of a large percentage of the retiree’s funds into high cost, high fee variable annuities and related investments and often the advice comes with assurances that these investments will produce monthly income. Unfortunately, these retiree investment products often contain characteristics that render such investments unsuitable for the needs of retired consumers, as they are extremely risky and will fail to produce any investment income. The consumers that more commonly receive this bad advice include retiring airline pilots, railroad workers and manufacturing employees who have taken early retirement and have somewhat large financial holdings. The retirees that have incurred investment losses as a result of this bad advice may have legal recourse against the investment advisors who rendered this ill-conceived advice.
Comments are closed.