Defined Benefit Combo Cash Balance Compliance Consultant Loren D. Stark Company (LDSCO)
|
Loan & Distribution Specialist AimPoint Pension
|
Bates & Company, Inc.
|
AimPoint Pension
|
Regional Vice President of Sales The Retirement Plan Company
|
Compass
|
“BenefitsLink continues to be the most valuable resource we have at the firm.”
-- An attorney subscriber
Faulty Retirement Planning Advice to Cost Advisor and Firm $1.2 Million
FinancialPlanning; free registration required June 23, 2015 "A FINRA arbitration panel sided with the client over the advisor's alleged misconduct ... According to ... an attorney representing [Cindy-Marie Rogers], [the advisor] advised Rogers, ... who was earning about $80,000 per year, on rolling over a $529,000 lump-sum pension payout plus an $85,000 401(k) plan into an IRA and buying a variable annuity. At age 49, Rogers took an early retirement after being advised ... that she could afford to do so, in part through a provision in the tax code that permitted early withdrawal from qualified retirement accounts under certain circumstances, [the attorney] says.... He says that Rogers soon discovered that the 7% withdrawal rates she needed to meet living expenses were depleting her savings and exceeded what was permitted under IRS rules, meaning she got hit with a steep tax bill." |
Please click here to report this link if it is broken (for example, if you see a "404 File Not Found" error message after you click on the linked news item's title). |
An important word about authorship: BenefitsLink® created this link to the news item, but we are not the news item's author (unless expressly shown above). |