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Faulty Retirement Planning Advice to Cost Advisor and Firm $1.2 Million
FinancialPlanning; free registration requiredLink to more items from this source
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."

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