Most people have to rely on money saved over years of work to fund their retirement, and often this money is accumulated through a 401(k) plan at work or some other type of investment. Long gone are the days when a guaranteed pension gave workers financial security in retirement; today, only one in five workers has access to such a plan. This means workers have to take on the risk of investing, which is a scary proposition. Investment losses can be devastating late in life, as there aren’t decades of work ahead to replace it.
Millions of Americans depend on 401(k)-style plans for their retirement savings, which often require complex financial decisions. This often means relying on investment professionals for guidance and advice. Most professionals do what's right for their clients, but loopholes in the law allow Wall Street to take advantage of investors by recommending investments that may not be in their best interest. What does this mean? It's perfectly legal to recommend investments that have high fees and low returns but mean higher profits for themselves.
Many people don’t realize their retirement accounts are in danger. While most accounts are in good hands, some brokers and advisors take advantage of clients, leading them to investments that just aren’t in their best interest…and their clients don’t have a clue.--President Obama.
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