BABY BOOMERS BEWARE!

Kathy Chu of USA TODAY writes that bad advice from brokers will be a rising problem as boomers exit jobs.

It's a nightmarish lesson in investing that will become more common as 79 million baby boomers inch towards retirement.Chu goes on to chronicle the case of Ray Lirette,a oil field workerwho,after30 years,was urged by an investment banker to buy a camper and travel the country with his wife.

"He showed me this projection that i'd have 1.3 million in 10 years,Lirette,63,said."I thought,I guess we can retire." Retirement didn't last long as Lirette's nest egg shrank to 43,000 over 8 years as his portfolio plunged.The broker still guaranteed returns of 15% and said the market would rebound.5 years ago,Lirette and his wife were forced back to work,taking jobs that paid a fraction of what they used to earn.

From one case to the next,the pitches are similiar:Employees are urged to retire early by brokers who claim they can earn them more money in retirement than they could if they were working.As advisers have become more agressive about targeting retiring workers,some employers have begun to raise questions about their duty to protect workers-and their potential liability if they dont.

Many baby-boomers,those born from 1946-through 1964, are approaching retirement with hundreds of thousands-even million-of dollars built up in their retirement accounts.Those assets make them alluring targets for financial advisers,some of whom pitch inappropriate,and sometimes non-existent investments.

In the first few years after Ray handed over his nest egg,his portfolio soared as the market boomed.That's when he referred Chevron co-worker Roy Oncale and wife's brother and sister-in-law,Wade and Jerlyn Bergeron to his broker.

Like the Lirretes,Oncale had to eventually return to work.The Burgerons say they are living day to day because much of their 90,000 dollars was lost in risky investments."It makes you sick" Ray Lirette says."At our age,we should be sitting back.But.......we're fighting to pay bills."
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TSE SPIN: Playing with peoples life savings is not only reprehensible,but dangerous.people have work their whole lives for some sort of comfort and security in their golden years,the last hurrah on this earth,when u can finally do what the hell you wnat to for a change and not be up under the mans thumb.You have these sleazy brokers who look at people as strictly numbers,they dont care how u had to get up everyday,busting your ass,putting up with jerks, and assholes,just to make a living.They dont see all the sacrafices,all the strength that was exerted to just keep on doing what u have to do to be a responsible adult in society.THESE BROKERS DESERVE A NEW CRIME DESIGNATION:LIFE MOLESTERS BECAUSE THATS WHAT THEY ARE DOING,ABUSING YOUR LIFE!

PEACE AND LOVE FROM THE SPINNING EARTH!

OH YEAH,IF YOU DONT LIKE THIS BLOG,YOUR UN-AMERICAN AND WANT THE TERRORISTS TO WIN!