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SEC Targets ‘Early Retirement’ Scams
Old 11-29-2011, 11:35 PM   #1
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SEC Targets ‘Early Retirement’ Scams

Those ardent ER advocates, the SEC, are here to help:
SEC Targets 'Early Retirement' Scams - Encore - SmartMoney

Popular seminar claims:
Quote:
Next, the guide cautions you to be skeptical if you hear, in an invitation or seminar, any of the following claims:
“Everyone can retire early.”
“You can make as much money in retirement as you can by continuing to work.”
“You can expect returns of 12% or more.”
“You can withdraw 7% or more from your nest egg annually and never run out of money.”
The FINRA four-page PDF is much more entertaining than the article. My favorite ER quote is:
Quote:
“These gas wells are guaranteed to produce $6,800 a month in income.
http://www.sec.gov/investor/alerts/earlyretirement.pdf
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Old 11-29-2011, 11:42 PM   #2
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I have to admit that those claims are pretty outrageous.

I especially like "You can withdraw 7% or more from your nest egg annually and never run out of money." Where can I sign up?
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Old 11-30-2011, 12:41 AM   #3
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Originally Posted by W2R View Post
I have to admit that those claims are pretty outrageous.

I especially like "You can withdraw 7% or more from your nest egg annually and never run out of money." Where can I sign up?
Perhaps....if your life expectancy is short enough.

One of the problems with this sort of advice is that it often comes too late. The longer people wait before educating themselves and doing the necessary (i.e. saving enough and investing sensibly), the more people need to believe in unrealistic promises and the more likely they are to fall for these scams.

Start educating people in schools.
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