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:
“These gas wells are guaranteed to produce $6,800 a month in income.
The book written on E-R.org, "The Military Guide to Financial Independence and Retirement", on sale now! For more info see "About Me" in my profile.
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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?
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.
__________________ Budgeting is a skill practised by people who are bad at politics.
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