Join Early Retirement Today
Reply
 
Thread Tools Display Modes
SEC Targets ‘Early Retirement’ Scams
Old 11-29-2011, 10:35 PM   #1
Moderator Emeritus
Nords's Avatar
 
Join Date: Dec 2002
Location: Oahu
Posts: 26,856
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
__________________
*

Co-author (with my daughter) of “Raising Your Money-Savvy Family For Next Generation Financial Independence.”
Author of the book written on E-R.org: "The Military Guide to Financial Independence and Retirement."

I don't spend much time here— please send a PM.
Nords is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 11-29-2011, 10:42 PM   #2
Moderator Emeritus
W2R's Avatar
 
Join Date: Jan 2007
Location: New Orleans
Posts: 47,474
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?
__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities. - - H. Melville, 1851.

Happily retired since 2009, at age 61. Best years of my life by far!
W2R is offline   Reply With Quote
Old 11-29-2011, 11:41 PM   #3
Thinks s/he gets paid by the post
 
Join Date: Sep 2009
Location: Hong Kong
Posts: 1,688
Quote:
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.
__________________
Budgeting is a skill practised by people who are bad at politics.
traineeinvestor is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


» Quick Links

 
All times are GMT -6. The time now is 12:37 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2024, vBulletin Solutions, Inc.