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Tips to Avoid Being Taken
If treacherous markets don't spoil your golden years, retirement scams could leave you in the poor house.
Click through our gallery as Forbes takes a look at tips investors can use to avoid being taken.
· Read the Article
First Up: Tip No. 1 -
Be Skeptical of
"Free Lunch" Seminars
Even if those events take place at or near the work, cautions the Financial Industry Regulatory Authority (FINRA), don't assume that your employer is behind the event.
More on "Free Lunch" Seminars
Next: Tip No. 2 -
Be Wary of "Loopholes"
Be wary of early-retirement pitches based on little-known loopholes. Remember that, although the IRS Section 72(t) is a "little-known loophole" that allows investors to access your retirement funds early, there is more to a successful early retirement than avoiding a 10% tax penalty.
More on Early Retirement Pitches
Next: Tip No. 3 -
Is Unpredictability for You?
Determine your willingness to live with an unpredictable amount of retirement funds. Think hard before trading the relative certainty of a company pension -- which may offer steady and predictable payments for as long as you live -- for the uncertainty of investments with fluctuating value.
More on Trading Retirement Funds
Next: Tip No. 4 -
Know Your Current Plan
Many employers allow former employees to leave their 401(k) assets in the company's plan. Before moving your assets, take time to understand your current plan. Staying put could be a sound and less costly option.
More on Knowing Your Current Plan
Next: Tip No. 5 -
Understand the Tax Bite
Even if you avoid the 10% early withdrawal tax penalty, you won't be able to spend every penny. Instead, you will have to pay ordinary income taxes on your withdrawals. Ask a tax professional about any other potential tax consequences of your decision.
More on Understanding the Tax Bite
· More Tips From Forbes: See No. 6 - 10
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It's unlikely these folks will ever have to worry about having enough money for retirement.
Click through our gallery to see who made Forbes' most recent list of the richest people in America.
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Recent Comments
Getwau 12:18:19 PM Sep 23 2008
We honestly cannot count on government or our employers to lookout for our future wellbeing and retirement. It should be a family affair - effort. At least we live in the land of opportunity - America! One of the best books you'll ever find about finance is "How to Become Filthy Rich on Your Current Income" at www.how-to-become-rich.com.
Chachi001 01:16:57 PM Sep 22 2008
By now we should know Obama is all talk and not action and has flip flop on every mayor isssue
Laurafla88 05:31:00 PM Sep 19 2008
Vote Obama, who will protect seniors. He wants to eliminate income tax for seniors that make less than 50K a year!
ChiTown33AC 02:42:32 PM Sep 19 2008
Retirement Whats that! Many of us will be working until the day we DIE!!
Stepchild00 02:21:59 PM Sep 19 2008
They didn't add this zero risk investment. Join.Zenzuu.com/Mado
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