Bloomberg warns about 401(k) rollovers to annuities

Bloomberg headline: "Retirement Savers Are Getting Ripped Off"

Synopsis:

• The year we retire might be the only time some investors ever get investment advice.

• US Department of Labor says "sales of just one type of product, fixed-index annuities, chip away as much as $5 billion from retirees’ savings each year."

• The article goes on to suggest advisors should clearly state whether they're acting as a fiduciary when recommending an annuity.

Note: Alpha Financial acts as a fiduciary at all times when providing financial planning and financial advice. It would be very rare for us to recommend an annuity, and as fee-only advisors, we never get compensation or commission from any products we recommend for our clients.