Conflicts of interest can take a bite out of retirement savings at any age. Getting retirement investment advice that is in your best interest is especially important for young people who may be switching jobs regularly and rolling over savings from a 401(k) into another plan or IRA each time. New rules from the Labor Department are helping ensure that if you pay someone for retirement advice, they are legally obligated to look out for you.
They needed advice when Philip was offered an early retirement. They sought help from an adviser who told Philip to take a lump sum buyout and allow her to invest it. The advice was not in the Ashburn’s best interest, and cost them the retirement they had worked hard for. Listen to their story below or download the MP3.