Retirement Plans Torpedoed Despite Rally

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Aug 25, 2009 11:39 am

Interesting read - I printed this off and gave it to a guy that does not want to move his old 401k into an IRA.

http://www.thestreet.com/story/10589379/1/retirement-plans-torpedoed-despite-rally.html?puc=_tscrss

Aug 25, 2009 11:50 am

Yeah but how do you get him to contribute to his new one after that? Are 401K plans bad, not all of them...do people get overly agressive, yes..Is there a better way, it's debatable... The only other option would be to pay taxes on the money and contribute to a brokerage account.. problem there is no match(not that everyone gets one), plus how many people would actually contribute if they had to do it on there own.

Aug 25, 2009 12:17 pm

I've always thought an annual reset EIA would be perfect for a 401k plan

Aug 25, 2009 12:42 pm
voltmoie:

Interesting read - I printed this off and gave it to a guy that does not want to move his old 401k into an IRA.

http://www.thestreet.com/story/10589379/1/retirement-plans-torpedoed-despite-rally.html?puc=_tscrss

 
I have a TV in my office hooked up to one of my computer monitors.  From time to time, I will play this video for clients:  http://www.cbsnews.com/stories/2009/04/17/60minutes/main4951968.shtml
 
It really gets good about halfway through. 
Aug 25, 2009 7:58 pm

Good video! How do your clients like the TV?

Aug 25, 2009 9:00 pm

Good stuff.  More fine examples of why you'll never have to apologize for selling an annuity.

Aug 26, 2009 12:39 am
voltmoie:

Good video! How do your clients like the TV?

 
Actually, hooking the TV up to the computer was a brilliant idea.  There are several different videos I show them depending on their situation.  It does a couple of things.  Helps them understand things in easy terms they can relate to and shuts me up for a little bit.
 
I show a video of Ben Stein, which most people know of, and his reasoning for and endorsement of certain retirement planning products.  For some clients/prospects, it's a valid outside opinion that has no interest in their situation.  Works well.