What are the common retirement planning scams that seniors need to be wary of? Let us explore the details in the following review by Indian Money Company.
Retirement Planning Scams
Many of us think of retirement as a stage when we would be able to retire comfortably and do the things that we dreamt on, all working life.
As per Indian Money Bangalore, this requires a steady source of income that lasts long and helps maintain lifestyle. The earlier you retire, the more important it is to manage money wisely.
Unfortunately, there are certain schemes provided by the banks that promise more than they deliver. Mentioned below are the points that according to Indianmoney.com reviews you must keep in mind, before investing in a retirement scheme:
- Unsolicited offers: Be careful if you receive an unsolicited e-mail or SMS from a company for retirement plans. It is always better to reach out to a bank and discuss retirement plans rather than comply with mails of unknown people or companies.
- Watch out for salesmen who prey on your fears: Many retirees worry on having adequate retirement funds or adequate money for medical expenses. There are some agents who pitch their products by using these fears and worries as a weapon to sell the financial product.
- Mis-Selling of retirement plans:Some bank professionals know that the appearance of a professional combined with a good profile and polite manners can lead investors to take their advice and purchase the products they offer. However, be careful as they may sell products that are not suited to you.
- Take time before investing:As per IndianMoney Bangalore, there are some agents who try to push retirees to make decisions in a hurry. This is done so that agents can pocket commissions. These agents do not bother complying with your grievances.
- Do not lose sight of your investment: Don’t rely on a financial professional who says “leave everything to me.”Always monitor the activities on your account and request regular statements. You should never feel uncomfortable on questioning any trading activity that you don’t understand and always file complaints if you are not satisfied with the response you get.
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