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Why Few Retirees Have the Right Investments - And How to Tell if You're One of Them

Published: Thu, 08 Sep 2005, 15:31:00 EDT

Edited by Carly Zander

SCRANTON, Penn. - September 8 (SEND2PRESS NEWSWIRE) -- Most retirees would agree that saving money is hard enough. That's why when it comes to protecting their money, most people would like to be certain that their hard-earned funds are going to be safely stored where they'll be building up interest for the future. In fact, according to Mark McColligan, Vice President of 1st Financial Investments, most retirees are putting their money in the wrong place and losing out on thousands of dollars each year.

"Almost every retiree I meet with has their money in the wrong investment plan, explains McColligan, a Senior Advisor specializing in asset protection for the senior investor. "They're either hanging onto high-fee, risky investments that continue losing money, or keeping their money in under-performing bank investments that can't even keep up with inflation!"

The biggest problem, says McColligan, is a mixture of poor advice and a lack of real concern by some investment companies and advisors who are more interested in their own revenue than that of their clients. The result is thousands of dollars wasted by individuals missing out on the right investment program.

Protecting your assets isn't difficult however -- even without the help of investment companies. A relatively new player in the market, the Index Annuity offers the potential for market-like growth without the market risk. Index Annuities lock-in your gains and guarantee your principle against losses, no matter what the climate of the economy, and even better yet; most have no fees or expenses! Over $23 billion was invested in index annuities in 2004 alone, with 2005 set to finish even higher. This is a clear indication that many investors are seeking a more stable investment offering greater protection.

"Most retirees I meet with are sick and tired of watching their retirement accounts lose money. What's even worse yet, these folks can't afford to wait for the market to rebound. The money lost by retirees due to poor advice and the wrong investments is a real scandal," says McColligan. "If you're holding onto investments that continue to lose money, or are drowning in fees, the first thing you need to do is ask yourself whether your money is in the right place for your needs."

For an informative interview and to find out exactly how any retiree can assess their investment needs, call Mark McColligan at 570-585-6100.

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