Many private employers in Upstate New York (National Grid, Finch Pruyn Paper, Kraft, Alcoa, to name a few) offer retirees two main retirement benefits options – a fixed annuity or a lump sum rollover. Fixed annuities are usually guaranteed payments for life, which can also be structured for payouts to surviving spouses. A rollover on the other hand involves a retiree being presented with a sizeable check (as opposed to a fixed annuity), with the retiree investing the monies through his or her private broker of his or her own choice. Unfortunately, many retirees who take the rollover option have seen their life savings quickly dissipated through bad investment advice and other improper early retirement strategies known as a 72t rollover withdrawal election.
We have represented many retirees who have been victimized by financial advisors who have persuaded individuals approaching retirement to elect against a guaranteed fixed annuity. If you feel you have been victimized by your financial advisor, we offer a free initial consultation to discuss your situation.