{"id":995,"date":"2011-12-22T00:24:24","date_gmt":"2011-12-22T00:24:24","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2011\/12\/wells_fargosponsored_survey_fi"},"modified":"2022-03-09T16:09:26","modified_gmt":"2022-03-09T22:09:26","slug":"wells-fargosponsored-survey-fi","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/wells-fargosponsored-survey-fi\/","title":{"rendered":"Wells Fargo-Sponsored Survey Finds that Sense of Security About Retiring Doesn’t Necessarily Come with Affluence"},"content":{"rendered":"

\t\t\t\tAccording to a recent Wells Fargo & Co-sponsored survey, 23% of the 800 Americans with at $100,000 in investable assets who participated reported that they don’t feel confident that they will have enough money saved by the time they retire. 75% said they felt sure that they would have enough. The ones most likely to feel confident are the ones with a written a financial plan, trust that the stock market will take care of their investments, are married, have at least $250,000 in investable assets, and\/or are male. Those who felt unsure about their finances for when they retire included those who are single, female, belong to the 40-59 age group, and\/or have under $250,000 in investable assets.
\n
\nSome of the Other Findings from the Survey: <\/strong>
\n\u2022\t48% of those in the 25 to 49 age range want to keep working during their retirement years.
\n\u2022\tMore men (42%) than women (34%) wanted to keep working even after hitting retirement age.
\n\u2022\tApproximately three-quarters of those that are currently working believe that having a specific amount of money matters more than what age they are when they retire.
\n\u2022\tWomen without a written financial plan and\/or with investable assets of over $100,000 but under $250,000 are more likely to believe that they won’t have enough money when they retire regardless of what they do now.
\n\u2022\tNearly 2 in 5 Affluent Americans feel like they should significantly reduce their spending now to save up for retirement \u2022\tOne-third of those surveyed worry that they won’t be able to leave their children an inheritance because their savings will have to go toward their retirement \u2022\tFour in 10 prefer to enjoy life now rather than worry: These people are usually already retired (54%), seniors belonging to 60-75 age group (51%), Democrats (47%), and parents with kids that are already legal adults (44%)
\n\u2022\tParents with kids under 18 (71%), adults belonging to the 40-49 age group (62%), women (65%), and seniors age 50-59 (64%) are the ones most likely to worry about what will happen when they retire. <\/p>\n

Unfortunately, there appears to a nationwide rise in investment fraud<\/a> targeting baby boomers, many who are just (or on the verge of) retiring. The Wall Street Journal reports that many of these older investors found themselves placing their money in high-risk bets to compensate for the losses they suffered during the recently financial crisis. <\/p>\n

There are approximately 77 million baby boomers currently live in the US. Of the 3,475 enforcement actions involving fraud in 2010, 1,241 affected investors were 50 years of age or older. According to securities regulators, this number is expected to hit a record figure this year. Enforcement actions involved free-lunch seminars, variable annuities, or the misuse of professional credentials. Common types of senior investment fraud included Ponzi scams, self-directed IRA’s containing bogus investments in gold, real estate, and oil wells, and promissory notes.<\/p>\n

Our elder financial fraud lawyers at Shepherd Smith Edwards and Kantas, LLP represent seniors throughout the US. We know the toll that losing your savings can take on you and your family.
\nRetirement Fears Jump the Wealth Gap to Strike Many Affluent Americans, Wells Fargo Retirement Study Finds, Wells Fargo, December 14, 2011
\nBoomers Wearing Bull’s-Eyes<\/a>, Wall Street Journal, December 14, 2011
\n
\nMore Blog Posts:<\/strong>
\nWell Fargo Advisers to Pay $2 Million to Settle Claims that Broker Sold Unsuitable Reverse Convertible Securities to Seniors<\/a>, Stockbroker Fraud Blog, December 17, 2011
\nTexas Securities Fraud Over Sale of Allegedly Bogus Annuities to Elderly Seniors<\/a>, Stockbroker Fraud Blog, December 14, 2011
\nLPL Financial Ordered to Pay $100K for Lack of Adequate Oversight that Resulted in Unsuitable Investments for Clients<\/a>, Stockbroker Fraud Blog, November 29, 2011 Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

According to a recent Wells Fargo & Co-sponsored survey, 23% of the 800 Americans with at $100,000 in investable assets who participated reported that they don’t feel confident that they will have enough money saved by the time they retire. 75% said they felt sure that they would have enough. The ones most likely to […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3752,3803,3836],"tags":[],"class_list":["post-995","post","type-post","status-publish","format-standard","hentry","category-financial-firms","category-senior-investors","category-wells-fargo"],"yoast_head":"\nWells Fargo-Sponsored Survey Finds that Sense of Security About Retiring Doesn't Necessarily Come with Affluence — Investor Lawyers Blog — December 22, 2011<\/title>\n<meta name=\"description\" content=\"According to a recent Wells Fargo & Co-sponsored survey, 23% of the 800 Americans with at $100,000 in investable assets who participated reported that — December 22, 2011\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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