In any economy, individual retirement savings are critical. You work and build your whole life in order to retire and live well during retirement. In fact, the most popular retirement vehicle, 401(k) plans, have been the primary source of retirement income for 60 million Americans, more so than Social Security and pension plans. However, they were never designed to be retirement plans in the first place. They were created in the late 1970’s as a savings plan and tax shelter for ordinary Americans. Many companies switched from funding pension plans to helping contribute to 401(k) plans for employees because it was cheaper for the employer.
Once this shift happened, the financial market now indirectly holds many Americans’ retirement savings and the accounts are all subject to the ebb and flow of the market, as well as the potential fraud from advisors or investment companies. Our primary goal is to represent investors who have lost their savings and retirement when their brokerage accounts were mishandled. We’ve found broker mismanagement once an investor rolls their 401(k)s or lump sum distributions from pensions, etc. to an IRA at a brokerage firm, what’s known as an “IRA Rollover”, many times because a broker has convinced them to do so. We also represent individuals who have self-directed IRAs/Roth IRAs/Keogh plans.
If you feel you may be a victim of retirement fraud or negligence, contact our securities lawyers for a free consultation.