If you watch TV, you’ve likely seen countless ads from banks and brokerages offering to help you (yes, you!) to save for retirement. They often do this by showing large groups of people running around and smiling while a calm, upbeat voice tells you what you can do to help your future today.
While this might sound appealing and useful, a large amount of these advertised financial products are pretty bogus. Worst of all, they could end up costing you essential chunks of change that would be useful when you’re on a fixed income.
That’s why John Oliver of HBO’s Last Week Tonight recently took a hard look at these advertised retirement plans. When you see what he found, you might rethink who you’re talking to about retirement…and do better on your own.
If you invest in ETFs and index funds now and convert them to bonds later on in life, you’ll be a step ahead of putting them in a savings account. You’ll certainly be better off than working with most financial advisors at commercial banks, who often put their own personal profit over yours. Remember: always read the fine print, and if something sounds too good to be true, it probably is!
Share this video with your friends below, and try not to think too hard about how close you are to retiring.