Stan Morrill was confident his nestegg would provide for him and his wife for the rest of their lives. After all, the Eastman Kodak veteran, a factory worker for 31 years, had attended the free financial seminar recommended to him by co-workers. Morrill says the host, Michael J. Kazacos, one of Morgan Stanley's top brokers, dazzled him with a plan that would let him retire at 49. Morrill just had to roll over his pension and 401(k) into a tax-deferred account managed by Kazacos. ...
I work for a management consulting firm where client satisfaction is by far the biggest priority. I've been here for four years and have had four excellent performance reviews. Right now I'm working on a client project that takes up a tremendous amount of time. My project manager gives me special subassignments at the rate of two or three a week, on top of my usual tasks. I have been completing these assignments at night, because I'm away from home anyway during the week and because my client contacts need me focused on their priorities all day long.
Retirees with plump nest eggs are attractive targets for unscrupulous financial advisers who advise them to make unwise withdrawals. "The 'why work' pitch is epidemic," says Peter Moujay, a Pensacola (Fla.) attorney. Moujay has represented some 100 retirees of Marathon Refinery in rural Robinson, Ill., and a similar number of AT&T telephone workers out of Michigan, who were targets of such a scheme. Here's a chart outlining how long your money will last given certain withdrawal rates. ...
NEW YORK (Reuters) - Wall Street may be in for a rocky ride this week as investors recall Friday's triple threat -- oil at a record above $139 a barrel, a troubling unemployment report and the stock market's 3 percent drop -- while they await inflation data for May.