Saving for retirement has become so confusing these days that it’s very possible for people to get scammed by con artists. The biggest targets are senior citizens and people who are close to retirement. Insurance companies and brokerage houses are duping older people out of their hard-earned money in trashy variable annuities. There are stories published about this all the time. The latest one is going on in Massachusetts, where “certified senior advisers” were putting older folks into garbage annuities. One 82-year-old got taken in an annuity sale and her money was locked up for two years. She had no money on which to live as a result. Annuities have massive commissions and horrible tax treatments. You are the only cop on the beat in this game because there are no laws preventing what these people do. Don’t go to any free breakfasts, lunches or dinners where salespeople try to help you with your money, and don’t let your loved ones go. These seminars are a joke.