by KYW's Salil Gutt

Every industry has its shares of rotten apples. Unfortunately, those in the financial services business are capable of destroying lives.

An article in the July 21 st issue of Business Week reported on retirement ruined by 401k plan predators. The damage is almost always done at these free lunch seminars where sharply dressed and smooth talking salespeople open up a world of riches and early retirement for the age 50 plus crowd. Riches for the salesmen is usually the only end result.

The single worst thing a consumer can do is fall for the line that one can easily withdraw 10% or more of the value of their portfolios each year.  It is too good to be true. All academic research points this to be lethal to your financial future.  Five percent tends to be upper limit.

Also resist the use of something called 72t which calls for you to withdraw the money from your current retirement plan and turn it over to the salesman to manage. 

Better still. Get a second opinion from an objective source before you sign on any dotted line if your instinct says it's too good to be true.