Jun. 20, 2018
Jun 20, 2018 Securities and Exchange Commission To the and Exchange Commission, When I retired, my financial advisor said I had enough $s in my IRA to be a millionaire in a few years. When I started drawing monthly payments, his calculations were that the payments would not deplete the principle even into my 90's. Several times, my advisor changed companies and I followed him. Each time, the value of my IRA took a hit, but it was hard to trace why. In 2007 and 2008, I lost 2/3 of the value of my IRA. It never recovered, even when the stock market did. I eventually moved the IRA to a bank instead of that advisor where it has been relatively stable. However, the value is now under $100,000 and I am dependent on a part time job and Social Security to make ends meet. Irresponsible financial advisors not only harm individuals like me and my family. They cause an increased reliance on Social Security and other governmental safety net programs. I'm counting on you to make a stronger rule that closes the loophole. Americans who've worked hard to save for retirement deserve peace of mind about their financial security. Sincerely, Ms. Jacqueline Greff