BOSTON ( TheStreet) -- Are you saving too much for retirement?You may well be if you rely on the advice typically offered by financial planners and the large firms they are affiliated with, according to Laurence Kotlikoff , an economics professor at Boston University. Kotlikoff has made a name for himself as a critic and contrarian when it comes to the financial services industry. His most recent book, Jimmy Stewart Is Dead: Ending the World's Ongoing Financial Plague with Limited Purpose Banking (John Wiley and Sons, 2010), is a scathing look at the financial collapse of 2007-08 that offers some radical solutions for stemming future collapses, among them: the creation of a single federal regulatory agency to rate securities and audit Fortune 500 companies; and "limited-purpose banking," which would scale back what banks are allowed to do, allowing them to sell approved mutual funds in addition to core checking and savings accounts, but barring them from holding their own loans. His proposal, praised by such notable figures as former Secretary of State George Shultz, even made its way into a debate before British Parliament. Retirement readiness, the topic of a book he co-wrote with Scott Burns called Spend 'Til the End -- The Revolutionary Guide to Raising Your Living Standard, Today and When You Retire (Simon & Schuster, 2008), is a topic he tackles with particular gusto. Kotlikoff is no fan of the "retirement calculators" companies such as Fidelity, TIAA-CREF, Vanguard, Schwab ( SCHW) and T. Rowe Price ( TROW) price deploy on their websites. "Financial advisers are giving bad advice using bad financial tools that aren't remotely capable of dealing with the question that they are trying to answer," Kotlikoff says. He describes the complexity of getting the right answer as akin to "rocket science" given the many personal and market variables that exist. Advisers not only fail at the task, they stand to profit from their inadequate assessments. "This is really a form of financial malpractice," Kotlikoff says. "What they are doing should be investigated by the Consumer Protection Financial Agency. The bottom line is that if you over-recommend products, you sell more. If you get compensated either directly or indirectly based on your sales, there is an incentive to make recommendations that are, on average, too high."