I ran across this video featuring a victim of the highly publicized Bernie Madoff’s investment fund scheme. Just when he retired, this 90-year-old man lost his $700K life savings and had to get a job making $10 per hour to support him and his wife. Now, I am almost 30 years old and I can’t imagine saving money over the entire course of my life and having something like this occur after I retired.
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This makes me highly consider the risk factor when saving for my retirement. Has this fraud incident made you reconsider how and where you’re saving your money for retirement?
A safer alternative may be to open an individual retirement account, or IRA, which is insured up to $250,000. Click here to learn about the tax advantages and other benefits of IRAs.