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Retiring soon? Don’t be a fraud victim
Posted By rob On April 19, 2010 @ 9:57 am In Alumni Association News,Amtrak/Commuter,Amtrak/Commuter News,Aviation,Bus,Bus News,Leadership Messages,News,Secretary & Treasurer | No Comments
By UTU GS&T Kim Thompson
A recent article on the UTU Web site, headlined “Ponzi Scheme Targets Retired L.A. Bus Drivers,” reminded me of the pitfalls that our members can face in having a secure retirement.
It seems you can’t watch the evening news, open a newspaper, or visit the Internet without hearing about identity theft, financial fraud, or investment schemes that have cost someone their retirement savings.
It is an unfortunate reality in our society, and everyone must be vigilant and on the lookout for these financial criminals.
While expecting the government to protect us from these con artists is reasonable, the fact remains that government regulation and enforcement agencies can do little to stop fraud from occurring. Most government involvement comes after the crime is committed and savings are lost.
The vast majority of investment advisers, investment firms and financial planners are trustworthy professionals. But an encounter with only one dishonest individual could devastate your retirement.
What can you do? Here are 10 steps suggested by best-selling author Charles Murray, a resident scholar with the American Enterprise Institute.
There are many investment instruments including your own UTUIA annuities that are available in which to place retirement funds that can provide the necessary security and still provide a cash stream in retirement years.
In speaking with a financial adviser, find out what their experience has been. Check their credentials and demand other client references. And never write a check directly to an individual. Your payment should be to the investment firm or to the investment fund itself. A request for direct payment to an individual is a big red flag!
Remember, your retirement funds represent a lifetime of savings, and there is no “do-over.”
Article printed from United Transportation Union: http://utu.org
URL to article: http://utu.org/2010/04/19/retiring-soon-dont-be-a-fraud-victim/
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