garybeck
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Tue Sep-16-08 02:01 AM
Original message |
What happens if your retirement account broker goes bankrupt? |
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I could be wrong, but I'm pretty sure that my wife's retirement account is handled through AIG, and I'm reading that they will file for bankruptcy.
What happens then?
I believe they just take her money and put it into mutual funds, so the money should be safe in the mutual funds, correct?
Is this something we should worry about? If it's a potential problem what are the possible solutions? Should she be prepared to liquidate her retirement fund before she loses it?
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Have2Win
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Tue Sep-16-08 02:06 AM
Response to Original message |
1. start putting your money into Euro's |
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When Bush was selected I changed my IRA and 401 to only overseas funds.. I also opened an account in Euro's..
It has worked pretty well for me since I didn't lose money..
Never trust the righties on the economy- or anything else
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flamingdem
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Tue Sep-16-08 02:09 AM
Response to Reply #1 |
3. How can you open an account in Euros? |
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Thanks for the info. Sounds like a smart idea around now.
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Eurobabe
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Tue Sep-16-08 02:14 AM
Response to Reply #3 |
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I believe you can put your money into different currencies there. They also write the Daily Pfennig, a newsletter that has been very helpful to me. Reading it since 2005.
www.dailypfennig.com
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garybeck
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Tue Sep-16-08 02:10 AM
Response to Reply #1 |
4. I don't know if that's an option |
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with my retirement account, there are 10-12 options I can choose from, with titles like "Agressive Long Term" and so forth. There isn't one called "overseas funds". I'm not sure what kind of options my wife has at AIG but I guess we're going to have to look.
I called my 401 manager a couple weeks ago and I said I wanted it all held as cash or money market. He thought I was nuts.
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flamingdem
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Tue Sep-16-08 02:09 AM
Response to Original message |
2. I think you're OK. The retirement fund is in stocks of companies. AIG will pass |
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along the funds to a buyer. Money Market Funds might be a concern however if they are not FDIC insured.
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garybeck
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Tue Sep-16-08 02:12 AM
Response to Reply #2 |
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Edited on Tue Sep-16-08 02:14 AM by garybeck
I thought money markets was the safer way to invest - it's always been presented to me as less risky, but lower return on investment. Sooo.... you're saying money markets are uninsured?
I wish they'd offer a retirement account that purchases silver bullion !
I can't even find a coin shop in town that has silver or gold in stock. no one wants to sell.
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flamingdem
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Tue Sep-16-08 02:49 AM
Response to Reply #5 |
7. Schwab told me this just last week. Some are and some are not insured... |
biermeister
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Tue Sep-16-08 07:22 AM
Response to Reply #5 |
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try kitco.com or onlygold.com
i've done business with both of them. kitco shipped slow but silver is hard to find these days
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garybeck
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Tue Sep-16-08 12:27 PM
Response to Reply #10 |
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with the shipping cost and "small" fee per coin, it adds up. they have an account where you don't actually hold the coins but you buy silver and gold credits. I like it but at some point I want to own the coins, and then they tack on the fees. in the past I've found local coin dealers willing to sell to me at spot price, but when the prices are lower and everyone wants to buy, they're all out (or holding on to what they have).
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greenvpi
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Tue Sep-16-08 04:14 AM
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8. The account is probably already looted... |
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by the time they go officially bankrupt.
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San_Antonio_Guy
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Tue Sep-16-08 04:34 AM
Response to Reply #8 |
9. Know the bank's insurance coverage... |
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Best thing to do is know your bank's insurance coverage as early as now. Then you'll have to look for another safe investing firm to keep your funds.
San Antonio Attorney
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Tue Apr 23rd 2024, 11:15 PM
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