09/01/10 - KEEPING YOUR RETIREMENT SAVINGS INTACT
A recent report by a major retirement plan provider revealed an uptick in the number of investors dipping into their 401(k)s through either loans or hardship withdrawals. If you really need the money and cannot access credit elsewhere, then borrowing from your 401(k), or taking a withdrawal, might be your best option. FINRA points out several good reasons to keep your retirement savings intact if at all possible. Before tapping your retirement savings, consider these reasons, among others: the money you withdraw will not grow if it isn\'t invested; repayments are made with after-tax dollars that will be taxed again when you eventually withdraw them from your account; the interest is never deductible even if you use the money to buy or renovate your home ...
08/26/10 - BEWARE FAKE SIPC CHECKS
The Securities Investor Protection Corporation (SIPC), which maintains a special reserve fund mandated by Congress to protect the customers of insolvent brokerage firms, again warned that consumers and job seekers should not accept SIPC checks that are presented online or in person by con artists seeking to buy personal goods or engage individuals for work. SIPC officials said the fake checks include an actual SIPC account number that is used only for deposits. No checks of any kind are issued on the account in question. In over a dozen cases so far, one or more individuals have presented the phony SIPC checks to \"pay\" for an item on Craigslist or in face-to-face transactions, or to \"pay\" for services advertised on Craigslist ...
08/18/10 - PROTECTING SENIOR INVESTORS
The Securities and Exchange Commission, Financial Industry Regulatory Authority (FINRA) and North American Securities Administrators Association (NASAA) updated a joint report that outlines practices being used by financial services firms to strengthen their policies and procedures for serving senior investors as they approach and begin retirement. The SEC, FINRA and NASAA first published the report in 2008 to highlight proactive steps being taken by some financial services firms in serving senior customers. It was intended to assist the overall industry in enhancing compliance, supervisory and other practices related to older investors. The 2010 Addendum summarizes additional practices now being used by financial services firms and securities professionals in serving senior investors ...