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Trying To Prevent Retirement Plan Fraud

Apr 6, 2008
Retirement fraud is something you wish would never happen to yourself, but the fact is that it can happen to anyone. Just imagine, saving up for those golden days, putting aside a bit of money so you can enjoy a nice retirement, only finding out that the plan you thought was so good was nothing but a big scam, a big fraud. Nothing is certain these days but you should try to limit the chances of this happening. The best thing you can do is trying to prevent it from happening by taking all the precautions you can beforehand.

Preventing retirement Fraud from happening

One of the things you can and probably should do is to take on a financial adviser. Sit down with him or her and start brainstorming about the retirement plans available to you. It's not about preventing fraud in those first sessions, but it will be about finding the best plan which will cost you the less money. Everything depends on how much money you can spare each month. Even if you are earning a great salary at the moment, it is always nice to know that your not spending to much money. In the end it's up to you to decide what you are willing to spend and on which plan. Just remember that at this stage it's best to spread the risk. If you can spend a bit more money each month why not put it in more then one retirement plan?

The moment you made up your mind about which plan you are going to take you should begin investigating the company that you are considering. Find out how long they have been in business, are there any customer complaints and, as important, are those legitimate complains? Maybe you should stick to those companies who have been in business for a while and with names that are well known for their solid retirement plans.

Try and speak to someone from the company and keep asking your questions until they are all answered. If they want you to become their client and put your retirement plan in their hands they will be more then happy to answer them. Don't stop at one company, make sure you have a few lined up before you make up your mind. Compare the answers you get from all the representatives and then make up your mind.

A retirement plan that becomes the victim of fraud is not a thing to look forward to. You should do anything to prevent this from happening to you. Even after you have chosen the perfect retirement plan you should always keep taps on the company and the investments they make. Any changes in the board of directors should also be something you should keep an eye out for. All those little facts should trigger you to return to investigating mode. If your trust is going down then consider moving your retirement plan to another company.

In the end you are responsible for your own retirement plan. Although you put it in the hands of a specialised company it was your choice to go with them in the first place. So do your home work and keep doing it.
About the Author
John Chomsky worked as a consultant helping other people plan for their retirement. Almost forgetting his own. He helps people out at http://www.planning-a-retirement.com
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