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Your Retirement - Full of Golden Years or Golden Arches?
Copyright © 2002-2006, Daniel Lamaute
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"Global Crossing exec pledges $25 million to repay employees who
lost their retirement funds"
"WorldCom Ex-Controller Pleads Guilty"
"Lucent employees file lawsuit to recover losses
in their 401(k) accounts tied to Lucent stocks"
"Enron employees lose their jobs and most of their retirement
savings as Enron becomes insolvent"
In light of all of the recent news concerning corporate fraud
and 401(k) pension fund mismanagement, it is imperative that you
take the time to learn about what you need to do personally to
protect your own retirement assets. Sure, you might take the
head-in-the-sand approach to retirement, but if you end up
penniless in your golden years, you might find yourself working
at McDonald's to keep food on your own table. That would be a
real shame.
"Like millions of Americans, a large part of your savings may be
in a pension fund sponsored by a private corporation or
union...You have to be your own watchdog." --- Pension and
Welfare Benefits Administration, a division of the U.S.
Department of Labor.
PROTECT YOUR RETIREMENT THROUGH EDUCATION
The first step you need to take in the protection of your 401(k)
pension funds and retirement is to educate yourself. No need to
hurry back to college to learn the fundamentals of pension fund
management. Even a little bit of knowledge can help you go a
long way.
One lesson the press has taught us over the course of the last
year is that we should not blindly believe that our employer's
401(k) pension fund management team has our best interests at
heart.
TAKE AN ACTIVE ROLE IN YOUR ASSETS MANAGEMENT
The second step you need to take in the protection of your
401(k) pension funds and retirement is to take an active role in
its management.
Active participation could signal the need to diversify the
structure and makeup of your 401(k) accounts. Too much
investment in one company could devastate your 401(k) holdings
--- think Lucent or Enron.
TAKE CONTROL OF YOUR RETIREMENT WHEN CHANGING JOBS
Active participation could also lead to making the decision
about how and when to rollover 401(k) accounts to different
financial management teams when you leave your employer. A good
site to learn more about some of the key advantages and
disadvantages of a 401(k) rollover is http://www.investsafe.com
WE MUST TAKE RESPONSIBILITY
We must take responsibility for our own retirement planning. We
must educate ourselves and then actively keep an eye on the
bottom line.
If we cannot view our retirement as the golden years, but must
instead view our retirement through the golden arches, then we
will have failed our responsibility to ourselves.
Get educated, participate actively and then take responsibility.
What is at stake is your own financial future.
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Writer's Resource Box:
Daniel Lamaute
Lamaute Capital, Inc., (http://www.www.InvestSafe.com) is an
investment firm that specializes in setting up retirement
plans for small business owners and non-profit organizations.
Copyright © 2002-2006, Lamaute Capital, Inc. All rights reserved.
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The article on this page is Copyright © 2002-2006, Daniel Lamaute
You are not required to show the creative commons license
notice when you reprint this work.
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