Three Warnings for Hard Times
Three Warnings for Hard Times,
Beware of Strategies That Put Nest Egg at Risk
Recession or not, these are fast becoming hard times, and hard times can lead to bad decisions.
The Financial Industry Regulatory Authority warns investors to think twice before taking steps that might compromise their nest eggs, such as taking out reverse mortgages, getting 401(k) debit cards, or cashing in life insurance policies to weather tough financial times.
“Each of these should be considered strategies of last resort,” Mary Schapiro, chief executive of Finra, said in a speech. Finra — created by the merger of the National Association of Securities Dealers and the enforcement arm of the New York Stock Exchange — is a nongovernmental organization that oversees securities firms.
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