Trust people who are in positions where you don't need to do so

To the editor,

The Surest Way To Trust People Is To Never Put Them In A Position Where You Need To Do So. A young person I know recently needed to transfer funds from a closed employer IRA account to a new one. When opening the account, they thought they were doing business with a certain bank. Lo and behold, when the smoke cleared and the first statement arrived they discovered their money had been sent off to another state for a broker/dealer outfit to manage.

If you are opening a new retirement account or transferring an old one please know EXACTLY who will be holding your money before you sign on the dotted line. If the people you plan to work with can't provide a direct and specific answer go elsewhere or your may be discussing your account with a nice lady in Pakistan. It's equally important to understand that if your plan has the word investment in it then 100-percent of your money could be at risk. Please ask the person who is selling you the IRA product if this is true and where this fact is stated in the agreement you are about to sign. Again, if you don't get a yes or no answer go elsewhere.

All of these fancy retirement plans were originally intended to help working people save money for retirement while delaying taxes. If that is your goal then please make sure you are not risking everything while letting some stranger play with your money.

Tom Becker

Laconia