Get-rich-quick scammers are trying to seduce regular folks out of their hard-earned retirement savings, and they are using pandemic fear to convince them. Don’t fall prey to this unethical trap. Instead, stay focused on your long-term financial goals.
This pandemic will pass. We will regain our equilibrium. We will grow again. So will your retirement funds. Scammers are quick to focus and play to the anxieties caused by the latest disaster whatever it may be. This year, it’s COVID-19, social unrest and the upcoming election.
We live in an ever-changing world. We have elections every 4 years. We live through natural and unnatural disasters. September 11th represents one of the more recent and most heartbreaking. And we always bounce back stronger.
So, please, don’t give anyone the time of day who is trying to get you to take your retirement savings out and put them into short-term “schemes.” Stay focused on your well thought out plans. Maintain correct allocations between short, mid- and long-term investment buckets. And be very selective about whom you take financial advice from. If you don’t have a financial advisor, look for a fiduciary advisor. Fiduciaries have a legal responsibility to look out for your best interest. They are not salespeople representing the next hot mutual fund, annuity or stock pick (usually products of the company they represent).
Stay the course. It’s bad enough to be braving this financial/economic storm. It would be even worse if you were to fall victim to a scammer who only cares about lining their pockets and doesn’t care about your well-being. If you stay the course, you may not have as much as you thought you would, but it’s better to have less than it is to end up with nothing to show and the embarrassment of having lost it to a scam artist.