Your 401(k) and other retirement accounts don’t have the same federal protections as credit cards do. As a result, you need to keep your retirement safe from hackers who are looking to steal your funds. Following these tips can help keep your hard-earned money safe from potential thieves.
Create strong passwords. Instead of having a password with eight characters, consider at least 16 to 25.
Use password managers carefully. Password managers are a third-party service, so if they suffer a data breach, you might be out of luck if someone steals your money.
Set up an online account with your provider. Setting up an online account directly with your retirement plan provider can prevent an identity thief from opening up an account in your name and taking control of it.
Spread your retirement money across several providers. You might believe it’s easier to keep all your retirement funds with one provider because it’s more convenient. However, with that option comes a risk. Having your money invested with several providers can reduce the risk of having your savings wiped out overnight.
If you have further questions about your retirement account, reach out directly to your financial planner. They might have additional suggestions on how you can keep that well-earned money secure.
Sources: Marketwatch.com, Moneytalksnews.com
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