Your 401(k) retirement account is not SIPC protected, regardless of whether it’s held with Fidelity, Schwab, Vanguard, etc (at least not in the “classical” way that many of us think of SIPC protection).
Watch on as I talk about all this & more today, including:
– How SIPC protects a 401(k) vs an IRA & how it doesn’t
– What/ who actually keeps your 401(k) safe
– The last high-profile case that directly impacted 401(k) reform
SOURCES:
https://www.dol.gov/sites/dolgov/files/ebsa/about-ebsa/our-activities/resource-center/faqs/retirement-plans-and-erisa-for-workers.pdf
https://www.sipc.org/for-investors/what-sipc-protects
https://www.sipc.org/for-investors/investors-with-multiple-accounts
https://www.ici.org/401k
https://www.forbes.com/2003/10/20/cx_aw_1020retirement.html?sh=1792fdb92824
https://www.forbes.com/sites/dereksaul/2022/09/12/wells-fargo-shells-out-145-million-to-end-feds-401k-investigation/?sh=3886e5e14724
https://www.pionline.com/courts/linkedin-settles-401k-lawsuit-675-million
https://www.epi.org/publication/issuebriefs_ib174/
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WATCH NEXT
⭐ 8 Safest Bank To Keep Your Money: https://youtu.be/cT02poJAy00
⭐ Is Your Money Safe If Schwab, Fidelity or Vanguard Fail | SIPC Protection: https://youtu.be/kY5BswpUlf4
⭐ 5 Money To-Dos Before The Next Bank Meltdown: https://youtu.be/FRWMsGJ2-NE
⭐ What FDIC Insurance Covers: https://youtu.be/txmXJBGU_70
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