A. Protect yourself from scams; important steps to take before investing with a broker:
1. Be keenly aware that your banker or broker might suggest investments that are not FDIC insured, so be 100% clear that the product is guaranteed under FDIC
2. Check your broker's background by contacting your state regulator's database.
3. Check the investment(s) recommended by your adviser by calling the state regulators office to find out if it is legitimate.
4. Have your adviser/broker walk you through your statement and strategy once every 3 to 6 months.
5. Do ask questions. Make sure you are 100% clear and 100% comfortable with your strategy and investments
6. Don't write checks directly to the adviser. They should be made out to the brokerage firm and be SIPC insured
B. Countdown to... Retirement
With retirement looming for millions of baby boomers, Pam discusses how to deal with your shrinking nest egg.
Pam explains the best strategy for pulling out your money - where to pull from first and how to calculate your withdrawl rate.
Second, make sure your portfolio is balanced.
Third, have cash reserves in case of medical, family, or unforeseen emergencies.
For more information, visit PBS's MoneyTrack at www.moneytrack.org.
Buy the book on Amazon: The MoneyTrack Method
About Pam Krueger:
Pam is the creator, Executive Producer and host of PBS's MoneyTrack (www.moneytrack.org). Since coming on the show last year, Pam has released her first book, The MoneyTrack Method: The Real Person's Guide to Successful Investing (Wiley & Sons, 2008). In both her show and book, Pam's goal is to give her audience the principles, techniques, and approaches that allow real people of all incomes to become successful investors, even in today's economy. On MoneyTrack, Pam incorporates the advice of investment legends such as Warren Buffett with real life success stories, and tips to recognize hidden risks and potential scams. Another area of focus for Pam is retirement and senior finance and she can speak about nearly any money or investing topic.
