Older Americans cannot leave the fate of their retirement nest eggs to chance.
There is always some element of uncertainty in investing, but when the money at stake represents a lifetime of savings or a lump sum pension payment-money that is crucial for retirement and cannot be recaptured-taking undue risk may spell disaster. Unfortunately, it can sometimes be difficult for older investors to know when the risk is too great, or if they are being misled into investing in a product that is unsuitable to their needs.
There are a number of practices in the "legitimate" investment industry that pose serious problems for the millions of older investors who rely on investment income to make ends meet. Even if substantial reforms are adopted by the industry and regulators to correct these problem practices, older Americans must still get actively involved in overseeing their investments. Here are some tips older investors can use to take charge of their money: