Investing and Your Retirement

Many Americans have taken advantage of employee-sponsored 401(k) retirement accounts. Provided for by the United States tax code, 401(k) accounts give account holders a way to store retirement money tax-free until they retire. They are also given the option of investing part or all of their 401(k) money. With careful planning, your retirement account can grow much faster that way. But there are also serious risks.

The appeal of investing your retirement money is that, over time, you can stand to gain more than simply by storing it in a bank. Investing in bonds, mutual funds, and so forth can deliver higher returns than interest alone. If you choose to invest in higher-risk areas, however, such as the stock market, you run the risk of losing your retirement money if a company you have invested in suddenly loses value.

When the energy corporation Enron so infamously filed for bankruptcy, their employees were perhaps the hardest-hit. Enron executives encouraged their employees to invest as much of their retirement as possible in company stock. When the stock’s value fell to nearly nothing, thousands of employees found themselves with no retirement money at all. Many even had to file for bankruptcy to make up the losses caused by the illegal actions of their employer.

If you have lost your retirement, or are struggling under heavy debt, filing for bankruptcy protection can be an effective way to alleviate your debt and get your life back on track.

Contact Us

If you are struggling with debt because of lost investments, or any other financial hardships, we can help. To learn more, contact the compassionate Boston bankruptcy lawyers of Joshua Spirn & Associates today at 800-975-5346.