This week’s headline reads like a financial horror story — and unfortunately, it’s a true one. 😱

33-year-old Mr. Handy changed jobs and did what millions of Americans do every year: he requested a rollover of his 401(k).

Paychex, the provider managing his old employer's plan mailed him two paper checks: one for his traditional 401(k), and one for his Roth 401(k). They were intercepted in the mail, and over $114,000 vanished. Gone. Just like that.

This situation raises some serious questions. According to a recent report from Capitalize, 43% of people doing rollovers are still being sent paper checks. Why are we still using paper checks to transfer life savings?

We'll cover that through an article written by Ron Lieber of the New York Times.

📬 Then we will answer a listener question, "I invested in Vanguards 2035 Target fund a long time ago. Not a bad move. BUT, I did so in a brokerage account and not an IRA. Now I have over $100k in it. Oops. Should I leave it there or try to shift to a more flexible fund before a I retire in 5 year or so?"

Resource:

Article by Ron Lieber: His Life Savings Were Mailed to Him by Paper Check. Now, It’s Gone.

 

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