Amid bank collapses, expert says retirement fund security remains stable

Mar 15, 2023, 2:05 PM | Updated: Mar 16, 2023, 9:04 am
silicon valley bank is pictured, expert says dont worry about your retirement fund...
A pedestrian carries an umbrella while walking past a Silicon Valley Bank Private branch in San Francisco, Tuesday, March 14, 2023. After a frenetic weekend of round-the-clock briefings, U.S. policymakers took the audacious step guaranteeing all the deposits of the failed Silicon Valley Banks, even those exceeding the FDIC's $250,000 limit. (AP Photo/Jeff Chiu)
(AP Photo/Jeff Chiu)

Listen live: Dave and Dujanovic present a two-hour special on this week’s banking crisis


SALT LAKE CITY — With all the fallout surrounding the collapse of Silicon Valley and Signature banks, some may be worried about the security of their retirement fund or 401Ks.

DMBA Certified Financial Planner Shane Stewart said there are some key differences between deposits in the failing banks and our retirement accounts.

“They take those deposits and they loan them out to other people. Whereas your 401K is very secure.”

Stewart said retirement funds are very different from deposits.

“There’s no one taking that money and investing it elsewhere. It’s specifically for you, it’s earmarked for you and it’s invested for you. No one can touch that,” Stewart said.

 Stewart said retirement funds wouldn’t be at-risk unless the U.S. economy took a wrong turn.

And while the multi-bank collapse happening today does draw some parallels to the 2008 collapse, Stewart said, there was something in play then that isn’t today.

There was a lending bubble in 2008. That bubble caused a domino effect on the economy.

“[Today] we don’t see any bubbles, we just see a few jitters in the banking industry,” Stewart said.

For now, Stewart said not to worry about the security of retirement funds.

Knowing that, Stewart said if you want to build a healthy retirement fund, regardless of where you’re at in your career, “the key is consistency.”


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Amid bank collapses, expert says retirement fund security remains stable