One mistake. $114,000 gone. Here’s how to avoid it.

Changing jobs? Retiring soon? If you’re planning to roll over your 401(k) or move retirement funds, there’s one simple choice that could protect you from a major financial loss.

In the short video below, Steve, our Associate Financial Advisor, shares the story of a man who followed a seemingly normal rollover process—and lost over $114,000 because of it.

🎥 [Watch the video above before you move your retirement money.]

The Mistake That Cost Over $114,000

The man was 33 years old and had just left his job. When he requested a rollover of his 401(k), the provider sent him a paper check for over $114,000—through the mail.

The check was stolen. It was cashed by a thief. And because it was technically a distribution:

• He owed income taxes
• He faced a 10% early withdrawal penalty
• And he couldn’t deduct the theft on his taxes

The result? His hard-earned retirement savings were gone—and there was no way to recover them.

Check Fraud Is Booming

Unfortunately, this kind of story isn’t rare anymore.

• 63% of organizations reported check fraud last year¹
• 30% of all fraud losses now come from paper checks²
• $400M was lost due to remote deposit scams³
• Total check fraud losses may exceed $24 billion⁴

Criminals are targeting checks more than ever, and retirement savings are no exception.

How to Protect Yourself

There’s one simple step that can dramatically reduce your risk:

✅ Always request a trustee-to-trustee transfer
This ensures your retirement money moves directly from your old account to your new one—no paper check, no mailbox, no theft risk.

If a financial institution offers to mail you a check, ask if there’s a secure direct transfer alternative. Most reputable providers will offer this option—and at Richmond Brothers, we help every client choose the safest path possible.

You Don’t Have to Navigate This Alone

Rolling over a 401(k), IRA, or retirement account doesn’t have to be stressful. If you have questions—or just want a second set of eyes—we’re here for a quick, no-pressure conversation.

📞 Schedule a complimentary call with our team by reaching out at 517-435-4040 or email us at questions@richmondbrothers.com.
We’ll walk you through the process step-by-step—with clarity, care, and your long-term future in mind.

Don’t let a simple mistake put your retirement at risk. Protect what you’ve worked so hard to build.

Sources:
¹ AFP Payments Fraud Survey 2025
² Federal Reserve Risk Officer Survey 2024
³ Advanced Fraud Solutions
⁴ Mitek Systems