What the Silicon Valley Bank Collapse Means for Your Retirement Funds

In This Video:

The second-largest bank collapse in US history occurred on March 10th, 2023 at Silicon Valley Bank. Two days later, Signature Bank experienced the third-largest collapse. In the wake of these financial shockwaves, people are concerned about the impact of these events on their retirement funds. On this episode, I’m breaking down how banks default, what happened with SVB and Signature Bank, and how you can protect your money from failing banks.

Things to Consider:

The best way to protect yourself from failing banks is to know the $250,000 FDIC limit. That means spouses are jointly insured for up to $500,000 of deposited funds. If you have more than that, you should double-check your bank’s limit and switch if they can’t accommodate your financial situation. The long-term impact of these events on retirement funds should be minimal. However, the short-term impact is still being felt as volatile markets ride a rollercoaster in the aftermath. Listen to this episode for more on the recent banking defaults and how you can keep your money safe!

Key Points in This Episode:

0:00: Intro

1:41: Who is Silicon Valley Bank?

2:40: What Caused this Banking Debacle?

5:57: What is a Bank Collapse?

8:43: What Can You Do to Protect Yourself?

11:41: The Impact on Retirement Funds