Is Your Money Safe - The Silicon Valley Fallout

Navigating an Abundant Retirement with Carol Dewey

In this podcast episode, the Carol discusses the recent failure of Silicon Valley Bank and whether people's money is safe in banks and insurance companies.

Carol mentions that if you have less than $250,000 in your bank account, you have nothing to worry about because the US government insures the first $250,000 in eligible accounts. However, many Silicon Valley Bank customers had more than $250,000 deposited and can't access their money. She then compares the number of bank failures to insurance company failures and explains that insurance companies are generally more secure due to state laws and guarantee associations that provide protection for policyholders. Finally, Carol shares information about the guarantee system for insurance companies in each state, which offers protection for policyholders up to a certain amount.

"if you have less than $250,000 in your account, then you almost certainly have nothing to worry about" - Carol Dewey

"the government is going to step in and essentially insure all the depositors beyond the regular limits of insurance" - Carol Dewey

"there are really only three main places people can put their money; the banks, insurance companies, and Wall Street"

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