This senior California couple lost their entire retirement savings after burglars ransacked their home and stole a safe full of cash — here are 3 more secure places to lock up your savings

A couple from Monterey Park, California, are facing an uncertain future after thieves ransacked their home in broad daylight and made off with their entire retirement savings. The thieves, who likely watched the house and waited for no one to be home, climbed over a brick wall, cut through a metal door, and then forced their way into the home.

Once inside, the burglars found a heavy safe containing the couple's hard-earned retirement savings and loaded it into a waiting vehicle.

“My parents are such hardworking people and you know, they’re so lowkey. They’re at retirement age, but now they’re just coming to terms, they might not ever be able to retire,” the couple's daughter told KTLA reporters last month. According to the report, the neighbor’s Ring camera captured the thieves loading the roughly 150-pound safe into the trunk of a white Subaru Ascent on the front lawn.

This sad story highlights the importance of storing money at a financial institution rather than at home. Even having a safe in your home for your valuables and cash does not make it a secure location. Less than 10% of Americans said they kept more than $1,000 in cash at home, according to a 2023 GOBankingRates survey.

Putting your savings into retirement accounts with tax advantages, like 401(k)s and IRAs, is the ideal way to protect and grow your wealth for your retirement years. However, people who have been keeping their cash at home are unlikely to feel comfortable with this option since investing in the stock market does come with risks.

Let's look at four safer alternatives that protect your money.