What few people tell you these days is that retirement isn’t something that happens to you. Instead, retirement is a decision that you must make at some point in your life. It’s a plan that you have to carry out.
Charlotte, NC (PRWEB) December 02, 2016
A recent article featured in Newsmax (“Easy Retirement? Only for a Privileged Few”), a part of the Divided America series, raised the controversial notion that retirement is no longer part of the American dream, but a “privilege” that only a few can enjoy. Jim Hitt, the CEO of Self-Directed IRA administration firm American IRA, recently took exception to this notion.
“What few people tell you these days is that retirement isn’t something that happens to you,” said Jim Hitt. “Instead, retirement is a decision that you must make at some point in your life. It’s a plan that you have to carry out. Although the Federal government includes programs like Social Security to make retirement easier for many, that doesn’t mean you’re excluded from your share of the work.”
According to the article on Newsmax, experts are pointing out the fact that people aren’t saving enough to enjoy the same lifestyle in retirement that they enjoy while working. They called a “typical amount” of savings for most households just $73,200, or about 15 months of the median household income. Even with reduced spending during retirement, that amount of money can rarely be expected to last for more than two years of retirement.
“It’s true that there are a lot of economic factors out there that make saving more difficult,” said Jim Hitt. Jim pointed to increased healthcare costs and stagnant wages as nationwide factors that have made saving for retirement a greater challenge in the 21st century. But Jim Hitt was quick to point out that there are other ways of maximizing a retirement dollar, especially when one directs their own IRA.
“With a Self-Directed IRA, we frequently see retirement investors take hold of their finances like never before,” said Jim Hitt. “They’re able to use these tax-advantaged accounts to improve their returns and enter in exciting new ventures in real estate. If only more people knew about the options available to them, we might not see such discouraging retirement numbers.”
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