Average American Pays Taxes On 44% Of Social Security Benefits - Self-Directed IRA CEO, Responds To USA Today Article
Charlotte, NC (PRWEB) February 25, 2016 -- Not only is the average social security benefit check only $1,230 per month, according to the 2-24-2016 USA Today article The average American on Social Security is taxed on 44% of their benefits. This is a startling statistic that every American should consider. Relying on social security income alone in retirement years means a retirement in poverty.
Jim Hitt, CEO of American IRA-a national self-directed IRA company, says "Yes, I know those are strong words, retirement in poverty, yet I would be doing you a disservice to present it any other way. The fact is that anyone who tries to live on $1,230 per month will be living in poverty. Do yourself a favor and think about your current monthly bills and then see how far $1,230 goes toward covering those bills. Now that you have had that stark reality check, know that there is a solution and Self-Directed IRAs are a huge part of tax advantaged retirement savings."
The USA article talks about the taxes that some people may have to pay "If your filing status is single, head of household or qualifying widow(er), you could pay tax on up to 50% of your Social Security if you're above the $25,000 threshold. And you could pay tax on up to 85% of your Social Security if you're above the $34,000 threshold. If your filing status is married filing jointly, those thresholds are $32,000 and $44,000 respectively."
So the great news is individuals can save for their retirement via the tax advantaged vehicle of Self-Directed IRAs. These accounts allow individuals to grow their retirement funds exponentially while deferring or altogether avoiding taxes (yes legally). Everyone needs to know that no account is too small to get started. An American IRA client grew a small retirement account of $6,800 into $293,000 in just 5 years.
Jim Hitt says "The number one reason people fail in life is because they fail to take action. Don't fail yourself in retirement. Take action now and find out how you can get started on a path to retirement savings so you can afford to enjoy your retirement years."
About American IRA, LLC:
American IRA is committed to providing every client with gold-level service, regardless of account size. Experience their expertise through their certified IRA services professionals. Enjoy the value with one low annual fee of $285 with unlimited assets and unlimited account values. American IRA clients love the benefit of no charge for "All Cash" accounts. The performance of the American IRA staff is unmatched, with quick and efficient processing within 48 hours.
American IRA services thousands of clients and has over $300 million in assets under administration.
American IRA was built by investors for investors, and brings their successful investment experience to the table, providing excellent educational material showing the public that their self-directed IRA account can invest in a variety of assets such as real estate, private lending, limited liability companies, precious metals and much more.
American IRA is conveniently located in Asheville, NC and Charlotte, NC, and serves clients nationwide.
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Sean McKay, American IRA, LLC, http://www.americanira.com, +1 (828) 257-4949, [email protected]
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