/24-7PressRelease/ - LAFAYETTE, CO, August 04, 2007 - How big is your retirement account? For 43% of Americans, from Generation Xers to Baby Boomers, not big enough.
The Center for Retirement Research (CRR) released a brief Tuesday July 31, reporting that nearly 45% of households are at risk of not having enough money to retire. Even people in the top third of earned income were not adequately prepared; 36% of these people of all age groups are at risk. 40% of the middle third, and 53% of the lowest third income group will not be ready to retire.
Why? One reason the CRR brief mentions is that, historically, Americans expected and received a defined and regular annuity based on time worked. Now, we are dealing with 401(k) plans, where an individual is responsible for the funding and distribution of the retirement funds.
If the individual is responsible for his or her own retirement funds, how can he or she get ready for retirement? "Most people are not stock brokers or accountants," said Bill Humphrey, Principal of Entrust New Direction, which helps people with the accounting and tax details of non-traditional retirement investing. "So we tell people to invest in what they know."
Entrust New Direction has helped people spend their IRA's funds on everything from farm equipment to ski condos. "If you know of a good investment, nine times out of ten you can legally invest your retirement funds with a Real Estate IRA."
The CRR reports that 44% of the "late" baby boomer crowd (born 1955-1964) is at risk. These numbers seem even scarier when looking at the details. For example, the numbers assume a retirement age of 65, which is later than average, and they do not include the high and rising cost of health care. What do you do if you are among the unprepared 44%?
"One way to maximize your retirement funds quickly is to include non-traditional investments," Humphrey said. "Entrust New Direction clients invest in what they know. If they knew the stock market, they wouldn't be here. We've had people invest in various real estate, car loans, small business loans, bank start-ups, you name it - the idea of a self-directed IRA is the IRA owner can decide what to invest in."
Self-directed IRAs may be what a late baby boomer, or an early Gen Xer needs, especially if he or she knows where to invest with success. According to the numbers from CRR, many Americans, young and old, need to start increasing the return on investments, whether non-traditional or the Wall Street type.
Entrust New Direction Inc., can be reached at 877-742-1270. Visit their website at http://www.NewDirectionIRA.com.
Entrust New Direction IRA, Inc., a self-directed IRA/401(k) plan administrator, also offers self-directed Health Savings Accounts and can be reached at 303-546-7930 or toll free at 877-742-1270. Visit their website at http://www.NewDirectionIRA.com.
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- estate, financial, hsa, investment, ira, leverage, non-traditional, property, real, retirement, roth, self-directed, traditional
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