Entrust Learning Center > Keyword: retirement > Feb IRA Insights: A Financially Sound Retirement Plan Needs Your Attention!

Feb IRA Insights: A Financially Sound Retirement Plan Needs Your Attention!

The financial gurus tell us we should save 10% of our annual income in order to have enough cash to last through our retirement. Most of us are not in a position to save this kind of money due the rising cost of everyday living-- just look at the gas pum

By: Lisa Moren-Bromma

IRA & 401(k) Insights

By: Lisa Moren Bromma

The financial gurus tell us we should save 10% of our annual income in order to have enough cash to last through our retirement. Most of us are not in a position to save this kind of money due the rising cost of everyday living-- just look at the gas pump!

Some of us don’t have the financial resources to start stashing that kind of cash until we are in our 40’s, and even then, it could be a stretch.

Waiting until you are over 40 to start socking money is not recommended. After all, had you started saving $100 per month at age 20, earning 7% a year until you retire at age 65, you would end up with $381,472! By waiting until age 40, you would only have $82,056.

Would of, could of, should of--Right? WRONG!

One of the few tax enhancements we all have is our IRA or 401(k) No matter how old you are, every dollar you put away in your retirement plan today compounds at some interest rate on a tax deferred or tax free basis for your future!

If you could start putting away the maximum amount allowed in your IRA or company 401(k)—especially if your company matches those funds—that’s a start. Of course, I believe in the truly self-directed IRA or (k) where a portion of my retirement account is invested in what I choose, whether it’s real estate, gold, investing in a new business, or investing in energy. Did you know there are over 40 different asset types one can invest in with their self-directed plan? By having a portion of my retirement account in a self-directed plan, I really do get to choose the investment and have the ability to steer my funds into investments that I feel have the best potential for growth.

In these difficult financial times, now more then ever, you need to take control of your financial future even if you think you have very little dollars to contribute. By not allowing others to vote on your money, you take financial control! Look into a self-directed IRA… you will thank yourself when 40 turns to 50 turns to 60, and by the time you start taking distributions, you will have figured out how to max that cash because no one cares more about your money than you!

To learn how a truly self-directed retirement plan work, read more on this web site. (Note: Brokerage houses do not offer this type of plan.) Take a tour of the web site, download newsletters and special reports, and learn how you can overcome procrastination and maximize your retirement plans!

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