Baby Boomers Grow Frugal with Self-Directed IRAs
72 percent of Baby Boomers surveyed – those Americans born between 1946 and 1964 – report that they feel financially prepared for retirement.
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Charlotte, NC (PRWEB)
October 10, 2017
Baby boomers are a large generation, which is why any trends among those approaching or in retirement are easy to identify. In a recent post at the American IRA blog, CEO Jim Hitt took a look at those baby boomers who are growing more frugal about retirement by incorporating Self-Directed IRAs into their strategy, as well as tightening their belts in other ways.
Frugality can have varying definitions depending on the context. Are baby boomers spending less, or are they looking to expand the quality of their retirement nest egg through frugal strategies? According to the post, it comes down to satisfaction. “72 percent of Baby Boomers surveyed – those Americans born between 1946 and 1964 – report that they feel financially prepared for retirement,” according to the blog post.
The post then looks at the habits of Generation X and Millennials—the two generations coming after the boomers—with statistics showing that many millennials, for example, tend to throw money away as soon as they get it. That often comes from self-reporting, which means that many millennials admit that they have this habit.
According to Jim Hitt, one way to ensure that an investment strategy can maintain and grow for retirement is to work through tax-advantaged accounts like Self-Directed IRAs. These IRAs can help investors maximize their investment dollar rather than pay heavy taxes on their ventures and the growth of those ventures. This in turn helps people—from baby boomers to millennials—to get the most out of the money that they do save for retirement.
There was an upswing in baby boomers when it came to how many saw themselves ready for retirement over time. That may happen with millennials one day, too. But for the individual investor, argues Jim Hitt, it all comes down to taking action and learning about options like Self-Directed IRAs.
American IRA, LLC was established in 2004 by James C. Hitt in Asheville, NC.
The mission of American IRA is to provide the highest level of customer service in the self-directed retirement industry. Mr. Hitt and his team have grown the company to over $250 million in assets under administration by educating 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.
As a self-directed IRA administrator they are a neutral third party. They do not make any recommendations to any person or entity associated with investments of any type (including financial representatives, investment promoters or companies, or employees, agents or representatives associated with these firms). They are not responsible for and are not bound by any statements, representations, warranties or agreements made by any such person or entity and do not provide any recommendation on the quality profitability or reputability of any investment, individual or company. The term “they” refers to American IRA, located in Asheville, NC.
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