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December 16, 2013

IRA owners tend to be savers : retirement planning strategy

According to a new report from ICI Research Perspective, IRA owners tend to be savers.

In fact, IRA owners build substantial financial wealth. The median financial nest egg of IRA-owning households were eight times greater than the median financial nest egg of households that did not own IRAs. Those nest egg dollars included DC retirement plan accounts—72 percent of households that owned IRAs also owned such accounts. IRA owners typically exhibit the characteristics that tend to correlate with a greater propensity to save: the financial decision makers of households with IRAs tend to be older and are more likely to be married, employed, and have college or postgraduate degrees than households that do not own IRAs.

Like other savvy households, the majority of IRA-owning households were willing to take some financial risk for overall gain. Willingness to take risk remained the same among IRA-owning households overall between 2012 and 2013. In 2013, 28 percent of IRA-owning households were willing to take substantial or above-average financial risk for similar levels of financial gain, compared with 28 percent in 2012 and 30 percent in 2011.

Source: ICI Research Perspective: NOVEMBER 2013 | VOL. 19, NO. 11

Retirement Planning By Yourself

You may think that because you have a retirement account setup through your employer that you are managing your retirement planning strategy well. Many people miss out on potential to save more for retirement by not seeking the help of someone who is an expert. So, if you are in the DC, MD or VA area, I encourage you to call me for a free consultation about your retirement strategy. I’ve spent 30 years helping retirees get the most out of their nest egg dollars to live the retirement they have always dreamed about.
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