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 | As reported by Fidelity Investments in their recent “Retirement Trends” survey, 96 per cent of Americans investing for retirement don’t recognize the latest contribution limit for an individual retirement account, with some even guessing as low as $1,000. As a matter of fact, from $3,000 in 2004, the IRA contribution limits rise to $4,000 for the tax year 2005.
tax refunds uk When it comes to recognizing the facts about retirement, misconceptions can result to missed opportunities. Today's workers will face rising health care costs when they retire, as well as declining pension benefits and a higher cost of living. Thus, it is important to save as early and as much as possible in tax privileged accounts similar to the IRAs. Getting to know the facts better can help to get rid of common false beliefs that may thwart some investors away from wise investment opportunities like an IRA. According to the Retirement Trends survey just about one-third of Americans in their prime savings years who have not invested in an IRA account yet consider their 401(k) savings sufficient for retirement. However, Fidelity gives a calculated guess that if retirees wish to live comfortably they will need roughly about 80 percent to 100 percent of their pre-retirement income. By means of an IRA now to enhance workplace programs can provide investors with a guarantee that their savings will keep on growing and last throughout retirement. According to one out of four non-IRA investors surveyed and who say they don’t have the funds for the initial investment, the possibility to save even more for retirement may be overwhelming. On the other hand, opening an account even without monthly payments is as uncomplicated as arranging automatic monthly payments via a FidelitySimpleStart IRA. The fact is that younger investors could earn the most by starting to save early because they have the advantage of time. Nearly two-thirds of young adults have started to save for retirement before age 30, according to the Retirement Trends survey. That’s good news: getting a head start on savings is actually one of the best ways of getting ready for the future. tax refunds uk |
