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_Based on recent “Retirement Trends” survey by Fidelity Investments, 96 percent of Americans saving for retirement don’t have any idea of the current contribution limit for an individual retirement account, with a few guessing as low as $1,000. The fact is that for tax year 2005, IRA contribution limits go up to $4,000 from $3,000 in 2004.
Tax refunds
When it relates to knowing the facts about retirement, misperceptions are tantamount to missed opportunities. Contemporary workers will be confronted with increasing health care costs once they retire, likewise of declining pension benefits and a more expensive cost of living. That's why it's important to save as much as possible, and as early as possible, in tax-advantaged accounts like IRAs.
Knowing the facts can help dispel common myths that may keep some investors from making the smart move of saving in an IRA.
About one-third of Americans in their primary savings years have not yet opened an IRA account thinking their 401(k) savings will be ample for retirement, as reported by the Retirement Trends survey. 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. Investing in an IRA today to augment workplace programs can help investors to ensure their savings will grow continuously and last throughout retirement.
For one in four non-IRA owners who were asked and said they can’t afford the opening investment, opportunities to save further for retirement maybe intimidating. But getting started with lacking initial lump sum is as easy as making provisions for automatic monthly payments through a FidelitySimpleStart IRA.
The fact is that younger investors have time on their sides, which should give them more reasons to start saving early. The Retirement Trends survey reveals that about two-thirds of young adults above 30 years old have started to invest for retirement. That’s great news because when one starts to save early as possible, he is setting up one of the best preparations for the future.
tax refunds
Tax refunds
When it relates to knowing the facts about retirement, misperceptions are tantamount to missed opportunities. Contemporary workers will be confronted with increasing health care costs once they retire, likewise of declining pension benefits and a more expensive cost of living. That's why it's important to save as much as possible, and as early as possible, in tax-advantaged accounts like IRAs.
Knowing the facts can help dispel common myths that may keep some investors from making the smart move of saving in an IRA.
About one-third of Americans in their primary savings years have not yet opened an IRA account thinking their 401(k) savings will be ample for retirement, as reported by the Retirement Trends survey. 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. Investing in an IRA today to augment workplace programs can help investors to ensure their savings will grow continuously and last throughout retirement.
For one in four non-IRA owners who were asked and said they can’t afford the opening investment, opportunities to save further for retirement maybe intimidating. But getting started with lacking initial lump sum is as easy as making provisions for automatic monthly payments through a FidelitySimpleStart IRA.
The fact is that younger investors have time on their sides, which should give them more reasons to start saving early. The Retirement Trends survey reveals that about two-thirds of young adults above 30 years old have started to invest for retirement. That’s great news because when one starts to save early as possible, he is setting up one of the best preparations for the future.
tax refunds
