Individual Retirement Accounts

Individual Retirement Accounts

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Many people often live their lives without considering how they plan to retire. People do not realize that the idea of living solely on the benefits of social security is not realistic. In order to secure a comfortable future, people must have some type of additional income. Sacrificing a small amount of money into an IRA at a relatively early age could make a considerable difference in the lives of people upon retirement. When planning for retirement, Individual Retirement Accounts offer several benefits; however, careful planning is essential to ensure that: upon retirement there is an adequate amount of money saved, that the heirs to the IRA are chosen carefully, and that unnecessary taxes and penalties are avoided.
It is important to consider how much money will be needed for a comfortable retirement. Careful planning is essential when considering an item with such importance. Phaneuf states that, according to figures used by most financial planners, upon retirement the average person will need roughly seventy percent of their current income to continue living their present lifestyles (94). With only income from Social Security and

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