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Financial Expert Shares 3 Factors to Consider When Planning for an IRA

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October 10, 2014 (www.investorideas.com newswire) Important changes are coming this fall for what’s become one of the biggest concerns of the era: affording retirement.
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Those who are saving for retirement and meticulously troubleshooting tax obstacles may want to restructure their plans. While members of Congress continue to battle over the budget, the Obama administration is preparing to roll out “myRA” savings accounts ??? IRA accounts ??? for those who do not currently have access to one.

When the “myRA” account reaches a certain amount, fledgling savers can roll it into a regular IRA account; different states will have their own guidelines. However, some of the benefits of existing savings options could be in peril, says financial advisor Jake Lowrey, president of Lowrey Financial Group, (www.lowreyfinancial.com).

Those include some of the tax advantages of retirement accounts currently enjoyed by higher-income workers. Some Roth IRA owners may also lose their exemption from required minimum distributions, or RMDs, while IRAs totaling less than six figures could see RMDs disappear.

“There will be many people who’ll be unhappy about the changes and that’s understandable, but some may help our country avoid an avalanche of retirees facing poverty,” Lowrey says.

In just 15 years ??? 2030 ??? the last of the baby boomers will have reached 65. That means one of every five Americans will be of retirement age, according to the Pew Research Center’s population projections.

“Most people simply don’t know how to plan for retirement, and that’s made even more challenging with the changing government policies,” says Lowrey.

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