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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.
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From Oct. 15-17 many of the major players in the annuity world gathered in Scottsdale, Ariz. at the Westin Kierland Resort & Spa for the 2014 IMO Summit. You can read more information about annuities from the event.

Prior to the 2014 IMO Summit, NAFA sent out a paper (“Answers every investor needs to know about annuities”) that can benefit advisors as well as consumers. On the following pages, NAFA answers four of the most important questions you’ll ever receive about annuities. These nuggets can be vital in helping producers educate clients and prospects on annuity products.

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Dave Ramsey has become famous for a startling claim. He says stocks have returned an average of 12 percent over the long term. And he expects a 12 percent return over the long run going forward, too. On his website he dedicates at least two pages to his claim.

In one article, “The 12% Reality”, we learn that Ramsey is “using a real number that’s based on the historical average annual return of the S&P 500.” The article claims that the “current average annual return from 1926, the year of the S&P’s inception, through 2011 is 11.69 percent.” In a second article, Ramsey declares you can find mutual funds with a track record of 12 percent returns for the past 70 years. Whether such funds, if they exist, will return 12 percent after fees in the next 70 years is another matter. Here’s why shooting for 12 percent returns could cause you to make investment mistakes:

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Lower lifetime earnings and longer life expectancies put women at a disadvantage when it comes to a secure retirement. One solution: helping them turn workplace retirement account balances into guaranteed income streams for life. Or in retirement-speak: annuitizing defined contribution plans. ???Women would really benefit,??? said Brigitte Madrian, Aetna AET +1.32% professor of public policy and corporate management at Harvard???s Kennedy School, speaking at Congressional hearings on ???Women???s Retirement Security??? convened by Sen. Amy Klobuchar (D.-Minn.). It would help with the longevity risk women face, and with the increased risk of cognitive decline and the consequent diminished capacity to manage financial assets that comes with aging.

Even before aging sets in, many women are unprepared to manage retirement assets. Madrian said women have significantly lower scores than men when asked about financial concepts such as inflation, compound interest and diversification, and are more likely than men to answer simply: ???I don???t know.???

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Remember how everyone sensible knew the housing market was in a bubble 10 years ago but nobody really focused on what that would mean? I wonder today if we are in a similar situation regarding retirement.

Everybody sensible knows we are facing a looming retirement crisis. Tens of millions of baby boomers are starting to retire. They are going to live in old age far longer than previous generations. Tomorrow???s grandma is going to need medical care and nursing care beyond the imagination of grandmothers of yore. Yet so few people or families have saved anywhere near enough. And our public safety net is poorly managed, ill-thought-out, and threadbare.

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