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10 Warnings About Your IRA Account
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1. Is there an annuity inside your IRA? This may be a violation of NASD and SEC rules and regulations.
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2. If your IRA contains stocks, is it a diverse basket, spread across many industries and market sectors? Studies show that diversification is not possible with less than 25-30 positions. |
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3. Are you over the age of 50 and invested for "growth"? Growth investments may not be suitable for your situation. |
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4. Do your IRA investments include bonds? If not, you may not be properly diversified to protect you from the volatility of the stock market. |
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5. Is there proper asset allocation (mix of stocks and bonds) in your IRA portfolio? If you are not properly allocated, you may be subject to more risk and market volatility. Your retirement assets may not be adequately protected. |
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6. Are you invested in "B" share mutual funds? There are situations where "B" shares may not be in your best interest. |
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7. Does your broker recommend frequent buying and selling? If your goal is long term growth, this strategy may be harmful to your account. |
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8. Has your broker prepared a personalized plan showing what you can withdraw at present or when you retire? This is a necessary part of your retirement planning. The broker may be negligent in the handling of your account. |
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9. Did your broker put you with a Money Manager? This may not be in your best interest since you pay higher fees than you would in other fund type investments. |
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10. Was a 72T distribution set up for your IRA withdrawals? Failure of your broker to set up a 72T distribution may have caused you harm. |
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You have worked for years contributing to your IRA and growing your retirement assets. You've worked even harder to make sure you have enough to retire. You think you can trust you broker, but you are uncertain if he or she has your best interests at heart.
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Get the answers to these crucial questions.
We can help…Call us now.
(713) 862-2152
The Center for Retirement Research at Boston College just released a new study providing evidence that there is a retirement savings crisis. The study contradicts other recent reports that say there is nothing to worry about. The Boston College study found:
- Nearly one-third of baby boomers ages 51 to 61 are at risk of
not having enough in savings to finance a comfortable retirement.
- About 50% of U.S. households will be unable to maintain their
current living standards--even if they work to age 65.
- 32% of people aged 51 to 61 are at risk.
- 35% of early baby boomers born between 1946 to 1954 are at risk.
- 44% of late boomers born between 1955 and 1964 are at risk.
- About 50% of generation Xers are at risk.
(Alicia H. Munnell, Anthony Webb, and Francesca Golub-Sass, IS THERE REALLY A RETIREMENT SAVINGS CRISIS? AN NRRI ANALYSIS, Center For Retirement Research at Boston College, August 2007, Number 7-11). This study is available in pdf format at http://crr.bc.edu
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