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Investment News recently shocked many by advising people to stop contributing to their IRA’s and 401K’s. This recommendation goes against the traditional advice that individuals should save for retirement through these tax-advantaged accounts. So, what is behind this unexpected advice and should you consider following it?
The rationale behind Investment News’ suggestion is based on the current economic climate and the uncertainties surrounding retirement savings. With interest rates at historic lows and the stock market facing volatility due to various factors such as inflation and global geopolitical events, some experts argue that traditional retirement accounts may not be the best option for saving for retirement.
One of the main points made by Investment News is that traditional retirement accounts like IRA’s and 401K’s may not provide the returns needed to fund a comfortable retirement. They argue that with interest rates so low, the returns on these accounts may not keep up with inflation, leaving individuals with less purchasing power in retirement.
Additionally, Investment News points out that there are other investment opportunities that may provide better returns in the current economic climate. From real estate to cryptocurrency to alternative investments, there are a variety of options available to individuals looking to grow their wealth and secure their financial future.
However, it is important to note that these alternative investments come with their own risks and may not be suitable for everyone. While they may offer the potential for higher returns, they also come with greater volatility and a higher level of risk. It is crucial for individuals to carefully consider their risk tolerance and investment goals before opting for alternative investments over traditional retirement accounts.
In conclusion, while Investment News’ advice to stop contributing to IRA’s and 401K’s may seem alarming, it is essential for individuals to carefully evaluate their options and consider their long-term financial goals. Traditional retirement accounts may still be a viable option for many individuals, especially those looking for a stable and low-risk way to save for retirement. However, for those willing to take on more risk in exchange for potentially higher returns, exploring alternative investment opportunities may be worth considering. Ultimately, the decision on how to save for retirement should be based on individual circumstances, financial goals, and risk tolerance.
Roth versions of the 401k and IRA exist too. You will continue to get a standard deduction in retirement and tax brackets are progressive so it's commonly suggested to simply have a mix of Traditional and Roth accounts. IUL is an overengineered insurance product sold by people who are blindsighted by high commissions and should know better than to keep pushing such a bad product.