Americans are Stressing about Retirement – are your Savings Giving you Nightmares?

Published on October 2, 2018

A survey by Bankrate.com found that saving for retirement is the biggest financial worry among Americans today, especially among younger Baby Boomers (ages 54 to 63) and Gen Xers (between 38 and 53 years old). That should come as no surprise, given those groups have their retirement age either right in front of them or in the near future.

Among the younger Boomers, 25 percent said they are most stressed about retirement and of the Gen Xers, 22 percent said the same. Across all age groups, 18 percent of respondents reported that saving for retirement is keeping them up at night.

Millennials, who have a much longer window for work and for saving, are also concerned about money (in addition to work and relationships). Of the older millennials (between ages 28 and 37), 43 percent reported that money has caused restless nights for them. This includes worry over credit debt, saving for retirement, and paying monthly rent or mortgage. 36 percent of younger millennial counterparts (ages 18 to 27) are also stressed about money matters.

An analyst with Bankrate.com attributes the millennials’ concerns to stagnant wages, rising housing costs, and a competitive job market.

Dream of a better retirement plan through self-direction

If you are among the Americans who have been disciplined about saving a little every month and putting it in a retirement plan, you’re probably resting a little easier. And, if you’ve been investing through a self-directed IRA, you’re likely looking at a more favorable retirement picture.

With a self-directed IRA, you control what you include in your investment portfolio, which can include various non-traditional investments. Rather than go the traditional route, with stocks or bonds, and deal with market volatility, you could control your future with alternative assets allowed in self-directed retirement plans.

As a self-directed investor with Next Generation, you make your own investment decisions, conduct your due diligence, and can rest easy knowing that Next Generation will review your documentation and process transactions according to your instruction, carefully and with respect to appropriate timelines. If you’re already investing in alternative assets outside of your existing retirement plan, why not open a new self-directed IRA and invest there? You’ll enjoy the same tax advantages of regular IRAs, and sleep a bit better knowing you’re more in control of your future, today.

Ready to explore self-direction as a new retirement strategy? Our starter kits will take you step by step to open and fund your account, and our expert team will answer any questions you have about the types of nontraditional investments you can include. Contact Next Generation at 1.888.857.8058 or NewAccounts@NextGenerationTrust.com with your questions.