IRA Savings Increase
Published on August 27, 2013
, it was reported that the average balance of Americans’ IRAs has hit a five-year high, increasing to $81,100, which is up 53% from 2008. The fact that this amount has risen over 50% in five years indicates that more people are putting money away in retirement accounts and thinking about their retirement. In addition, with the overall account balances for IRAs increasing, the average annual contribution has also increased to $3,290.
Although retirement accounts are still catching up from what they lost during the Great Recession, they are growing and, we hope, will continue to grow in the coming years. By saving through your IRA often and early, you will be financially prepared when it is finally time to retire.
At Next Generation Trust Services, we believe that saving for retirement is crucial to overall financial health. Please contact us if you have any questions about self-directed retirement accounts and using them to build your retirement nest egg.Back to Blog