Multiple IRAs May Be A Good Option For Those Seeking A Comfortable Retirement, Experts Say
September 24, 2010 by Special To Personal Liberty
Many Americans are looking for ways to preserve their assets to ensure a comfortable living when they retire, and despite a bad economy there are still many options to achieve this.
Experts have been advocating gold purchases, since the price of the precious metal has been steadily rising this year, but financial goals can also be achieved through smart retirement investment strategies.
To illustrate the point, Employee Benefit Research Institute (EBRI), a non-profit organization, has unveiled data on individual retirement accounts (IRAs). It shows that people who own more than one IRA have a total balance that is about 25 percent higher than the average.
In fact, while the average account balance in 2008 was $54,864, those who held multiple accounts had average aggregated balances of $69,498.
Craig Copeland, senior research associate at EBRI and author of the study, said that "IRAs are an incredibly important piece of the retirement puzzle, since they hold the largest single share of the $13 trillion in U.S. retirement assets."
The organization also says that men are more likely to own IRAs — 56.6 percent to 43.4 percent for women.