There’s been much talk about Obama and the “myRA” account. To weed through it all, we’ve called on financial advisor Jake Lowrey, president of Lowrey Financial Group.
“There will be many people who’ll be unhappy about the changes and that’s understandable, but some may help our country avoid an avalanche of retirees facing poverty,” Lowrey said.
In just 15 years – 2030 – the last of the baby boomers will have reached 65. That means one of every five Americans will be of retirement age, according to the Pew Research Center’s population projections.
“Most people simply don’t know how to plan for retirement, and that’s made even more challenging with the changing government policies,” said Lowrey.
On the following pages, Lowrey offers guidance on choosing between a traditional IRA and a Roth IRA as a retirement savings vehicle. Traditional IRAs and Deductibility: