According to an article by “The Street”, about 85% of young adults say they would listen if their grandparents started a conversation about money management. Compare that to the measly 8% of grandparents surveyed who would actually discuss financial resources and you are left with a large portion of the younger generation searching for a fiscal guiding hand.
And with today’s flagging economy, the decline of the dollar’s power and a poor outlook for the retirement of anyone past the Baby Boomer Age (just 41% of the GenXer’s have considered the needs for their future retirement according to Myirionline) who can blame them?
Given the current financial climate, instability has almost become the norm today along with government intervention, scandal, fraud and theft. (Yes I think that the word government could easily go in front of each of those words, too).
The growing lack of steady middle class jobs available, rising costs of living, increased taxes and the continued shrinkage of savings power means that the next generation or two will not only need to be more stringent in their spending but also won’t have the same opportunities to fund their retirement accounts.
Controlling the investment and purchasing power of your retirement funds is no longer just about your golden years; but potentially those of your family as well. In fact, for those with ROTH IRAs there are some interesting and exciting possibilities when it comes to inherited ROTHs and taxes. Financial and estate planning have reached a new zenith of importance.
Whether you choose a Self Directed IRA structure, a Check Book IRA structure or to purchase sound and time-tested investment assets such as precious metals and property; suddenly your retirement fund isn’t just about your future anymore; but perhaps those of the generations or two succeeding you.