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The Threatened State of Financial Freedom

Estimated reading time: 2 minutes, 12 seconds

By Charles “Bo” Ives, President

Retirement is a frightening concept for many, and the idea of saving for retirement seems to be getting more and more of a negative connotation. Also, some data shows it on the decline among Millennials, despite recent news that Millennials are actually saving more than their parents’ generation.

One major contributor is the lukewarm economy. Millennials have had difficulty finding stable, moderately paying jobs. When positive employment indicators are reported on, the data is often accompanied by alarming negative indicators such as stagnant wages. Skyrocketing student loan debt is another concern, one that we may still not have a complete understanding of.

According to a recent poll, 28% of those surveyed have less than $1,000 in savings and 57% have less than $25,000. It’s not surprising, then, that a chief concern among those between the ages of 18-29 is running out of money in retirement.

The classic notion of financial freedom is being threatened, and if not dealt with, could be forever changed.

To solve this epidemic, where do you start? The article advises getting a handle on your financials and what you want them to look like in retirement. But we should start much earlier than that—with proper education. For instance, don’t take that first credit card out of high school (a mistake I, along with millions of others in the country, have made and paid dearly for). An even better starting point would be at the high school level, with more focus on budgeting, saving and investing and how critical all three are to one’s financial freedom.

Even if the above can be improved, for those that ARE saving and doing some things right, the very retirement vehicles they use may not be what everyone expects them to be. Many saw their retirement savings cut in half in the stock market turmoil of 2008-2009, and others are seeing poor investment decisions being made in 401(k) and other employer-sponsored plans.

The solution might be a Self-Directed IRA from Kingdom Trust. By investing in alternative assets, you could be better prepared for the next market downturn, and you may be more confident in your financial future by investing in assets you know and understand. Kingdom Trust provides industry-leading service, simplified procedures (such as digital signature acceptance and online account opening) and a wide array of custody solutions to help you achieve financial freedom.

Don’t let your financial freedom be threatened. Call us today at 888.753.6972 or open a new account right from your computer or mobile device. Or tell your advisor you’d like to invest in alternative assets; he or she can contact Kingdom Trust or visit our website to learn all about the Self-Directed IRA.

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