3 Emergencies For Which Retirement Savings May Come in Handy
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Saving your savings is easier said than done. Investors often need to draw from their IRA savings to fulfill daily needs. However, it’s those unforeseen emergencies that are a bigger hole in the pocket. It’s always better to borrow money from your IRA account than pay a markup to the bank for using a credit card.
It was speculated back in 2011 that 10,000 Baby Boomers will hit 65 every day for the next 19 years. In 2019, we’ve reached the time when Baby Boomers make the largest cohort of the demographics. This also means there’s a greater need for means of sustenance for these citizens.
If you’re still far from your retirement age and haven’t started saving yet, have a look at this blog.
Medical Expenses
As illness is the biggest fear of old age, medical expenses are the biggest drain on your income. You might fall sick due to old age or a medical emergency might arise with any one of your dependents. In either case, you’ll need ready money to pay off the medical bills.
This is not one of those luxuries that you can compromise on so don’t think about going cheap. You can always draw from your IRA savings to cover for health insurance premiums. This way you can get medical assistance for yourself or to someone else on time.
Educational Expenses
Just because you’ve retired, doesn’t mean your kids are out of college and done with their education as well. In fact, it’s only when the provider reaches the retirement age that the dependent children reach their college level of education.
Even if you’re one of those lucky parents who have brainy kids studying on a scholarship, educational emergencies may arise anytime. Their tuition fee coverage may end under some circumstances or they may not meet the GPA required to sustain the funding.
In either case, your IRA savings may come in handy, and more so if they’re invested somewhere profitable like precious metals.
Replacement Income
You never know how tomorrow will turn out and you might have to take an early retirement due to many reasons. Unless you’re eligible for unemployment benefits, you’ll need funds to sustain yourself and your dependents.
An IRA account will act as a safety net in this scenario. With an IRA account, you can get substantially equal periodic payments (SEPP) which can be used as a monthly income.
If you’re now well aware of the emergencies that might occur after retirement, you might want to open an IRA account.
Give us a call at 1-800-559-0088 and we’ll layout an investment plan for you. We’re a precious metal investment company based in LA and offer more than 50 years of experience with individuals like you.
We’ll take care of your life beyond retirement!
