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Don’t Let Empty Nest Mean Empty Nest Egg

Like it or not, even in this economy we still need to think about saving money for retirement. And for most of us, as “prime parents”, that retirement time is not that far away. (Sorry to break it to you. I know…)

According to a recent CNBC report, 36 percent of Americans say that they are not currently contributing anything to retirement savings. This is frightening considering the future of support and assistance for us–like Medicare and Social Security–is currently unclear. However, I know what you’re thinking, “How do I even begin to think about the future when I’m barely even making ends meet in the present?” Three words: individual retirement accounts.

Individual retirement accounts, or IRAs, are tax-deferred retirement accounts. This means that you can set aside and save money in a Traditional IRA without paying taxes on that money until you withdrawal it.  So, as a prime parent, you can create your empty nest egg without penalties until age 59 ½ (or even later if you want to wait to withdraw).

IRAs are beneficial in this economy because you can decide the amount of money you can afford to put into the account based on your current income level. This means you’re not putting extra stress on your finances because you decide what you want to put into the account.

 There are different types of IRAs and they can be set up through a bank, brokerage or mutual fund. For example, you can work with the experts at Discover Bank to determine if you think the Roth IRA or a Traditional IRA is best for you and your family. If you need money sooner than later, you may choose to go the Traditional savings route, whereas the Roth may be a better option if you’re more financially secure now. Your best bet is to discuss your full financial situation, intentions and options with your financial advisor at the bank.

Whichever way you decide to go, individual retirement accounts are a safe and easy way to plan for retirement…even in this economy. Let’s face it, you may be getting ready for an empty nest soon, but you certainly don’t want to have an empty nest egg.

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Along with being a contributor to, Jacqueline Wilson is: Appalachia Advocate~Supporter of Women~Writer~Accidental Pit Bull Advocate.

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