For many retirees, Social Security isn't enough.
Many have spent years investing in IRA accounts to help pay for their golden years.
Sara Wells, an investment manager says “Most of the community—the older community, have either traditional or Roth IRAs. It was something that was big for baby boomers.”
And as the national economy goes through a roller coaster ride, Americans are beginning to have growing concerns about their investments.
Wells says “So right now, they're coming into the age when they're starting to take those distributions from IRAs. We're starting to see IRAs depreciate, is what we're seeing right now.”
Magic Valley residents who are retired, or are close to retiring, had the opportunity to speak with investment experts at yesterday's retirement planning seminar at the College of Southern Idaho.
Dennis Voorhees, Vorhees Law Firm says “Well, the concern I think for everyone today is running out of money, that's one concern. Another is how to conserve what money is there.”
One thing bankers stressed was that while many IRAs may have dropped in value during the financial crisis, losses aren't actually incurred until that money is drawn out.
If monies in retirement accounts are held on to until the crisis passes, their values should once again appreciate.
And for many, that's good news.
Brenda Holmes, with First Federal Bank says “You know, I think it has, especially where people are counting on what they had in the stock market or in different things to kind of supplement their income.”