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You Don't Need a Financial Advisor to Invest for Retirement | Myth vs. Fact #03

Myth: Retirement savings plans like IRAs and 401(k)s are confusing. All the rules, penalties and taxes seem overwhelming. Why don’t simpler products exist for people like me who don’t have advisers?

Fact: Universal Savings Accounts (USAs) have been debated here for years. They address the need for simplicity, ease and flexibility with no restrictions on either the timing or purpose of withdrawals. Savings are taxed only once, at the time of your contribution. You can invest these funds in any way. The key advantage is your money is available without penalty or tax when you need it. This product is not available in the U.S. but has been a success in the U.K. and Canada since 2009 with 40% to 50% of the population owning these accounts. The average income of savers ranges from $35,000 to $50,000. In order to help Americans save more, we have to make investing easier to understand.