Either way, it's an unfortunate way to spend what are supposed to be the best years of your life. Unfortunately though, most people don't begin thinking about their retirement until it's too late. Planning for retirement is a tricky thing these days. In the past 20 years however, things have changed. In addition, the future of Social Security is so uncertain, that many of us don't even include it in our retirement plans.
Inflation is unpredictable.
Baby boomers have seen consumer goods prices almost triple since the early 1970s. In addition, depending on your tax situation, you may also be able to deduct all or a portion of your IRA contribution from your taxable income- saving you taxes right now. The IRA Growth Chart below gives you an example of the substantial earnings possible with an IRA investment. Interest rates on IRA may fluctuate to some extent over the life of the account. Substantial penalties for early withdrawals.