United States Congress: Allow IRAs to be used to purchase land

Allow IRAs to be used to purchase land

Greetings,

I just signed the following petition addressed to: United States Congress.

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Allow IRAs to be used to purchase land

The IRA concept was created when the average return for a well diversified portfolio was about 10 percent. The meant a worker putting away $10,000 a year would in 40 years have 5.5 million. Enough to retire on. But for the past 11 years, the return on investment for well balanced and diversified IRA have been negative. This means that that same person putting away 10,000 a year for 40 years with the return rate of the last decade would have only 360,000 to live on. The IRA concept needs to be updated to meet the reality of today. People planning on retirement can't take the gamble that the next 11 years are going to be like the last 11. We need other options, such as purchasing small amounts of farmland to grow food and build a paid for house upon so that we can have security when we grow old should the markets not provide that ability. We need to be able to use our IRA to purchase land as an equal investment option that we can personally use to support ourselves. While a very few IRAs can purchase land, it can't be used by the person who owns the IRA for his own benefit. These rules need to change. It's our money. Rather than see it die on wallstreet we need another option. We should be able to provide for ourselves however we choose, especially through the purchase of a retirement piece of farmland so that we can feed ourselves and have a stable source of income through the sale of crops and produce.
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Sincerely,

[Your name]