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Retirement Planning > Saving for Retirement > IRAs

Misunderstanding IRAs

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  • $4.6 trillion: Approximate amount Americans have saved in IRAs.
  • 44%: Percentage of Americans who don’t understand how IRAs work.
  • 36%: Percentage of Americans who aren’t sure if they are eligible to contribute to IRAs.
  • 14%: Percentage of Americans who made contributions to IRA accounts in 2006.*
  • 40%: Percentage of households who have an IRA.*
  • 75%: Percentage of those households who also have a retirement plan with their employer.*
  • 31%: Percentage of households who have a retirement plan through their employer, but no IRA.*
  • 49%: Percentage of people without IRAs who know they can contribute to both an IRA and an employer-sponsored plan in the same year.**
  • 55%: Percentage of people without IRAs who know they don’t need to contribute the maximum allowed to open an IRA.**

Source: AARP Financial
*Source: Investment Company Institute
**Source: Fidelity Investments and National Financial


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