Although 71 percent of people surveyed feel IRAs are worth investing in for retirement income, only 48 percent of people 50 or older actually have one, according to a survey released by AARP Financial.

Thirty-eight percent of workers 50 and over did not understand how an IRA works. Among people who do own an IRA, 25 percent did not make contributions this year or last, and 40 percent did not know they could have both an IRA and a 401(k) at the same time.

Read more at AARP Financial.