A recent survey finds that Americans are more likely to throw themselves into selecting a restaurant for a special occasion, picking out a flat-screen TV or buying a tablet than planning their retirement investments.
The TIAA-CREF poll asked Americans if they spent two hours or more on these activities. Only 15% said they devoted this amount of time to planning IRA investment, while 25% said they spent two hours or more choosing a restaurant. More than 20% of those polled focused two hours or more on picking out a flat-screen TV, and 16% said they used this amount of time to buy a tablet computer.
Even among those who already have an IRA, more than half (55%) say they spent an hour or less planning for the investment.
“An IRA can be an incredibly powerful savings tool that can boost retirement security and offer immediate tax and savings benefits. IRAs can also serve as a valuable supplement to an employer-sponsored plan and help fund a first home or education,” said Doug Chittenden, executive vice president of individual business at TIAA-CREF, in a statement.
Despite these benefits, though, the survey of more than 1,000 adults found that fewer than one in five (17%) is contributing to an IRA, a drop from 22% in 2012.