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A deep dive into how advisors can best serve the evolving needs of their wealthiest clients
Tax Facts
Anticipate your clients' tax questions on Social Security, annuities and a range of investment products
Popular Financial Topics
Go deeper on emerging topics, as well as key firms and thought leaders
A deep dive into how advisors can best serve the evolving needs of their wealthiest clients
Tax Facts
Anticipate your clients' tax questions on Social Security, annuities and a range of investment products
Popular Financial Topics
Go deeper on emerging topics, as well as key firms and thought leaders
A deep dive into how advisors can best serve the evolving needs of their wealthiest clients
Tax Facts
Anticipate your clients' tax questions on Social Security, annuities and a range of investment products
Popular Financial Topics
Go deeper on emerging topics, as well as key firms and thought leaders
A deep dive into how advisors can best serve the evolving needs of their wealthiest clients
Tax Facts
Anticipate your clients' tax questions on Social Security, annuities and a range of investment products
Popular Financial Topics
Go deeper on emerging topics, as well as key firms and thought leaders
A deep dive into how advisors can best serve the evolving needs of their wealthiest clients
Tax Facts
Anticipate your clients' tax questions on Social Security, annuities and a range of investment products
Popular Financial Topics
Go deeper on emerging topics, as well as key firms and thought leaders
A deep dive into how advisors can best serve the evolving needs of their wealthiest clients
Tax Facts
Anticipate your clients' tax questions on Social Security, annuities and a range of investment products
Popular Financial Topics
Go deeper on emerging topics, as well as key firms and thought leaders
A deep dive into how advisors can best serve the evolving needs of their wealthiest clients
Tax Facts
Anticipate your clients' tax questions on Social Security, annuities and a range of investment products
Popular Financial Topics
Go deeper on emerging topics, as well as key firms and thought leaders
A deep dive into how advisors can best serve the evolving needs of their wealthiest clients
Tax Facts
Anticipate your clients' tax questions on Social Security, annuities and a range of investment products
Popular Financial Topics
Go deeper on emerging topics, as well as key firms and thought leaders
By Allison Bell
May 03, 2023 at 11:44 AM
New Internal Revenue Service tax data tables show what the COVID-19 pandemic — and federal pandemic support payments — did to Americans’ retirement savings in 2020.
The number of taxpayers who contributed to traditional IRAs increased 8.7% during the first year of the pandemic, to 4.6 million, and the number of contributed to Roth IRAs increased 2.5%, to 9.2 million.
Average contributions to both traditional and Roth IRAs also increased.
The number of contributors and average contribution amounts increased for most income categories.
For detailed data, see the chart below.
| Traditional IRAs | Roth IRAs | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Income Percentile Group | Lower income limit | Number with contributions | Change from 2019 | Average contribution | Change from 2019 | Number with contributions | Change from 2019 | Average contribution | Change from 2019 |
| …0-25… | …$0… | …303,056… | …12.3%… | …2,965… | …8.2%… | …1,051,116… | …16.3%… | …2,741… | …10.9%… |
| …25-50… | …$21,679… | …708,928… | …15.8%… | …3,284… | …6.2%… | …1,644,522… | …16.3%… | …2,712… | …2.6%… |
| …50-75… | …$44,119… | …1,129,509… | …1.5%… | …3,889… | …2.5%… | …2,833,286… | …16.1%… | …3,589… | …2.9%… |
| …75-90… | …$87,946… | …1,091,503… | …8.9%… | …4,504… | …0.9%… | …2,721,139… | …15.0%… | …4,147… | …0.1%… |
| …90-95… | …$154,684… | …572,035… | …12.2%… | …4,874… | …-0.5%… | …743,806… | …12.0%… | …4,417… | …7.1%… |
| …95-99… | …$224,069… | …847,293… | …8.5%… | …5,758… | …0.0%… | …194,754… | …43.7%… | …4,068… | …9.2%… |
| …99… | …$561,351… | …309,637… | …11.1%… | …6,239… | …0.1%… | …22,100… | …43.8%… | …4,914… | …-1.6%… |
| …All… | …4,566,422… | …8.7%… | …4,461… | …1.5%… | …9,210,723… | …2.5%… | …3,581… | …3.0%… | |
The IRS headquarters in Washington. (Photo: Allison Bell/ALM)
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