Ira Assets and Characteristics of Ira Owners
16 Pages Posted: 6 Jan 2003
Abstract
This article examines the trends in assets in IRAs. Furthermore, the percentage of individuals owning IRAs along with relative frequency of ownership across various demographic groups are presented. Lastly, the characteristics of those who make tax-deductible contributions to IRAs are explored, with an additional look at the probability of the persistence of these contributions over a three-year period. IRA assets experienced their second only decline in 2001, falling from $2.5 trillion in 2000 to $2.4 trillion. As of February 2000, 17.2% of all Americans ages 21 or older owned an IRA with an average balance of $40,960. Nearly 22 percent of those who made a tax-deductible contribution to an IRA in 1998 had also made one in both 1996 and 1997.
Keywords: Individual Retirement Accounts (IRAs)
JEL Classification: G23
Suggested Citation: Suggested Citation
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