From the Investment Company Institute
IRA Ownership Steady Despite Recent Market Turmoil
39 Percent of U.S. Households Owned IRAs in 2009
Washington, DC, January 21, 2010 - Despite market challenges in 2008 through the March 2009 stock market lows, individual retirement account (IRA) ownership in 2009 and IRA owners’ contribution and withdrawal activities in tax year 2008 were in line with recent historical experience, according to a new Investment Company Institute study.
The study, The Role of IRAs in U.S. Households’ Saving for Retirement, 2009, finds that nearly four out of 10 U.S. households owned IRAs in 2009—essentially the same as in 2008. IRA assets made up about 9 percent of all household financial assets. Traditional IRAs continue to be the most popular form, with about one-third of households owning them in 2009. The study finds that much of the recent growth in IRAs can be attributed to rollovers from employer-sponsored retirement plans. In 2009, nearly 20 million households had traditional IRAs that included rollover assets.
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And those who need it the most have the lowest rates of IRA ownership.
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