Studies have indicated that many Americans don’t fully understand their options with and I.R.A. and are not maximizing the potential of these devices. KRC Research conducted a survey that found how few Americans are aware of IRA options. The study found that less than 25% of Americans are contributing to an IRA and less than half of those are investing up to the annual limit. Nearly 75% of Americans ages 18-34 are not aware of how much money they can contribute to their IRA annually.
See Ann Carrns, Many Americans Unaware of I.R.A. Saving Options, The New York Times, Apr. 4, 2012.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.
