Wills, Trusts & Estates Prof Blog

Editor: Gerry W. Beyer
Texas Tech Univ. School of Law

Tuesday, January 29, 2008

Survey Shows Americans Prefer to Hang on to Their Retirement Accounts


The following is from Eileen Alt Powell, Americans Delay Spending IRAs, sfgate.com, Jan. 27, 2008:

Americans who have money stored in Individual Retirement Accounts tend to hang on to it for use in the later years of their retirement, according to a study being released Monday.

The Investment Company Institute, a Washington, D.C.-based trade association, found that less than one-fifth of households with IRAs made withdrawals from their accounts in tax year 2006, with the typical withdrawal averaging about 6 percent of the balance.***

She said that other studies have found that people want to hang on to their IRA money as long as possible to preserve the tax advantages.***

The greatest growth has come from assets rolled over into IRAs from employer-sponsored accounts like 401(k)s, the study said. In tax year 2006, just 14 percent of U.S. households made contributions directly to IRAs, it said.***


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