In 1974, the Employee Retirement Income Security Act (ERISA) created individual retirement accounts (IRAs). Congress designed traditional IRAs originally to have two roles: first, to give individuals not covered by retirement plans at work a tax-advantaged savings plan, and second, to play a complementary role to the employer-sponsored retirement system by preserving rollover assets at job change or retirement. Since then, policymakers have introduced new types of IRAs and changed rules surrounding IRAs. IRAs have helped millions of US households save for retirement.
IRAs Play an Increasingly Important Role in Saving for Retirement
Individual retirement accounts (IRAs) represented 35 percent of US total retirement market at the end of the third quarter 2021, compared to 23 percent two decades ago.
Background on Individual Retirement Accounts
Focus on Funds: An End-of-Summer Checkup for Your Long-Term Savings
Ten Important Facts About IRAs (pdf)
Focus on Funds: Boost Your Family’s Savings with a Spousal Individual Retirement Account
Research and Statistics
Comment Letters and Statements
Recommendations for 2016-2017 Treasury/IRS Priority Guidance Plan―Retirement Plan Items (pdf)
ICI Comments to IRS on Simple IRA Plan Information Collection Request (pdf)
Supplemental Response to DOL Definition of Fiduciary RIA Data Request (pdf)
Note: ICI does not necessarily endorse or agree with the views or information presented on the third-party websites linked to above.