03.17.25

IRA Contributions Are Surging, but Not for All

by: John Manganaro

The share of households contributing to individual retirement accounts (IRAs) has ticked up in recent years, but not for everyone in equal measure. The surge in younger contributors is most likely due to new fintech platforms that promote IRAs to millennials, according to analysis by the Center for Retirement Research. Lower-income workers, the analysis suggests, seem to be embracing IRAs due to state-based auto-IRA initiatives, which have broadened access to workplace-based plans.

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