By Ian Berger, JD
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The Investment Company Institute (ICI) is an association representing mutual fund companies and similar investment companies. Each year, ICI conducts a survey of the prevalence of IRAs in American households. Recently, the ICI issued its 2023 survey based on data from mid-2022 and calendar year 2021. The full report is available at The Role of IRAs in US Households’ Saving for Retirement, 2022 (ici.org) .
Based on the survey results, here are some interesting questions (with answers at the bottom of the article):
1. What were the total assets held in IRAs, including traditional and Roth IRAs, SEP IRAs and SIMPLE IRAs (as of mid-2022)?
A. $1.7 billion
B. $11.7 billion
C. $1.7 trillion
D. $11.7 trillion
2. What percentage of all U.S. retirement assets were held in IRAs (as of mid-2022)?
3. What percentage of U.S. households held any IRAs, including traditional and Roth IRAs, SEP IRAs and SIMPLE IRAs (as of mid-2022)?
4. True or False. 64% of households with incomes of $100,000 or more owned IRAs (as of mid-2022).
5. What percentage of U.S. households owned Roth IRAs (as of mid-2022)?
6. What percentage of U.S. households included someone who made an IRA contribution for 2021?
7. What percentage of an average household’s financial assets consisted of IRA funds (as of mid-2022)?
8. True or False. 40% of traditional IRA accounts contained rollovers from employer-sponsored retirement plans (as of mid-2022).
9. What percentage of traditional IRA owners who did rollovers from company plans said they consulted with a financial advisor before doing the rollover?
10. True or False. The most cited reason for doing a rollover from a company plan to an IRA was not wanting to leave the assets with the former employer.
1. D 6. A
2. B 7. B
3. C 8. False (60%)
4. True 9. D
5. A 10. True