Let’s see how well you know IRAs!

Recently, the ICI issued the results of a survey on traditional and Roth IRAs. The full reports are available at: ici.org/system/files/2022-07/ten-facts-iras.pdf and ici.org/system/files/2022-07/ten-facts-roth-iras.pdf. The Investment Company Institute (ICI) is an association representing mutual fund companies and similar investment companies. To find out how well you know IRA’s, Ethos Capital Advisors has decided to provide you with a quiz. Results are provided at the bottom of this article.

  1. At year-end 2021, what percentage of all U.S. retirement accounts were held in IRAs?

    1.  25%
    2. 35%
    3. 45%
    4. 55%

  2. At year-end 2021, what were the total assets held in IRAs (including traditional and Roth IRAs, SEP IRAs, and SIMPLE IRAs)?

    1. $13.9 billion
    2. $50,9  billion
    3. $13.9 trillion
    4. $50.9 trillion

  3. At year-end 2021, what percentage of total IRA assets were held in Roth IRAs?

    1. 6.4%
    2. 9.4%
    3. 12.4%
    4. 15.4%

  4. At year-end 2021, what percentage of U.S. households held IRAs (including traditional and Roth IRAs, SEP IRAs, and SIMPLE IRAs)?

    1. 27%
    2. 37%
    3. 47%
    4. 57%

  5. True or False?

    1. At year-end 2018, only 20% of IRA owners held Roth IRA accounts.

  6. At year-end 2018, what was the largest category of traditional and Roth IRA investments?

    1. Bonds and bond funds
    2. Target-date funds
    3. Money market funds
    4. Stocks and stock funds

  7. For 2017, what percentage of traditional IRA owners made an annual traditional IRA contribution?

    1. 11%
    2. 21%
    3. 31%
    4. 41%

  8. True or False?

    1. In 2021, 57% of traditional IRA accounts contained rollovers from employer-sponsored retirement plans.

  9. In 2021, what percentage of traditional IRA owners consulted with a financial advisor about rolling over company plan accounts into a traditional IRA?

    1. 35%
    2. 45%
    3. 55%
    4. 65%

  10. True or False?

    1. Roth IRA owners tend to be younger than traditional IRA owners

 

 

 

 

 

Answers:

B   –   C   –   B   –   B

False. The correct answer is 35% or 39% (depending on which data is used).

D   –   A   –   True   –   D   –   True

 

 

By Ian Berger, JD
IRA Analyst

Copyright © 2022, Ed Slott and Company, LLC Reprinted from The Slott Report, 2022, with permission. Ed Slott and Company, LLC takes no responsibility for the current accuracy of this article.
Content posted in Ed Slott’s IRA Corner was developed and produced by Ed Slott & Co. to provide information on a topic that may be of interest. Ed Slott and Ed Slott & Co. are not affiliated with Ethos Capital Management, Inc. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.