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):

What were the total assets held in IRAs, including traditional and Roth IRAs, SEP IRAs and SIMPLE IRAs (as of mid-2022)?

  1. $1.7 billion
  2. $11.7 billion
  3. $1.7 trillion
  4. $11.7 trillion

What percentage of all U.S. retirement assets were held in IRAs (as of mid-2022)?

  1. 24%
  2. 34%
  3. 44%
  4. 54%

What percentage of U.S. households held any IRAs, including traditional and Roth IRAs, SEP IRAs and SIMPLE IRAs (as of mid-2022)?

  1. 22%
  2. 32%
  3. 42%
  4. 52%

64% of households with incomes of $100,000 or more owned IRAs (as of mid-2022).

True or False?

What percentage of U.S. households owned Roth IRAs (as of mid-2022)?

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

What percentage of U.S. households included someone who made an IRA contribution for 2021?

  1. 15%
  2. 25%
  3. 35%
  4. 45%

What percentage of an average household’s financial assets consisted of IRA funds (as of mid-2022)?

  1. 6%
  2. 11%
  3. 21%
  4. 31%

40% of traditional IRA accounts contained rollovers from employer-sponsored retirement plans (as of mid-2022).

True or False?

What percentage of traditional IRA owners who did rollovers from company plans said they consulted with a financial advisor before doing the rollover?

  1. 33%
  2. 43%
  3. 53%
  4. 63%

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.

True or False?

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Answers:

  1. D                                                         6.  A
  2. B                                                         7.  B
  3. C                                                         8.  False (60%)
  4. True                                                    9.  D
  5. A                                                        10. True

 

By Ian Berger, JD
IRA Analyst

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