Have State Auto-IRAs and Fintech Shifted Who Contributes to IRAs?

Anqi Chen, Alicia H. Munnell and Nilufer Gok

Issues in Brief from Center for Retirement Research

Abstract: The brief’s key findings are: (1)IRAs were created to help those without an employer plan to save, but most IRA assets are simply rollovers from 401(k)s, not new contributions.(2)Recently, though, the share of households contributing to an IRA has ticked up – a little bit for low-income workers and a lot for those under 40.(3)The rise in low-income contributors could well be due to state auto-IRA initiatives, which have broadened access to workplace-based plans.(4)The surge in younger contributors is most likely due to new fintech platforms that promote IRAs to tech-savvy Millennials.(5)But these younger contributors tend to have a 401(k) too, so IRAs remain mainly a way for those with a plan to gain more tax-advantaged saving.

Pages: 8 pages
Date: 2025-03
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