IRA's Facts and Statistics

Individual Retirement Accounts (IRA's) are the primary source of savings for most U.S. citizens. Assets in IRA plans have grown faster than any other plan in the retirement market. In fact, as of 2004, more than half of all retirement assets are made up of IRA plans. That number has grown significantly since 1990, where IRA plans only made up 40% of all retirement assets. IRA's are an important aspect of any person's savings plans.

Do you need more information or help with Individual Retirement Accounts (IRA's)? Contact one of our IRA Plan Professionals at Cranberry Lake Financial to help guide you through the process of acquiring and maintaining an IRA savings plan!

The number of assets held in IRA accounts has steadily increased throughout the years. As of 2004, there were $3,150,000,000,000 of assets in Traditional IRA's. This number increased by a large sum. In 1998, there were only $1,974,000,000,000 of assets in Traditional IRA's. Additionally, in 2004, there were some $120,000,000,000 in Roth IRA accounts and $33,000,000,000 in SIMPLE IRA's. The total amount of IRA assets came to $3,475,000,000,000.

IRA's can only be funded with cash equivalents. As of 2006, the maximum annual IRA contribution for a person under the age of 50 was $4,000. People over the age of 50 can contribute as much as $5,000. This maximum includes any combination of IRA types, including Traditional, SIMPLE, or Roth IRA's.