Characteristics of Individual Retirement Account Owners

Using Survey of Income and Program Participation (SIPP) data from the U.S. Census Bureau, characteristics of individual retirement account (IRA) owners ages 21 and over are examined. Approximately, 16 percent of Americans ages 21 and over owned an IRA early in 1997, with an average balance of $27,025. Furthermore, nearly 4 percent of those 21 and over contributed to an IRA in 1996, with the average contribution being $1,729 (almost 66 percent of those contributing contributed the maximum amount). Significant differences were found in ownership, balances, and contributions across various demographic and economic groups, e.g., age, family income, education race/ethnicity, etc