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LEARN MORE ABOUT: IRA Accounts

INVESTING IN A GOLD IRA: Gold IRA Account

INVESTING IN A SILVER IRA: Silver IRA Account

REVEALED: Best Gold Backed IRA

As of 2021, Americans have a staggering amount of money invested in traditional Individual Retirement Accounts (IRAs). According to the Investment Company Institute, the total assets held in traditional IRAs reached $10.2 trillion at the end of 2020, representing a significant portion of Americans’ retirement savings.

Traditional IRAs are a popular retirement savings vehicle that allow individuals to contribute pre-tax dollars to their account, which can then grow tax-deferred until retirement age. Many Americans use traditional IRAs as a way to supplement their employer-sponsored retirement plans, such as 401(k)s, or as a primary retirement savings vehicle if they do not have access to a workplace plan.

The average balance in traditional IRAs varies depending on age, income, and other factors. However, according to recent data from the Employee Benefit Research Institute, the average account balance in traditional IRAs was $106,172 as of 2019. This number has likely increased in recent years as the stock market and other investment vehicles have performed well.

It’s important for Americans to regularly contribute to their traditional IRAs and monitor their investments to ensure they are on track to meet their retirement goals. Consulting with a financial advisor can help individuals create a comprehensive retirement savings plan and make informed investment decisions.

In conclusion, Americans have a significant amount of money invested in traditional IRAs, demonstrating the importance of these accounts as a key component of retirement savings. By making regular contributions and monitoring investments, individuals can help secure their financial future in retirement.