The IRA Turned 45 in 2019

It is hard to believe that it has been 45 years since the individual retirement account (IRA) was created, resulting from the Employee Retirement Income Security Act [ERISA].

Here are some of the IRA highlights as we celebrate the 45th birthday.

  • Today, IRAs have about $9.7 trillion in assets.
  • IRAs make up a third of the US retirement market. Government policy has contributed to this growth when they designed the IRA. It could be a contributory vehicle for workers who didn’t have a 401k plan at work, and the IRA also serves as a retirement vehicle to hold former employer funds as  you  change jobs. Separated employees can transfer balance from their defined contribution plan or defined benefit plan and roll them over into an IRA.
  • Policymakers have also added to the IRA menu over the years, with the addition of the Roth IRA in 1998 as well as IRA for the self-employed, such as  the SEP and SIMPLE IRA.

 

About Mark Nolan

Each day I speak with energetic entrepreneurs looking to take the plunge into a new venture and small business owners eager to take control of their retirement savings. I am passionate about helping others find their financial independence. Having worked for over 20 years with some of the top retirement account custodian and insurance companies I have a deep and extensive knowledge of the complexities of self-directed 401ks and IRAs as well as retirement plan regulations. Learn more about Mark Nolan and My Solo 401k Financial >>

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