Posted on February 16, 2012
Typically, tax season brings a flurry of interest in IRAs as a tax sheltered way of socking away a few extra bucks for retirement. This year, though, well fewer than half of Millennial and Gen X investors will contribute to IRAs compared with over 70% last year.
The sharp drop in interest in IRAs is attributable to economic insecurity. 32% said they were feeling too poor to contribute and 56% said they needed the money for everyday expenses or to pay down debt. 14% cited fears of market volatility and 12% blamed job uncertainty. “Given their economic fears, it is understandable why many younger investors might be unable or unwilling to fund all of their tax-advantaged accounts and are focusing primarily on their 401(k) during this tax season,” said a T. Rowe Price planner.
Tags: Disposable Income , Recession , Work
Categories: Recession Economy,Work
Cam’s Recent Media
- March 28, 2016 - Forewarned is Forearmed
- January/February, 2016 - The Ultra-High-Net-Worth investor
- December 28, 2015 - The Millennials Are Coming! The Millennials Are Coming!
- October 19, 2015 - Your Young Clients Lack Self-reliance
- September 28, 2015 - Lessons Learned From A Repo-ed ATM Card
- June 29, 2015 - The Modern Family 80/20 Rule