Wealth Management Newsletter Q2 2018
Individual Retirement Accounts have been with us only since 1974, with the passage of the Employee Retirement Income Security Act (ERISA). What’s more, when they began their tax-preferred existence, the IRA contribution limits were quite low, and there were severe restrictions on who could even make a contribution. Notwithstanding the slow start, IRAs have grown to be the largest piece of the retirement savings pie, at some $7.9 trillion, according to the Investment Company Institute. All defined contribution pension plans, such as 401(k) plans, 403(b) plans, and profit sharing plans stand at $7.0 trillion.