Americans just aren't into IRAs. Less than a fifth use the traditional variety, and less than a third use one of any kind.
So says a new LIMRA Secure Retirement Institute study, which comes on the heels of a TIAA-CREF study that found that just 8 percent of Americans put saving in an IRA at the top of their priority list.
According to the LIMRA study, Americans appear to be really clueless on the potential benefits of IRAs, with almost a quarter saying that they don't have one because they save in a different retirement savings vehicle, as if the two types of accounts were mutually exclusive, and a third saying that they don't understand enough about IRAs to contribute to one.
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