- Individual retirement accounts (IRAs) are tax-advantaged savings accounts for retirement12.The history of IRAs in the United States includes12:
- 1974: IRAs are established in the Employee Retirement Income Security Act to encourage employees without pensions to save for retirement. The initial limit was $1,500.
- 1981: The Economic Recovery Tax Act raises the contribution limit to $2,000 and allows anyone with earned income to contribute.
- 1986: The Tax Reform Act eliminates the universal deduction for traditional IRA contributions and introduces income limits for eligibility.
- 1997: The Roth IRA is established in the Taxpayer Relief Act, allowing workers to invest after-tax dollars and take tax-free distributions.
- 2002: The Economic Growth and Tax Relief Reconciliation Act increases the contribution limit to $3,000 and allows catch-up contributions for workers over 50.
- 2005: The Bankruptcy Abuse Prevention and Consumer Protection Act protects up to $1 million of IRA assets from creditors in bankruptcy.
Learn more:✕This summary was generated using AI based on multiple online sources. To view the original source information, use the "Learn more" links.Key Takeaways
- Individual retirement accounts (IRAs) were established in 1974 to encourage employees without pensions to save for retirement.
www.thebalancemoney.com/when-did-roth-iras-sta…Key Dates in the History of the IRA in the United States
- 1974 Individual IRA accounts are created in the Employee Retirement Income Security Act. The initial limit was $1,500.
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Detailed statistics on IRAs have been collected by the Employee Benefit Research Institute, in its EBRI IRA Database (Center for Research on IRAs), and various analyses performed. An overview is given in (Copeland 2010). Some highlights from the 2008 data follow:
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