One-Quarter of Taxpayers Own an IRA

The 1996 MEPS-IC: 53 Percent of Private-Sector Establishments Offered Health Insurance

December 1999, Vol. 20, No. 12
Paperback, 12 pp.
PDF, 62 kb
Employee Benefit Research Institute, 1999

Download Notes PDF pdf

Executive Summary

One-Quarter of Taxpayers Own an IRA—Twenty-two percent
of individuals (26.1 million) reporting income in 1995 owned an
individual retirement account (IRA) (this includes both
contributory IRAs and rollover IRAs), according to recently
released 1995 data. The average (mean) IRA balance (both
contributory and rollover) was $46,762, but this figure is skewed
by a relatively few large account balances; the median IRA
balance for 1995 was $17,546. Relatively few taxpayers are making
an annual (nonrollover) contribution to their IRAs: In 1995, just
6.4 million individuals reporting income made a contribution to
their IRAs. That works out to 5.4 percent of individuals (25
percent of IRA owners). Not surprisingly, both the average and
median IRA contributions are $2,000. Similar figures are not
available for those making rollovers.

The 1996 MEPS-IC: 53 Percent of Private-Sector Establishments Offered Health Insurance—Employment-based
health insurance is the most common form of health insurance
coverage in the United States. Generally, employers offer health
benefits to protect workers and their families from financial
losses that can accompany unexpected serious illness or injury.
These benefits also serve to promote health and increase worker
productivity and act as a form of compensation to recruit and
retain qualified workers. Even though health insurance is offered
by employers on a voluntary basis, more than 60 percent of
workers currently receive health insurance through their
jobs. Others may get health insurance through a family
member's job, a second job, or a previous job, or they may
purchase individual plans. About 18 percent of the nonelderly
U.S. population remains uninsured.