Word: iras
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Dates: during 1980-1989
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Money flowing into Individual Retirement Accounts (IRAs) is giving a hefty boost to the latest boom. Consumers poured at least $10 billion into the tax-deductible instruments between Jan. 1 and the April 15 deadline for filing 1982 tax returns. "Our IRA volume has been tremendous," says a Los Angeles fund manager. "It's coming from small investors, and they are providing additional muscle for the market." Notes Edward Yardeni, chief economist for Prudential-Bache Securities: "There's a tidal wave of money coming in through IRAs...
People can put their IRAs into a wide range of investments, including bank accounts, insurance annuities or credit union plans, but many have been attracted by the bull market and gone to Wall Street. At the Boston-based Fidelity Group, for example, consumers put two-thirds of the 35,000 new accounts that arrived during the week of April 15 into stock market funds. Says Susan Clapsaddle, market manager for group retirement plans: "The money just keeps rushing in.' Small investors seem particularly at traded to the market at present. Millions of them stopped putting money into stocks during...
Under a change in the law passed in 1981, all taxpayers can deduct up to $2,000 from their taxable income if the money is deposited in an IRA. The 1982 accounts could have been opened as early as January of last year, but many people put off getting one until they faced the choice of declaring $2,000 more in income or putting $2,000 away for retirement. By the time the books are closed on 1982, some 11 million taxpayers are expected to have deposited about $18 billion in IRAs, compared with only 3.4 million people...
Merrill Lynch, which has more IRA and similar Keogh accounts than any other firm (700,000), found the rush breathtaking. A fortnight ago the broker signed up 39,000 customers in a single five-day period. Then last week it nearly tripled that by entering 100,000 accounts. Merrill Lynch helped stimulate business by holding last-minute seminars in New York, Chicago and 70 other cities to explain the various kinds of IRAs. In the offices of the E.F. Mutton brokerage firm last week, $20 million per day went into new accounts. Said Gary Strum, head of pension services...
Dukakis's appointment of the trio to state positions is both an honor and a burden for the Kennedy School. "No one can ever take the place of Ira, Manny or Nick," Executive Dean Hale Champion says, although we're trying our hardest to find replacements." Champion emphasizes that two of the three who left are administrators rather then faculty, so that the loss to the teaching staff is not so great as some accounts made it out to be. For the time being, he added, Mitropoulos's and Jackson's duties are being divided among remaining administrators...