Word: iras
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Dates: during 1980-1989
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...IRA hoopla and hard sell are part of an all-out push to turn Americans into big savers instead of big spenders. This drive began last summer when Congress passed the new tax law that slashed the rates people must pay on income from savings, created the tax-free All Savers Certificates and made some 50 million more Americans eligible for IRAs...
...bankers and brokers, though, have been disappointed. Provident Institution for Savings in Boston has drawn about $1 million a month from outside the bank into retirement accounts, only half what it expected. Provident's president, Thomas S. Zocco, thinks many customers are confused by the bewildering array of IRA plans and are holding back until they can figure out which IRA offer is best...
Mutual fund companies and brokerage houses, for example, are trying to wrest IRA dollars away from banks and S and Ls by offering investments in stocks, bonds, money-market securities and even oil ventures. Insurance companies are touting so-called fixed-annuity plans that guarantee predetermined annual payouts during retirement. Many investment firms are encouraging corporations to set up programs that allow employees to invest in IRAs through payroll deductions. The Dreyfus Corp. of New York City, for example, already manages employee IRAs for more than 50 companies, including Warner Communications, RCA Corp. and Esmark...
...rules may also be slowing down the start of IRAs. Investors can open an account any time before April 15, 1983, and still get all the tax benefits for this year. Moneymen believe some savers are putting off opening an IRA until later...
Many people, of course, cannot think of putting money into an IRA simply because they are already having problems making their paychecks stretch to meet monthly bills. Young families have not been investing heavily in IRAs. Wachovia Bank & Trust Co. in Winston-Salem, N.C., reports that 70% of its customers for new IRA accounts are more than 45 years old. Says Terry Gray, 33, a father of two who works as a security guard in Jackson, Miss.: "Inflation really keeps us from saving. We're not making enough to save...