Americans Unaware Of April 15 IRA Contribution Deadline, Study Shows
April 8, 2002
Most investors with Individual Retirement Accounts (IRAs) are unaware of the upcoming April 15 contribution deadline, according to a survey says by Fidelity Investments. Of those surveyed who own IRAs, 62% did not know about the deadline. Of the total 1,007 people surveyed, which included people who do not own IRAs, 84% were unaware of the deadline.
Further, 56% of the people owning IRAs and 76% of the total were unaware that they could contribute up to $2,000 in an IRA every year, according to Fidelity. And 80% said they did not know that the limit has increased to $3,000 in 2002 and to $3,500 for those age 50 or older.
"The important thing for people to remember is to make a contribution every year, even if you are unable to contribute the maximum amount," said Bob Corcoran, VP of Retirement Services at Fidelity, in a statement. "If a 30-year-old fails to invest $2,000 in an IRA this year, he could potentially miss out on an additional $34,593 when he retires at age 65."