Is the IRA more of a tax shelter for the affluent rather than a vehicle for retirement savings? It looks that way. According to an Employee Benefit Research Institute analysis, few IRA owners aged 60 or older take money out of their account until they reach the age (70.5) when withdrawals become mandatory...
Percentage of traditional IRA owners who took a withdrawal in 2013
Aged 60 to 64: 18.9%
Aged 65 to 70: 27.2%
Aged 71 to 79: 83.6%
Aged 80-plus: 85.8%
Once they reach the mandatory age, according to EBRI, most IRA owners withdraw only the minimum required. Just one in four traditional IRA owners aged 71 or older withdrew more than the minimum amount from his or her account in 2013.
Source: Employee Benefit Research Institute, IRA Withdrawals in 2013 and Longitudinal Results 2010-2013
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