Individuals have to want to save. We need to offer products that they want and will make savings easy for them. Deputy Secretary Summers testified that IRA proposals must be designed to reinforce and encourage psychological factors that could increase the efficiency of IRAs in promoting savings. A 1990 Gallup survey done for Fidelity Investments showed 71 percent of the respondents preferred expanding the tax incentives for IRAs to close the gap between their retirement needs and their retirement checks from institutional sources. This same answer was given by 69 percent of the respondents in a 1996 Luntz-Lake survey conducted for the Savings Coalition.
IRAs provide the right type of vehicle for long term savings for retirement.
Those who invest in IRAs usually invest for the long term. This shows individuals can make intelligent investments for their retirement. Most IRA account holders are truly thinking about retirement when they make their investment decisions. Millions of Americans do not have adequate retirement savings and are worried about their retirement. The Super IRA legislation is based on legislation crafted by Congressman Pickle and Senator Bentsen.