Americans could save as much as $39 billion this year in their IRA accounts, according to a report released by Fidelity Investments today. Thats nearly $8 billion more than they are expected to have put away for the 2001 tax year, the report said.
Fidelity said investors are increasingly taking advantage of new tax laws that went into effect in January. The new rules allow investors to put away more money for their retirement each year. "The new contribution limits have been in effect for just two months and already weve seen the average IRA contribution jump to $2,195 from $1,627, a 35% increase from last year at this time," said Dale Bearden, a senior VP at Fidelity Brokerage Company.