"Individual Retirement Accounts are a great way to save for the future. But only 15% of American households contribute to an IRA each year. Our goal is to help increase this to 20% by 2016." Bill McNulty, CEO, IRAmarket.com
New York, NY (PRWEB) March 21, 2012
IRAmarket.com launched an ambitious campaign this week to get more Americans to contribute to Individual Retirement Accounts (IRAs). The campaign educates consumers about the benefits of IRAs and includes a cash give-away to raise awareness of the April 17, 2012 deadline for 2011 IRA contributions. IRAmarket's long-term goal is to increase the number of US households that contribute to IRAs each year from 15% in 2010 to 20% by 2016.
Many Americans open an IRA to do a 401k rollover after they change jobs or retire. But of the 50 million Americans who own an IRA, most do not make additional contributions each year.
"In this era when people change jobs often and have concerns about Social Security, it is critical for people to save on their own for the future. Most of us cannot count on our employers or the government to meet all our needs in retirement," said Bill McNulty, CEO of IRAmarket.com. IRAs are especially good for long-term savings. Contributions to traditional IRAs may be tax deductible, helping some pay less income tax or get more of a refund. In IRAs, investment income and gains are not taxed. In a type of IRA called a Roth IRA, withdrawals after age 59 1/2 are tax-free.
People have until April 17, 2012 to make a traditional or Roth IRA contribution for the 2011 tax year. IRAmarket.com's campaign is educating Americans about the benefits of IRAs by publishing 30 Reasons for IRAs over the 30 days before the April 17th deadline.
In addition to its educational efforts, IRAmarket.com is raising awareness about IRAs by sponsoring the "Win $5k for your IRA" contest through April 8th. The winner will receive the maximum annual IRA contribution: $5,000 or $6,000 if age 50 or older. Every entrant can share the contest through Facebook, Twitter and email with family and friends. If a family member or friend wins, then the person who shared the contest with them wins the same prize. "In our first few days, we've seen a lot of people sharing the contest with family members," said Bill McNulty. "We're glad this is helping spread the word about IRAs between generations and among friends."
IRAmarket.com's contest is part of its contribution to the Roth IRA Movement started by Jeff Rose, a Certified Financial Planner and the writer of GoodFinancialCents.com. Other personal finance bloggers supporting the contest include PTMoney.com, ChristianPF.com, BudgetsAreSexy.com, CashMoneyLife.com and GenXFinance.com.
IRAmarket helps Americans save more for their future. At IRAmarket.com savers can learn about retirement plans, compare banks and brokers, and rollover an old job’s 401k or 403b to an individual retirement account (IRA). IRAmarket makes it easy for savers to compare IRA providers’ services and costs, and find the right IRA. Financial services companies work with IRAmarket to gain new accounts and retirement assets.
IRAmarket LLC is based in New York, NY.