New Internal Revenue Service tax data tables show what the COVID-19 pandemic — and federal pandemic support payments — did to Americans' retirement savings in 2020.
The number of taxpayers who contributed to traditional IRAs increased 8.7% during the first year of the pandemic, to 4.6 million, and the number of contributed to Roth IRAs increased 2.5%, to 9.2 million.
Average contributions to both traditional and Roth IRAs also increased.
The number of contributors and average contribution amounts increased for most income categories.
