IRAs held $2.47 trillion in assets in 1999, more than the amount held...

IRAs held $2.47 trillion in assets in 1999, more than the amount held in 401(k)-type retirement plans or traditional pension plans; but IRA ownership is closely related to race, gender and age, according to a new report by the Employee Benefits Research Institute. IRAs are more likely to be held by white Americans, men and married couples, while African Americans have the lowest rates of IRA ownership and the lowest account balances. IRA ownership also is correlated with age, income and education, the study notes. The study notes only 16% of Americans older than 21 owned an IRA in early 1997, the last year for which information is available.