Taxing Days of Change for IRAs

A savings plan is mourned

For millions of Americans, last week was the final chance to cash in on one of the greatest tax breaks of all time: the Individual Retirement Account, or IRA. Since 1982, when IRAs became available to all workers, some $320 billion has been stashed away by 28 million households in the handy, tax-deductible, tax-deferred savings vehicles. With tax reform, however, the rate at which IRA money will be saved beginning in the 1987 tax year could fall drastically. Amid the crush to use the plan for a 1986 deduction, money managers were struggling hard to educate consumers about the future, and...

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