Why older Americans are stuffing their IRAs right now

Core Insights - Older Americans are increasing their IRA contributions due to anxiety about running out of money in retirement [1] - The contribution rates for Generation X and baby boomers have risen significantly, with increases of 25% and 37% respectively [2] Contribution Trends - The study analyzed 17.8 million IRA accounts in Q2 2025, revealing that overall IRA contributions have remained flat year over year [2] - Generation X contributed an average of $1,158, while baby boomers contributed an average of $1,839 to their IRA accounts [3] - Despite these increases, both groups still fall short of the overall average IRA contribution of $2,200 reported by Fidelity [3] Social Security Concerns - Financial planners indicate that concerns over potential reductions in Social Security benefits are influencing retirement planning [4] - The Social Security Board of Trustees estimates that benefits can be paid in full until 2035, but a potential 17% reduction in benefits is anticipated thereafter [5] - Legislative changes, such as the One Big Beautiful Bill Act, may accelerate the insolvency of the Social Security trust fund, potentially leading to a 24% reduction in benefits by late 2032 [6]