AN IRS INCENTIVE FOR workers to contribute to their employers' plans and for that money to grow tax-deferred has been so great that people have socked money away in these retirement planslike wildfire.
As of the second quarter of this year, the total balance of defined contribution plans and individual retirement accounts in the U.S. reached an estimated $20 trillion. To put this in perspective, the entire U.S. economic gross domestic product as of the end of 2019 was nearly $21.5 trillion.
