The study stated that 18% of Americans with an IRA are contributing less in order to cover everyday expenses, with 6% saying they cannot afford to contribute to both their 401(k) and their IRA and 10% of the respondents having withdrawn money from their IRA.

Additionally, the survey stated continued economic uncertainty as having motivated some of the Americans to take extra steps to better prepare for their future. 15% of the respondents with an IRA said that they are now contributing as much as possible for retirement.

Carrie Schwab-Pomerantz, senior vice president at Charles Schwab commented, "It’s not surprising that people’s continued skepticism about the economy is impacting retirement savings habits."

He also advised people to maintain a long-term outlook and reinforce the importance of early and consistent retirement saving and planning.

In the survey, 53% respondent said they are confused about at least some aspect of IRAs and 35% in the ages 18-34 stated being ignorant about IRA.

Among all the respondents, the most confusing aspects of IRAs were shown as the advantages of having both a 401(k) and an IRA (28%), IRA tax rules and implications (27%), the differences between different IRA types (25%) and how to open or choose investments in an IRA (23%).

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