Individuals are missing out on the potential tax and savings benefits of an Individual Retirement Account largely because they do not fully understand how the investments work according to TIAA-CREF.

In an annual survey, 80% of respondents said they were not contributing to an IRA, which marks a four-percent increase from last year. Additionally, close to half misunderstood the basics of investing in an IRA and how the money could be used, the study said.

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