In the U.S., the amount in savings contributed to IRAs rose from $239 billion in 1992 to $3,667 billion by 2005, while overall savings actually dropped from low to lower. Evidence suggests that, in the economy as a whole, increased savings in these retirement accounts: are the negative result of a change in wage levels and a higher work effort . the result of personal preferences and intertemporal budget constraints. are being offset by negative savings or less savings in other kinds of accounts. the result of a higher interest rates and preferences about present consumption