Provider fees were cited as the top reason for selecting an IRA by the investors surveyed by TIAA, more than any other reason; 36 percent said access to financial advice to help with investing and savings decisions was the key consideration for selecting an IRA.

Related: The DOL fiduciary rule and casual IRA advice

Of those that do own an IRA, only 18 percent are currently contributing to their accounts, TIAA says.

That also squares with ICI’s research, which shows that relatively few Americans contribute to an IRA, in spite of the fact that most are eligible to do so: only 14 percent of households made contributions to IRAs in tax year 2014.

The surge in total IRA assets over recent years has been driven by rollovers from defined contribution and defined benefit plans, and not annual contributions to IRAs, ICI’s research shows.

IRAs held $7.3 trillion at the end of the third quarter in 2015, accounting for 31 percent of total U.S. retirement assets, compared to the 18 percent of total retirement assets accounted for in IRAs two decades ago.

Half of traditional IRA owners’ accounts only include rolled-over assets, according to the ICI. And 46 percent of traditional IRA accounts are comprised of 75 percent or more of rolled-over assets.

TIAA says only 41 percent of respondents not contributing to an IRA would consider the option as part of their retirement strategy.

Their reasons? Half said they were content with their current savings plan; 46 percent said they don’t have money to save more than they already do; 25 percent said they don’t know enough about IRAs; and 23 percent said they don’t need an IRA because they are already enrolled in a defined contribution plan.

Annuities in IRAs

TIAA’s survey shows only 25 percent of retirement savers factor an IRA’s ability to convert savings into income via annuities when considering a provider.

“Many people focus on a lump sum of money they want to have saved before they retire, but a wiser approach is to think about how your savings will provide a steady source of income during retirement,” said Brian Bohaty, vice president of individual products and services at TIAA, in a statement.

Total annuity sales were $12.7 billion for TIAA in 2015, according to LIMRA, all of which were accounted for by its variable annuity product line. TIAA was the second leading variable annuity provider in 2015, behind leader Jackson National Life, which had $23.1 billion in variable annuity sales in 2015.

According to TIAA’s website, its line of variable and fixed annuities are managed at cost—TIAA is a non-profit firm. That puts their fees at 75 percent lower than the industry average, the firm says.

In 2015, $400 billion in annuities were held in IRAs, the ICI says, which was equal to 2014’s level. Annuities in IRAs hit the $300 billion mark in 2005, where they held steady until 2012.

There were $1.9 trillion in annuity reserves outside of IRAs or retirement plans in 2015, according to ICI’s data.

Variable annuity sales slumping badly

Sales of variable annuities were $26.6 billion in the first quarter of 2016, down 18 percent from the first quarter of 2015, and the lowest level of sales since 2001, according to LIMRA.

LIMRA is predicting further declines in the VA sales, as the industry braces for the first phase of implementation of the Department of Labor’s fiduciary rule in April of 2017. The rule places the sale of variable and fixed-indexed annuities under the Best Interest Contract Exemption provision, which advisors and brokers will have to comply with in order to recommend either form of annuity.

Industry analysts expect the rule to deeply impact annuity providers. LIMRA is forecasting another 15 to 20 percent drop in variable annuity sales for the rest of 2016, and another 20 to 35 percent drop in 2017.

Meanwhile, sales of fixed annuities, which will not be subject to the BIC exemption, jumped 48 percent in the first quarter, to $32.3 billion, according to LIMRA.