U.S. retirement assets totaled $17.5 trillion as of Dec. 31, up 5.2% from three months earlier, according to an Investment Company Institute report.
Individual retirement accounts had the most assets, with an estimated $4.7 trillion, an increase of 5.3% over the previous quarter; followed by defined contribution plans at $4.5 trillion, up 5.1%; government plans at $4.4 trillion, up 6.9%; private defined benefit plans unchanged at $2.3 trillion; and annuity reserves at $1.6 trillion, up 3.7%.
Increases were due mostly to the strong market, according to Peter Brady, senior economist at ICI. “The movers are the markets, and we had about an 11% increase in equities for the quarter,” he said in an interview.
Retirement savings overall made up 37% of all household financial assets in the U.S.