Retirement assets grew nearly 3% from the prior quarter and stood at $29.2 trillion as of Sept. 30, according to the latest data from the Investment Company Institute. ICI also says that U.S. retirement assets now account for one-third of all household financial assets.
Assets in individual retirement accounts totaled $9.5 trillion at the end of the third quarter, a jump of 3% from the second quarter. Defined contribution plan assets ended the period at $8.1 trillion, up 3.3% from June 30.
Government defined benefit plans (including federal, state and local government plans) were $6.1 trillion in Q3, a 2.9% increase from the earlier quarter. Also, private-sector DB plans held $3.2 trillion of assets, with annuity reserves outside of retirement accounts accounting for another $2.3 trillion.
For employer-sponsored DC plans, assets totaled $8.1 trillion as of Q3 — of which $5.6 trillion were held in 401(k) plans.
