Tuesday, May 11, 2010
Many Americans may not feel rich these days, but the country nonetheless is swimming in wealth when it comes to retirement assets. According to an analysis by the Investment Company Institute, the U.S. had $16 trillion as of the end of 2009 in all retirement accounts. That’s about $52,000 per person, although it is not evenly distributed.
This total was 14% more than was recorded in 2008, when the amount was about $14 trillion.
Retirement assets across the board went up last year. IRAs collectively added $651 billion, defined contribution plans rose $635 billion, state and local government pension plans jumped $341 billion, and private-sector defined benefit plans increased $191 billion.
A separate report by the Employment Benefit Research Institute revealed that in 2007 the wealthiest 10% of the U.S. population owned 67.4% of total IRA and Keough assets, 72.3% of total financial assets and 64.8% of total assets.
-Noel Brinkerhoff
The U.S. Retirement Market, 2009 (Investment Company Institute) (pdf)
Notes (Employees Benefit Research Institute) (pdf)
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