The retirement income market is projected to grow to $12.9 trillion by 2020, new research shows.
Hearts & Wallets unveils this finding in its “2014 Retirement Income Competitive Landscape Survey.” One half of the report is based on an annual survey of 13 major manufacturers and distributors of investments with more than $15 trillion of assets under management/administration. The second half of the report analyzes 29 advice and guidance experiences available to Americans at or near retirement.
The retirement income market, composed of head-of-households who are age 65 and older and are drawing down retirement assets at 4 percent-plus annually, hit $4.5 trillion at year-end 2012. By year-end 2015, Hearts and Wallets expects the market to attain $6.4 trillion, then grow to $9 trillion in 2020 (base level) before peaking at $12.9 trillion later that year.
Over the same period, the report continues, aggregate household assets held by individuals 65 and older will grow from $12.2 trillion at year-end 2012 to:
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$14.8 trillion in 2015