Total U.S. retirement assets were $24.7 trillion as of Dec. 31, according to Investment Company Institute’s quarterly retirement market data for fourth quarter 2014. This is up 1.7% from $24.2 trillion on Sept. 30, 2014, and up 6% from year-end 2013.
ICI also reports that retirement assets accounted for 36% of all household financial assets in the United States at the end of the fourth quarter of 2014.
In its report, ICI breaks down the total U.S. retirement assets by plan type:
Individual Retirement Accounts
Assets in individual retirement accounts (IRAs) accounted for $7.4 trillion of the total U.S. retirement assets at the end of the fourth quarter of 2014, up 1.4% from $7.3 trillion at the end of the third quarter of 2014. According to ICI, 48% of IRA assets, or $3.5 trillion, were invested in mutual funds.
Defined Contribution Plans
Defined contribution plan assets rose 2.1 % in the fourth quarter to $6.8 trillion in all employer-based DC retirement plans. Mutual funds managed $3.7 trillion (or 55 %) of assets held in DC plans at the end of December.
Of the $6.8 trillion in all DC plans, $4.6 trillion was held in 401(k) plans in Q4, up from $4.5 trillion in the prior quarter. In addition to 401(k) plans, other private-sector DC plans held $560 billion at the end of the fourth quarter, 403(b) plans held $951 billion, 457 plans held $261 billion, and the Federal Employees Retirement System’s Thrift Savings Plan (TSP) held $427 billion.