The average IRA balance rose to $119,804 in 2013, an increase of 30.4 percent from 2010, and 14.1 percent from 2012, according to new data from the Employee Benefit Research Institute.
Median, or mid-point balances, followed the same pattern, according to the EBRI, rising to $32,179 in 2013, up 27.2 percent from 2010, and 15 percent from 2012.
Predictably, researchers at the nonprofit expect IRA balances to continue to rise as more baby boomers retire and rollover workplace savings plans.
“The increase found in the average balances in 2013 are likely to continue, as is the importance of IRA assets for individuals during retirement,” said Craig Copeland, senior research associate and author of the report.
“With growing 401(k) plan balances and IRAs being a popular destination for 401(k) assets when people change jobs or retire, the amount of income derived from IRAs will grow significantly as a supplement to Social Security,” Copeland added.
The EBRI’s IRA database tracks account information from plan administrators from 25.8 million accounts with total assets of $2.46 trillion at year-end 2013.