FACT: The financial-services industry manages more than $17 trillion in retirement assets, which represents 36% of all U.S. household assets.
FACT: The U.S. retirement market is projected to expand to nearly $22 trillion by 2016. That represents a 30% increase in retirement savings over four years, due mostly to continuing market recovery.
FACT: Nearly two-thirds of nonretirees (64%) now look to retirement accounts (401(k), IRA, Keogh) as major funding sources when they retire, according to a recent Gallup poll. Only 26% plan to rely on Social Security. Retirees still view Social Security as their major source of retirement funding.
FACT: Of nonretiree investors, 73% have a 401(k) and 63% have contributed to theirs in the past 12 months; 62% have an IRA and 37% have contributed to theirs in the past 12 months.
FACT: Because of continued contributions and growth in the funds over the last four years, more than 90 percent of people with 401(k) retirement accounts have more money in their accounts than they did at the 2007 market top, according to the Employee Benefit Research Institute in Washington.
FACT: 401(k) balances reached an all-time high of $72,700 during midyear 2011 for participants in Fidelity Investment plans. The average balance for year-end 2011 dipped slightly to $69,100, comparable to 2011 levels.
For more information, please contact Abby McCloskey, director of research at the Financial Services Roundtable, at email@example.com, or Scott Talbott, senior vice president of Government Affairs, at firstname.lastname@example.org.
Published in Brief: