Saving for retirement is one of the most urgent tasks facing American households — and they take it very seriously. As of June 30, 2021, 401(k) plans held an estimated $7.3 trillion in assets and represented nearly one-fifth of the $37.2 trillion US retirement market, which includes employer-sponsored retirement plans (both defined benefit (DB and defined contribution (DC) plans with private - and public sector employers), individual retirement accounts (IRAs), and annuities. In comparison, 401(k) assets were $3.1 trillion and represented 17 percent of the US retirement market in 2011.
Want to Learn More? Download our POV Paper to get started