Total retirement assets grew to $16.64 trillion in 2013 compared with $16.3 trillion at year-end 2012 -- the highest on record, according to a Spectrem Group study.
Following a strong equity market in 2013, the Retirement Market Insights Report found retirement assets (in billions) were distributed this way:
• Private sector: $7,855.2
• Individual Retirement Plans: $6,201.6
• Public sector: $3,975.4
• 403(b) Plans: $985.4
The impact of the 2008 financial crisis has been overcome and the strong results across all sectors of the retirement market bode well for the future retirement security of American workers, says George H. Walper Jr., president of Spectrem Group. “Plan sponsors who reduced or eliminated matching contributions at that time have largely restored them, and participants maintained their commitment by continuing to contribute to their plans.”