U.S. Retirement Assets: Amount in Pensions and IRAs
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May 23, 2022
U.S. Retirement Assets: Amount in Pensions and IRAs
The Federal Reserve’s Financial Accounts of the United
private-sector employers, state and local governments, and
States reported that the total amount of U.S. retirement
the federal government. Figure 1 also shows the amount of
assets (outside of Social Security) was $40.8 trillion at the
assets in Individual Retirement Accounts (IRAs). Table 1
end of 2021. Figure 1 shows the total amount of financial
provides historical data on end-of-year assets from 2012 to
assets (in trillions of dollars) in pension plans sponsored by
2021.
Figure 1. Total Financial Assets in U.S. Pension Plans and Individual Retirement Accounts (IRAs)
Pension Plan Data in Trillions of Dollars, as of December 31, 2021; IRA Data as of September 30, 2021
Source: Board of Governors of the Federal Reserve System, Financial Accounts of the United States, https://www.federalreserve.gov/apps/fof/
FOFTables.aspx.
Notes: IRAs include employer-sponsored IRAs and state-administered IRA programs.
Many employers in both the private and public sectors offer
worker’s contribution. The account may accrue investment
one of two types of pension plans: defined benefit (DB)
returns and can be used as a source of income in retirement.
plans or defined contribution (DC) plans. Some employers
offer both types. Individuals can also save for retirement
An IRA is a privately held retirement savings account
outside of the workplace with IRAs.
funded by individual contributions from wage income and
rollovers (i.e., transfers) of DC plan savings at job change
In DB plans, participants usually receive monthly payments
or retirement and lump sums from DB plans, typically at
in retirement based on a formula that typically uses either
retirement. Most assets in IRAs are from rollovers.
(1) a combination of length of service, accrual rate, and
average of final years’ salary or (2) a flat dollar amount
About two-thirds of U.S. households had a financial stake
times the number of months or years in the plan.
in the U.S. retirement system in 2019 (outside of Social
Security, which covers most households) through
In DC plans—such as 401(k) plans, 403(b) plans, 457(b)
participation in one or more pension plans and/or ownership
plans, and the federal government’s Thrift Savings Plan
of DC plans or IRA assets.
(TSP)—workers and/or employers contribute a portion of
their wages (up to an annual dollar limit that is adjusted
CRS analysis of the triennial Federal Reserve’s Survey of
annually for changes in the cost of living) to individual
Consumer Finances (SCF) found that among all U.S.
accounts established by the employers. An employer may
households (which includes working and retired
provide a match, which is equal to some or all of the
households) in 2019,
https://crsreports.congress.gov
link to page 2 U.S. Retirement Assets: Amount in Pensions and IRAs
63.3% had DC assets, participated in DB plans, or had
billion in 2012 to $40.8 billion in 2021. Federal DC assets,
IRA assets,
IRAs, and private-sector DC assets showed the largest real
increases (111.2%, 87.4%, and 83.5%, respectively). The
37.5% had DC assets,
increase in assets is likely from both investment returns and
30.2% participated in DB plans, and
an increase in the number of participants. For example, the
S&P 500 was 70.1% higher at the end of 2021 compared to
25.4% had IRA assets.
at the end of 2012. The number of participants in private-
Historical Retirement Asset Data
sector DC plans was 16.8% higher in 2019 (the most recent
year for which there is data) compared to 2012, and the
Table 1 reports the amount in (non–Social Security)
number of taxpayers with IRAs was 10.7% higher in 2019
retirement assets from 2012 to 2021. Total amount of
(the most recent year for which there is data) compared to
financial assets increased by 46% in real terms from $27.8
2012.
Table 1. End-of-Year Total Financial Assets in U.S. Pension Plans and Individual Retirement Accounts (IRAs)
2012-2021; in Trillions of Dollars; Adjusted to Constant December 2021 Dollars
Private Sector
State and Local
Federal
Individual
Total
Government
Government
Retirement
Accounts (IRAs)
Year
DC
DB
DC
DB
DC
DB
2012
$5.1
$3.7
$0.6
$7.3
$0.4
$3.7
$7.0
$27.8
2013
$6.0
$4.1
$0.6
$8.3
$0.5
$3.7
$8.2
$31.4
2014
$6.3
$4.1
$0.6
$8.7
$0.5
$3.8
$8.7
$32.7
2015
$6.2
$4.0
$0.5
$9.0
$0.5
$3.8
$8.8
$32.8
2016
$6.5
$4.0
$0.5
$9.2
$0.6
$3.8
$9.3
$33.9
2017
$7.4
$3.9
$0.5
$9.3
$0.6
$3.8
$10.7
$36.2
2018
$6.9
$3.9
$0.5
$9.4
$0.6
$3.9
$10.1
$35.3
2019
$8.0
$3.9
$0.5
$9.5
$0.7
$3.9
$11.8
$38.3
2020
$8.9
$3.9
$0.6
$9.7
$0.8
$3.9
$13.1
$40.9
2021
$9.4
$3.7
$0.6
$9.3
$0.8
$3.8
$13.2
$40.8
Percentage Change
83.5%
1.1%
-4.7%
26.3%
111.2%
2.9%
87.4%
46.4%
(2012-21)
Source: Board of Governors of the Federal Reserve System, Financial Accounts of the United States, https://www.federalreserve.gov/apps/fof/
FOFTables.aspx.
Notes: DC refers to defined contribution plans; DB refers to defined benefit plans. Data are from December 31 of each year, except for IRA
assets in 2021, which were as of September 30, 2021. Data are adjusted for inflation to December 2021 dollars using the Consumer Price Index
for All Urban Consumers (CPI-U).
Elizabeth A. Myers, Analyst in Income Security
IF12117
John J. Topoleski, Specialist in Income Security
https://crsreports.congress.gov
U.S. Retirement Assets: Amount in Pensions and IRAs
Disclaimer
This document was prepared by the Congressional Research Service (CRS). CRS serves as nonpartisan shared staff to
congressional committees and Members of Congress. It operates solely at the behest of and under the direction of Congress.
Information in a CRS Report should not be relied upon for purposes other than public understanding of information that has
been provided by CRS to Members of Congress in connection with CRS’s institutional role. CRS Reports, as a work of the
United States Government, are not subject to copyright protection in the United States. Any CRS Report may be
reproduced and distributed in its entirety without permission from CRS. However, as a CRS Report may include
copyrighted images or material from a third party, you may need to obtain the permission of the copyright holder if you
wish to copy or otherwise use copyrighted material.
https://crsreports.congress.gov | IF12117 · VERSION 1 · NEW
May 23, 2022
U.S. Retirement Assets: Amount in Pensions and IRAs
The Federal Reserve’s Financial Accounts of the United
private-sector employers, state and local governments, and
States reported that the total amount of U.S. retirement
the federal government. Figure 1 also shows the amount of
assets (outside of Social Security) was $40.8 trillion at the
assets in Individual Retirement Accounts (IRAs). Table 1
end of 2021. Figure 1 shows the total amount of financial
provides historical data on end-of-year assets from 2012 to
assets (in trillions of dollars) in pension plans sponsored by
2021.
Figure 1. Total Financial Assets in U.S. Pension Plans and Individual Retirement Accounts (IRAs)
Pension Plan Data in Trillions of Dollars, as of December 31, 2021; IRA Data as of September 30, 2021
Source: Board of Governors of the Federal Reserve System, Financial Accounts of the United States, https://www.federalreserve.gov/apps/fof/
FOFTables.aspx.
Notes: IRAs include employer-sponsored IRAs and state-administered IRA programs.
Many employers in both the private and public sectors offer
worker’s contribution. The account may accrue investment
one of two types of pension plans: defined benefit (DB)
returns and can be used as a source of income in retirement.
plans or defined contribution (DC) plans. Some employers
offer both types. Individuals can also save for retirement
An IRA is a privately held retirement savings account
outside of the workplace with IRAs.
funded by individual contributions from wage income and
rollovers (i.e., transfers) of DC plan savings at job change
In DB plans, participants usually receive monthly payments
or retirement and lump sums from DB plans, typically at
in retirement based on a formula that typically uses either
retirement. Most assets in IRAs are from rollovers.
(1) a combination of length of service, accrual rate, and
average of final years’ salary or (2) a flat dollar amount
About two-thirds of U.S. households had a financial stake
times the number of months or years in the plan.
in the U.S. retirement system in 2019 (outside of Social
Security, which covers most households) through
In DC plans—such as 401(k) plans, 403(b) plans, 457(b)
participation in one or more pension plans and/or ownership
plans, and the federal government’s Thrift Savings Plan
of DC plans or IRA assets.
(TSP)—workers and/or employers contribute a portion of
their wages (up to an annual dollar limit that is adjusted
CRS analysis of the triennial Federal Reserve’s Survey of
annually for changes in the cost of living) to individual
Consumer Finances (SCF) found that among all U.S.
accounts established by the employers. An employer may
households (which includes working and retired
provide a match, which is equal to some or all of the
households) in 2019,
https://crsreports.congress.gov
link to page 2 U.S. Retirement Assets: Amount in Pensions and IRAs
63.3% had DC assets, participated in DB plans, or had
billion in 2012 to $40.8 billion in 2021. Federal DC assets,
IRA assets,
IRAs, and private-sector DC assets showed the largest real
increases (111.2%, 87.4%, and 83.5%, respectively). The
37.5% had DC assets,
increase in assets is likely from both investment returns and
30.2% participated in DB plans, and
an increase in the number of participants. For example, the
S&P 500 was 70.1% higher at the end of 2021 compared to
25.4% had IRA assets.
at the end of 2012. The number of participants in private-
Historical Retirement Asset Data
sector DC plans was 16.8% higher in 2019 (the most recent
year for which there is data) compared to 2012, and the
Table 1 reports the amount in (non–Social Security)
number of taxpayers with IRAs was 10.7% higher in 2019
retirement assets from 2012 to 2021. Total amount of
(the most recent year for which there is data) compared to
financial assets increased by 46% in real terms from $27.8
2012.
Table 1. End-of-Year Total Financial Assets in U.S. Pension Plans and Individual Retirement Accounts (IRAs)
2012-2021; in Trillions of Dollars; Adjusted to Constant December 2021 Dollars
Private Sector
State and Local
Federal
Individual
Total
Government
Government
Retirement
Accounts (IRAs)
Year
DC
DB
DC
DB
DC
DB
2012
$5.1
$3.7
$0.6
$7.3
$0.4
$3.7
$7.0
$27.8
2013
$6.0
$4.1
$0.6
$8.3
$0.5
$3.7
$8.2
$31.4
2014
$6.3
$4.1
$0.6
$8.7
$0.5
$3.8
$8.7
$32.7
2015
$6.2
$4.0
$0.5
$9.0
$0.5
$3.8
$8.8
$32.8
2016
$6.5
$4.0
$0.5
$9.2
$0.6
$3.8
$9.3
$33.9
2017
$7.4
$3.9
$0.5
$9.3
$0.6
$3.8
$10.7
$36.2
2018
$6.9
$3.9
$0.5
$9.4
$0.6
$3.9
$10.1
$35.3
2019
$8.0
$3.9
$0.5
$9.5
$0.7
$3.9
$11.8
$38.3
2020
$8.9
$3.9
$0.6
$9.7
$0.8
$3.9
$13.1
$40.9
2021
$9.4
$3.7
$0.6
$9.3
$0.8
$3.8
$13.2
$40.8
Percentage Change
83.5%
1.1%
-4.7%
26.3%
111.2%
2.9%
87.4%
46.4%
(2012-21)
Source: Board of Governors of the Federal Reserve System, Financial Accounts of the United States, https://www.federalreserve.gov/apps/fof/
FOFTables.aspx.
Notes: DC refers to defined contribution plans; DB refers to defined benefit plans. Data are from December 31 of each year, except for IRA
assets in 2021, which were as of September 30, 2021. Data are adjusted for inflation to December 2021 dollars using the Consumer Price Index
for All Urban Consumers (CPI-U).
Elizabeth A. Myers, Analyst in Income Security
IF12117
John J. Topoleski, Specialist in Income Security
https://crsreports.congress.gov
U.S. Retirement Assets: Amount in Pensions and IRAs
Disclaimer
This document was prepared by the Congressional Research Service (CRS). CRS serves as nonpartisan shared staff to
congressional committees and Members of Congress. It operates solely at the behest of and under the direction of Congress.
Information in a CRS Report should not be relied upon for purposes other than public understanding of information that has
been provided by CRS to Members of Congress in connection with CRS’s institutional role. CRS Reports, as a work of the
United States Government, are not subject to copyright protection in the United States. Any CRS Report may be
reproduced and distributed in its entirety without permission from CRS. However, as a CRS Report may include
copyrighted images or material from a third party, you may need to obtain the permission of the copyright holder if you
wish to copy or otherwise use copyrighted material.
https://crsreports.congress.gov | IF12117 · VERSION 1 · NEW