$17.4 Trillion In Retirement Accounts
Kurt Brouwer January 29th, 2008
Last year we did a post on what Americans had cumulatively put away for retirement. That number was for year-end 2006 (see $16.4 Trillion in Retirement Accounts). Now, the Investment Company Institute has updated the number through June, 2007 and it represents a healthy increase from the previous number.
The ICI reports that American savings for retirement totaled $17.4 billion as of June 30, 2007, which is a healthy 6% increase in six months. They gather this information by adding up the total of annuities, government pension plans, private industry pension plans, profit sharing plans, 401(k)s, 403(b)s, 457 plans and IRA accounts. This total now represents 39% of all household assets.
As dramatic as the number is — $17.4 trillion — it does not tell the whole story because it only includes tax-deferred retirement accounts such as employer-sponsored retirement plans, IRAs etc. It does not include assets in taxable savings accounts, investment accounts or other accounts that Americans also might tap for retirement. Not to mention home equity, ownership of a business and so on. This is a good number to retain the next time you are reading a story (here and here) about the ‘fact’ that Americans are not saving anything.
- Business , Investing , Money , Personal Finance , Retirement
- Comments(0)
Did you enjoy this article?
