Total retirement assets, including money in pension plans in the public and private sectors and holdings in IRAs, hit $21.5 trillion in 2014, according to research firm Spectrem Group.
That total is up from $19.6 trillion at the end of 2013, a 9.6 percent increase, according to Chicago-based Spectrum, which tracks wealthy Americans’ investing habits for large money managers.
Just how much money is that? U.S. gross domestic product is about $17 trillion, according to the World Bank. China’s is about $9 trillion.
Spectrem's figures closely mirror those of Towers Watson, which last month estimated that assets in U.S. institutional retirement funds set a new record in 2014 — $22.1 trillion — after gaining 9 percent year-over-year.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
