Despite ongoing economic uncertainty, Americans continue to save for retirement. Total assets climbed to $48.1 trillion at the end of the third quarter of 2025, representing a 4.5% gain from the second quarter and accounting for more than one-third of all household financial assets.

"The latest data show that retirement assets in the United States are at a record high, underscoring the continued success of Americans' long-term retirement savings and investing," said Shelly Antoniewicz, chief economist for the Investment Company Institute.

Employer-based defined contribution plans accounted for $13.9 trillion in assets at the end of the third quarter, of which $10 trillion was held in 401(k) plans. In addition:

  • $875 billion was held in other private-sector defined contribution plans;
  • $1.5 trillion in 403(b) plans;
  • $532 billion in 457 plans; and
  • $1.1 trillion in the Federal Employees Retirement System's Thrift Savings Plan.

Mutual funds managed $5.8 trillion, or 58%, of assets held in 401(k) plans. Equity funds, with $3.4 trillion, were the most common type of funds held in 401(k) plans, followed by $1.6 trillion in hybrid funds, which include target date funds.

IRAs held $18.9 trillion in assets at the end of the third quarter. Thirty-eight percent of these assets, or $7.3 trillion, was invested in mutual funds. Equity funds, with $4.3 trillion, were the most common type of funds held in IRAs, followed by $1.2 trillion in hybrid funds.

Retirement entitlements include financial assets, other assets and the unfunded liabilities of defined benefit plans. Under a defined benefit plan, employees accrue benefits to which they are legally entitled and which represent assets to households and liabilities to plans. To the extent that pension plan assets are insufficient to cover accrued benefit entitlements, a defined benefit pension plan has a claim on the plan sponsor.

As of September 30, total U.S. retirement entitlements were $52.1 trillion, including $48.1 trillion of financial assets; $189 billion in other assets, and another $3.8 trillion of unfunded liabilities. Retirement entitlements accounted for 37% of the financial assets of all U.S. households at the end of the third quarter. Unfunded liabilities are a bigger issue for government defined benefit plans than for private-sector plans. As of the end of September, unfunded liabilities were 29% of entitlements for state and local government plans; 25% for federal government plans; and 3% for private-sector plans.

"Over the past 25 years, rising assets in IRAs and 401(k) plans reflect broader participation in these plans, even as markets fluctuate," Antoniewicz said. "401(k) plans and IRAs have fueled the growth in retirement assets, helping to provide families with a secure financial future."

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