ICI: US Retirement Assets Reached $49.1T in 2025

Total U.S. retirement assets grew to $49.1 trillion as of December 31, 2025, according to recently published data from the Investment Company Institute, representing a 2.1% increase in last year’s fourth quarter and 11.2% year-over-year. As of the end of 2025, retirement assets accounted for 34% of all U.S. household financial assets.

Employer-based defined contribution retirement plan assets reached $14.2 trillion at the end 2025, increasing 1.7% from the end of Q3 2025. The total included:

• $10.1 trillion in 401(k) plans;
• $1.5 trillion in 403(b) plans;
• $1.1 trillion in the Federal Employees Retirement System’s Thrift Savings Plan;
• $880 billion in other private sector DC plans; and
• $550 billion in 457 plans.

Breaking down 401(k) plans, $5.8 trillion (57%) was in mutual funds, $3.4 trillion (33%) was in equity funds and $1.6 trillion (15%) was in hybrid funds, including target-date funds.

Earlier in March, research from ICI and ISS Market Intelligence reported that employers are a key driver of the success of 401(k) plans in preparing American workers for retirement, by enabling investment through plans that are automated, more generous and, in many cases, less expensive than in the past. ISS Market Intelligence, like PLANSPONSOR, is owned by ISS STOXX.

Money invested in individual retirement accounts totaled $19.2 trillion at the end of the 2025, up 1.7% since the end of September 2025.

Mutual funds made up $7.4 trillion (39%) of IRA assets at the end of 2025, including $4.3 trillion (22%) in equity funds, and hybrid funds held $1.2 trillion (6.2%).

On the defined benefit side, government-sponsored DB plans—including federal, state and local government plans—had $10.0 trillion in assets as of the end of 2025, an increase of 4.5% since the end of Q3 2025. Private sector DB plans had $3.1 trillion in assets at the end of Q4.

Annuity reserves held outside of retirement accounts accounted for another $2.6 trillion at the end of 2025.

After losing assets in 2022, total assets in 401(k) plans and IRAs have grown every year since, with 401(k) plans gaining $3.3 trillion (50%), and IRAs gaining $6.3 trillion (almost 49%).