US Retirement Assets Rose 11% in 2025, per ICI
Total U.S. retirement assets reached $49.1 trillion as of December 31, 2025, according to recently published data from the Investment Company Institute. That represented 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.
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%).
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 assets in 401(k) plans, $5.8 trillion (57%) were in mutual funds and all other assets totaled $4.3 billion (43%).
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%).
