US Retirement Assets Hit Record $48.1 Trillion, Fueled by IRAs and 401(k)s
Event summary
- Total US retirement assets reached $48.1 trillion as of September 30, 2025, up 4.5% from June 2025.
- IRAs held $18.9 trillion in assets, a 5.2% increase from the previous quarter.
- Defined contribution (DC) plan assets totaled $13.9 trillion, up 5.1% from June 2025.
- Unfunded liabilities for government DB plans remain a concern, at 29% for state and local plans and 25% for federal plans.
The big picture
The record high in US retirement assets underscores the growing reliance on IRAs and 401(k) plans as primary vehicles for long-term savings. This trend reflects broader participation in these plans, even amidst market volatility. However, the significant unfunded liabilities in government DB plans pose a strategic anomaly worth monitoring, as they could impact financial stability and regulatory policies.
What we're watching
- Market Volatility
- How market fluctuations will impact the growth of retirement assets in IRAs and 401(k) plans.
- Regulatory Scrutiny
- Whether increased scrutiny on unfunded liabilities will affect government DB plans.
- Participation Trends
- The pace at which broader participation in retirement plans will continue to drive asset growth.