US retirement assets reached $38.2 trillion as of Q4 2023, with defined contribution plans holding $10.1 trillion. Defined contribution assets were also up to $9.6 trillion in Q2 2024, showing continued growth in the accounts most workers rely on. The gap between aggregate momentum and individual retirement outcomes becomes clearer when participation and contributions are tracked alongside plan design and costs.
Key Takeaways
- As of Q4 2023, total retirement assets in the US reached $38.2 trillion, with defined contribution plans holding $10.1 trillion.
- Average employee contribution rate to 401(k) was 7.4% in 2023.
- Equities comprised 68% of 401(k) assets in Q4 2023.
- 55% of US workers aged 25-64 participated in employer-sponsored retirement plans in 2023.
- Average 401(k) balance was $134,000 for participants in 2023.
Retirement plan statistics show many workers are still not saving enough, making improvements urgent.
Related reading
01 · Category
Assets Under Management25 stats
01
As of Q4 2023, total retirement assets in the US reached $38.2 trillion, with defined contribution plans holding $10.1 trillion.
02
IRAs accounted for 32% of total US retirement assets at $12.3 trillion in 2023.
03
401(k) plans grew to $7.4 trillion in assets by end of 2022, a 13% increase YoY.
04
Total DC plan assets hit $9.6 trillion in Q2 2024, per ICI data.
05
Employer-sponsored retirement plans managed $35.8 trillion in 2023.
06
Annuity assets in retirement plans reached $2.1 trillion in 2023.
07
403(b) and 457 plans held $1.2 trillion combined in 2023.
08
Pension funds under management totaled $6.8 trillion in private sector US plans Q4 2023.
09
Target-date fund assets in DC plans exceeded $3.2 trillion by mid-2024.
10
US retirement industry AUM grew at 8.2% CAGR from 2018-2023.
11
529 plans assets stood at $450 billion in 2023.
12
Cash balance plans assets increased to $500 billion in 2022.
13
Total US household retirement savings hit $37.8 trillion in 2023.
14
DC plans represented 27% of total retirement assets in 2023.
15
IRA assets grew 12% YoY to $13.2 trillion in Q1 2024.
16
Total retirement assets grew 9.4% in 2023 despite market volatility.
17
Defined benefit plans held $4.1 trillion in assets Q4 2023.
18
Governmental DC plans assets at $1.8 trillion in 2023.
19
Hybrid plans like cash balance totaled $650 billion AUM 2023.
20
US mutual funds for retirement $22.5 trillion in 2023.
21
SEP IRA assets $400 billion, SIMPLE IRA $180 billion in 2023.
22
Private pension assets $35 trillion globally, US 60% share 2023.
23
401(k) assets per participant averaged $112,900in 2023.
24
Roth IRA assets surpassed $1 trillion in 2023.
25
Total AUM in advisor-sold retirement products $15 trillion 2023.
Interpretation
Assets Under Management Interpretation
America's retirement nest egg has swollen to a staggering $38.2 trillion, proving that collectively, we're incredibly diligent at stashing cash for the future, even if individually we're still nervously wondering if that coffee we just bought will break the budget.
02 · Category
Contribution Statistics28 stats
01
Average employee contribution rate to 401(k) was 7.4% in 2023.
02
Employer match averaged 4.7% of salary in DC plans 2023.
03
Total 401(k) contributions reached $580 billion in 2022.
04
IRA contributions totaled $52 billion in 2023 tax year.
05
Average annual 401(k) contribution per participant was $7,400in 2023.
06
Safe harbor contributions averaged 3.8% in plans offering them 2023.
07
Roth contributions in 401(k)s made up 25% of total in 2023.
08
Contribution limits for 401(k) set at $23,000for under 50s in 2024.
09
Catch-up contributions averaged $1,200per eligible participant 2023.
10
Auto-escalation features in 50% of plans boosted savings by 1.5%.
11
Total DC plan contributions grew 9% YoY to $650 billion in 2023.
12
Women contributed 6.8% of salary vs 8.1% for men in 401(k)s 2023.
13
Millennials average contribution rate was 8.2% in 2023.
14
Non-qualified deferred comp contributions hit $45 billion in 2022.
15
60% of plans had automatic contribution increases in 2023.
16
Average account balance grew due to $480median contribution 2023.
17
Average deferral rate hit 8.0% with auto-features in 2023.
18
Total contributions to IRAs $65 billion including rollovers 2023.
19
Employer contributions $200 billion to DC plans in 2023.
20
Profit-sharing contributions averaged 5.2% in offering plans 2023.
21
Contribution rates for ages 25-34 averaged 6.5% in 2023.
22
SECURE 2.0 increased catch-up to $10k for 60+ starting 2025.
23
45% of participants maxed employer match in 2023.
24
Average household retirement contributions $12,000annually 2023.
25
Student loan match provisions in 15% of plans 2023.
26
Deferral rates post-tax up 20% since 2020 to 2.1% 2023.
27
Small plan contributions grew 11% YoY in 2023.
28
Average first-year contribution $4,200for new enrollees 2023.
Interpretation
Contribution Statistics Interpretation
Despite Americans collectively funneling hundreds of billions into retirement accounts, the fact that nearly half are still leaving free employer money on the table suggests our relationship with saving is a bit like ordering a lavish dessert but skipping the included side of fries.
03 · Category
Investment Allocation24 stats
01
Equities comprised 68% of 401(k) assets in Q4 2023.
02
Target-date funds held 28% of DC plan assets in 2023.
03
Bonds allocation in retirement plans averaged 15% in 2023.
04
Cash equivalents made up 5% of IRA portfolios in 2023.
05
ESG funds in DC plans grew to 4% allocation by 2023.
06
Domestic stocks 45%, international 23% in average 401(k) 2023.
07
Stable value funds allocation was 7% in large DC plans 2023.
08
Real estate investments in pensions were 3.2% in 2023.
09
Average glide path in TDFs shifted to 55% equity for 2050 vintage 2023.
10
Crypto allocations in retirement plans under 1% but growing 200% YoY 2023.
11
Fixed income duration averaged 6.2 years in pension portfolios 2023.
12
Alternatives comprised 12% of defined benefit plan assets 2023.
13
Company stock allocation dropped to 2.5% in 401(k)s 2023.
14
Multi-asset funds held 18% of IRA assets in 2023.
15
Equity allocation dropped to 65% amid rate hikes in 2023.
16
International equities 22% of DC assets, up from 18% in 2020.
17
Fixed income rose to 18% in conservative TDFs 2023.
18
GICs and stable value yielded 3.1% average in 2023.
19
Private equity in pensions 8%, up 50% since 2018.
20
Commodity allocations averaged 1.5% in large plans 2023.
21
Lifecycle funds 32% of total DC assets in 2023.
22
Emerging markets allocation 5% in average IRA 2023.
23
Hedge funds in DB plans 4.2% allocation 2023.
24
Sustainable investing options in 55% of DC menus 2023.
Interpretation
Investment Allocation Interpretation
The collective retirement plan conscience is having a very typical, data-driven identity crisis, swearing allegiance to equities while flirting with alternatives and nervously eyeing crypto from across the room.
More related reading
04 · Category
Plan Participation26 stats
01
55% of US workers aged 25-64 participated in employer-sponsored retirement plans in 2023.
02
Participation rate in 401(k) plans among eligible workers reached 68% in 2022.
03
89 million Americans had DC plan accounts in 2023.
04
Coverage rate for private sector workers was 53% for retirement plans in 2023.
05
Women’s participation in DC plans was 62% vs 65% for men in 2022.
06
78% of state and local government workers were covered by pensions in 2023.
07
Auto-enrollment increased 401(k) participation by 15% on average since 2010.
08
45% of gig workers had no retirement plan access in 2023 survey.
09
Hispanic workers had 42% retirement plan coverage vs 62% for whites in 2022.
10
92% of Fortune 500 companies offer 401(k) plans in 2024.
11
Participation among Gen Z workers in DC plans was 49% in 2023.
12
Union workers had 87% pension coverage vs 15% non-union in 2023.
13
Small businesses (<100 employees) had 38% plan sponsorship rate in 2023.
14
401(k) plan participants numbered 70 million in 2023.
15
Average number of DC plans per employer was 1.2 in 2022.
16
78 million private sector workers eligible for DC plans 2023.
17
Participation gap closed to 5% between high/low income workers 2023.
18
85% of large employers (>5k employees) auto-enroll in 401(k)s 2023.
19
Black workers participation rate 58% vs overall 66% in 2023.
20
32% of part-time workers had access to retirement plans 2023.
21
New hires participation reached 75% within first year 2023.
22
Public sector coverage 89% vs private 50% in 2023.
23
401(k) plans with auto-enrollment grew to 65% of total 2023.
24
Self-employed participation in SEP IRAs 25% in 2023.
25
Boomer participation declining as they retire, down 8% since 2018.
26
70% of plans now offer Roth options, boosting participation 3%.
Interpretation
Plan Participation Interpretation
The retirement plan landscape reveals a system that works brilliantly for the fortunate few—like union members, large company employees, and the auto-enrolled—yet remains a rickety, partial scaffold for nearly everyone else, leaving a precarious gap for gig workers, minorities, and small business employees.
05 · Category
Retirement Outcomes and Trends30 stats
01
Average 401(k) balance was $134,000for participants in 2023.
02
Median retirement account balance for ages 55-64 was $185,000in 2023.
03
52% of retirees had over $250,000 in savings in 2023 survey.
04
Replacement rate averaged 42% from DC plans for median earner 2023.
05
401(k) withdrawal rate averaged 4.2% in first year of retirement 2023.
06
Lump-sum distributions from pensions totaled $120 billion in 2022.
07
35% of retirees planned to work part-time due to insufficient savings 2023.
08
IRA rollovers reached $700 billion in 2023.
09
Annuity purchases in retirement plans up 15% to $25 billion 2023.
10
28% of workers expect to retire after 65, up from 20% in 2010.
11
Required Minimum Distributions averaged $45,000per IRA holder 2023.
12
Pension benefit accruals totaled $300 billion annually in 2023.
13
401(k) hardship withdrawals hit $90 billion in 2022.
14
Average Social Security benefit $1,800/month supplemented DC by 40%.
15
Retirement confidence index at 73% in 2023 EBRI survey.
16
Loan balances in 401(k)s averaged 8% of participant balances 2023.
17
65% of DC assets from participants 50+ in 2023 demographics.
18
DB plan funding ratio averaged 102% in 2023.
19
Early retirement claims due to COVID rose 12% in 2020-2023.
20
Lifetime DC savings for average worker projected at $1.2 million 2023.
21
Median 401(k) balance $35,000across all ages 2023.
22
Ages 65+ average balance $272,000in 401(k)/IRA 2023.
23
40% of workers have less than $50k saved for retirement 2023.
24
Annuity income replaced 25% of pre-retirement pay average 2023.
25
RMD compliance 92% among required IRA owners 2023.
26
Pension lump sums averaged $150,000per recipient 2023.
27
55% plan to annuitize some DC savings in retirement 2023.
28
Retirement age expectation rose to 67 from 62 in 2000s.
29
DC plans returned 12.5% average in 2023.
30
Hardship withdrawal requests down 10% post-COVID 2023.
Interpretation
Retirement Outcomes and Trends Interpretation
The retirement planning industry presents a paradox of impressive aggregate sums and robust market returns existing alongside a sobering reality where median savings are modest, replacement rates are precarious, and a significant portion of the population is patching together their golden years with part-time work, hopeful rollovers, and a prayer that their 4.2% withdrawal rate holds.
Reference
Cite This Report
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APA
Nathan Caldwell. (2026, February 13). Retirement Plan Industry Statistics. Gitnux. https://gitnux.org/retirement-plan-industry-statistics
MLA
Nathan Caldwell. "Retirement Plan Industry Statistics." Gitnux, 13 Feb 2026, https://gitnux.org/retirement-plan-industry-statistics.
Chicago
Nathan Caldwell. 2026. "Retirement Plan Industry Statistics." Gitnux. https://gitnux.org/retirement-plan-industry-statistics.
Sources & references
38 datasets cited across this report