ICI: US Retirement Assets Reach $51T in Q2

U.S. retirement assets reached $51.2 trillion as of June 30, according to data from the Investment Company Institute, up 7.9% from March 31 and representing 33% of all U.S. household financial assets.

The growth follows multiple sluggish quarters, as total assets increased by approximately 2.1% during the fourth quarter of 2025 and then lost those gains in the first quarter of 2026, dropping to $47.4 trillion as of March 31 from $48.7 trillion on January 1.

In an email to PLANADVISER, ICI Chief Economist Shelly Antoniewicz wrote that changes in retirement assets were largely driven by movement in U.S. stock prices. The broad U.S. stock market was down 4% in the first quarter this year and bounced back by roughly 15% in the second quarter.

Defined contribution plan assets totaled $15 trillion at the end of the second quarter, an 8.7% increase from the end of the first quarter. The total includes:

• $10.8 trillion in 401(k) plans;
• $1.6 trillion in 403(b) plans;
• $1.2 trillion in the federal Thrift Savings Plan;
• $920 billion in other private sector DC plans; and
• $585 billion in 457 plans.

Among 401(k) assets, mutual funds accounted for $6.2 trillion (58%) at the end of June. Asset allocation favored equity funds, which were the largest mutual fund category—at $3.7 trillion—followed by $1.7 trillion in hybrid funds, including target-date funds.

Government defined benefit pension funds, including federal, state and local pension systems, held $10.4 trillion in assets at the end of June, up 5.1% from the end of March.

Private sector DB funds held $3.2 trillion in assets, while annuity reserves held outside retirement accounts totaled $2.7 trillion.

Individual retirement accounts remained the largest segment of retirement assets, totaling $19.9 trillion as of June 30. IRA assets increased 9.2% during the second quarter, the fastest growth rate of any segment of U.S. retirement assets.

Rollovers are a key element in IRA growth, as IRAs had $4.9 trillion more in assets than DC plans as of June 30, up from a gap of $4.4 trillion as of March 31 and a gap of $4.5 trillion through December 31, 2025.

Of total IRA assets, 41%—$8 trillion—was invested in mutual funds. Equity funds represented the largest share at $4.8 trillion, followed by $1.3 trillion in hybrid funds.

Mutual fund assets held in variable annuities outside retirement accounts totaled $1.5 trillion in June 2026.

The data were compiled from the Federal Reserve Board, Department of Labor, National Association of Government Defined Contribution Administrators, American Council of Life Insurers and the IRS Statistics of Income Division.