Individual Retirement Accounts (IRAs) will compose 33% of the total retirement market in the U.S. by 2016 according to a new report by Cerulli Associates, Boston, Mass.
Total asset levels have grown 9.6% from 2009 to 2010. The total amount at year’s end 2010 was $15.8 trillion. Cerulli anticipates that retirement markets will grow slightly, in tandem with the continued recovery, at around 1% to reach $16 trillion in 2011. If the economic recovery continues at its current pace, retirement asset levels will hit $22 trillion by 2016. Total IRA assets account for 29.7% of total retirement market assets currently but as Defined Contribution (DC) plans rollover, IRA’s will encompass the aforementioned 33% by 2016.