Life is going by and retirement is getting closer!

Have you ever thought of your pension? Have you ever wondered how to comfortably live during your retirement?

The good news is that there are plenty of options at your disposal: you can save on Annuity reserves, Government defined benefits (DB), private-sector DB plans, Defined contribution (DC) plans, Individual Retirement Accounts (IRAs)…

According to the Investment Company Institute (ICI), which quarterly gathers data about retirement, Americans save more on their IRAs. It is true that we never know how the economy will evolve. Thus, to anticipate it, Americans are saving more and more on their IRAs. On a national level, the total amount of IRAs stands at $13.0 trillion by the conclusion of the second quarter in 2023. This is followed by Defined Contribution (DC) plan assets, which amount to $10.2 trillion. At the bottom of the podium we can find annuity reserves held outside of retirement accounts, which contribute an additional $2.3 trillion. Altogether, the sum of Retirement Assets in the United States amounts to $36.7 trillion as of the second quarter of 2023.

Retirement is definitely a real concern for Americans and it is the heart of savings for many. We can notice that it is never too soon to think of the future, especially if retirement is involved. Keeping an eye on saving trends can guide people – and companies – to invest more on resources or to grant services that are considered to be helpful for society. And even if the future still remains unpredictable, taking care of it in the present is what could make the difference on the long term.

Source: Investment Company Institute, 2023 “Release: Quarterly Retirement Market Data”, September, 14th 2023, https://www.ici.org/statistical-report/ret_23_q2