the us retirement systemsource: investment company institute tabulations of march 2014 current...

The US Retirement SystemSarah HoldenSenior Director, Retirement & Investor Research

April 6, 2017

Leadership Forum on Retirement Savings, Middleburg, VA

Background Materials

»US Retirement Resources Can Be Thought of as a Pyramid

»Many Factors Influence Retirement Plan Coverage

»Promoting Retirement Saving in the Evolving US Retirement System

»Americans Appreciate Retirement Plan Features

»Demographic Trends Will Impact Retirement Savings

»References

April 6, 2017 The US Retirement System 1

US Retirement Resources Can Be Thought of as a Pyramid


The Retirement Resource Pyramid

Source: Investment Company Institute; see Brady, Burham, and Holden (2012)

Employer-sponsored retirement plans(DB and DC plans)

Other assets

Social Security

Homeownership

IRAs(including rollovers)


$12,000

$17,000

$22,000

$27,000

$31,000

$22,000

Lowest Second Middle Fourth Highest All

Quintile of lifetime household earnings

Sources: Congressional Budget Office and Investment Company Institute

Social Security Benefits Per Worker Increase with EarningsAverage projected annual Social Security benefits, net of income tax, for workers in the 1960s birth cohort if claimed at the full benefit retirement age (age 67), constant 2015 dollars

The US Retirement System 4April 6, 2017

99%

75%63%

53%

38%

66%

Lowest Second Middle Fourth Highest All

Quintile of lifetime household earnings

Sources: Congressional Budget Office and Investment Company Institute

Social Security Benefit Formula Is ProgressiveAverage projected Social Security replacement rate (benefits net of income tax as percentage of average inflation-indexed earnings) for workers in 1960s birth cohort if claimed at the full benefit retirement age (age 67)

The US Retirement SystemApril 6, 2017 5

Waiting Until Age 70 to Claim Social Security Increases Benefits a Lot

76.0% 76.0% 76.0% 76.0% 76.0% 76.0%

8.9% 5.7% 12.4% 12.0% 13.9% 12.6%

84.9% 81.7% 88.4% 88.0% 89.9% 88.6%

Full sample Men Women Ever-divorced women Women, no divorce Women who did notattend college

From primary insurance amount*

From actuarial adjustment


Cumulative percentage increase in Social Security retirement benefits from delaying retirement from age 62 to age 70

*The primary insurance amount uses the earnings from the years worked; replacing a zero-year increases this amount.Source: Boston College Center for Retirement analysis of Health and Retirement Study (HRS), 1992–2012 linked to SSA Respondent Cross-Year Summary Earnings File; see Rutledge and Lindner (2016)

The Retirement Resource Pyramid Varies Across Households

80

62

4430

17

2

8

16

20

19

4

915

21

22

1214 15

16

15

2 6 9 1327

Lowest Second Middle Fourth Highest

Other

Net housing wealth

DC pension + IRA

DB pension wealth

Social Security wealth


Percentage of wealth by wealth quintile, households with at least one member age 57 to 62; excludes top and bottom 1 percent, 2010

Source: ICI tabulation derived from an updated Table 3 of Gustman, Steinmeier, and Tabatabai (2009)

Quintile of wealth

6

17

3141

41

US Retirement Assets and Unfunded DB Liabilities

7.9e

7.0

2.91.6

3.9

2.0

0.51.8 1.9

IRAs DC plans Private-sector DBplans

Federal DB plans State & localgovernment DB plans

Annuities

Assets ($25.3 trillion)

Unfunded liabilities ($4.2 trillion)


Trillions of dollars; year-end 2016

Note: For definitions of plan categories and a complete list of data sources, see Tables 1, 2, and 5 in “The U.S. Retirement Market, Fourth Quarter 2016.” Some data are estimated. Components may not add to the total because of rounding.Sources: Investment Company Institute and Federal Reserve Board (see Investment Company Institute, “The US Retirement Market, Fourth Quarter 2016” (2017) and Rauh (2015)

Other estimate suggests $3.3T (in 2013)

401(k)$4.8T

How Prepared Are Americans?Four Estimates Show a Range of Views


Note: The results of all four studies are sensitive to assumptions. The chart shows the headline results for the first three studies and representative results from a series of papers for the fourth.

Source: Based on presentation by Utkus, “Four Views of Retirement Preparation” at the 2014 ICI Retirement Summit: A Close Look at Retirement Preparedness in America (www.ici.org/events/retirement_summit); discussed in www.ici.org/viewpoints/view_14_four_studies

84%

71%

57%

48%

16%

29%

43%

52%

Scholz & Seshadri

Hurd & Rohwedder

Retirement Readiness Ratings (EBRI)

National Retirement Risk Index (CRR)

Prepared Unprepared

http://www.ici.org/events/retirement_summit

http://www.ici.org/viewpoints/view_14_four_studies

Many Factors Influence Retirement Plan Coverage


The Most Widely Used Data Understate Retirement Plan Coverage–and Have Gotten Worse

51

5964

74

4147

66

76

All private-sector workers Full-time, full-year workers All private-sector workers Full-time workers

2013

2015

National Compensation Survey


DB and/or DC plan coverage; percentage of private-sector wage and salary workers, 2013 and 2015

Sources: Bureau of Labor Statistics National Compensation Survey and Investment Company Institute tabulations of Current Population Survey

Current Population Survey

Source: Investment Company Institute tabulations of March 2014 Current Population Survey; see Brady and Bogdan (2014)

Workforces Differ at Employers That Sponsor Retirement Plans and Those That Don’tPercentage of private-sector workers aged 21 to 64 by retirement plan coverage, 2013

25

57

21

1939

20

145

Plan No plan

Lower annual earnings

$90,000 ormore

$40,000 to$90,000

$27,000 to$40,000

$27,000 orless

2029

35

36

4535

Plan No plan

Younger

45 to 64 years

30 to 44 years

21 to 29 years

4117

1310

15

80

61

Plan No plan

Fewer full-year, full-time workers

Full-year, full-time worker

Part-year, full-time worker

Full-year, part-time worker

Part-year,part-timeworker

April 6, 2017 12The US Retirement System

Savings Goals Tend to Change over the Life CyclePrimary reason for saving; percentage of households by age of household head, 2013


3230

22

15

9 10

Home purchase, for the family, oreducation

Note: Age group percentages do not add to 100 percent because other savings goals (purchases, investment, no reason, can’t save) are not plotted.Source: Investment Company Institute tabulations of the 2013 Federal Reserve Board Survey of Consumer Finances

13

23

33

38

43

28

Retirement

3834 33

3632

40

Liquidity

21 to 29

30 to 39

40 to 44

45 to 54

55 to 64

65+

Age of head of household

About Eight in 10 Near-Retiree Households Have Retirement AccumulationsPercentage of households with head aged 55 to 64 and head or spouse working, 1989–2013

21 17 18 14 13 9 12 10 10

35 36 3531 33 35 32 32 30

23 28 25 35 36 39 40 39 40

79 81 77 81 82 82 83 80 81

1989 1992 1995 1998 2001 2004 2007 2010 2013

Retirement assets (DC + IRA) only

Both DB benefits and retirement assets

DB benefits only

Source: ICI tabulations of the Survey of Consumer Finances

56%

58%70%

40%

April 6, 2017 14The US Retirement System

Promoting Retirement Saving in the Evolving US Retirement System


Account-Based Saving Has Risen in Importance in the US Retirement System

197

4

197

5

197

6

197

7

197

8

197

9

198

0

198

1

198

2

198

3

198

4

198

5

198

6

198

7

198

8

198

9

199

0

199

1

199

2

199

3

199

4

199

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

Annuities

Government DB plans

Private-sector DB plans

IRAs

Other DC plans

401(k) plans

US retirement assets and ICI summary of events and legislative changes, 1974–2016

Note: For definitions of plan categories and a complete list of data sources, see Tables 1 and 5 in “The US Retirement Market, Fourth Quarter 2016.” Some data are estimated.

Sources: Investment Company Institute summary of events and legislative changes, and Investment Company Institute, “The US Retirement Market, Fourth Quarter 2016” (2017)


$25.3T

$7.9T

59%

1974: ERISA is passed, providing meaningful protections for DC and DB plan participants and creating IRAs.

1981: Proposed 401(k) regulations allow employees to defer income until retirement.

1984: McDonald’s becomes the first company to automatically enroll employees into its 401(k) plan.

1994: The first target date fund is created.

The Taxpayer Relief Act of 1997 creates the Roth IRA. 2001: EGTRRA increases

retirement plan contribution limits and introduces catch-up contributions for older workers.

2006: PPA encourages automatic enrollment and allows for use of target date and other hybrid funds as default investment options. It also makes Roth 401(k) permanent.

$2.2T

$4.8T

'74 '75 '76 '77 '78 '79 '80 '81 '82 '83 '84 '85'86 '87 '88 '89 '90 '91 '92 '93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16

Roth IRAs

Employer-sponsored IRAs (SEP, SAR-SEP, and SIMPLE)

Traditional IRAs

History of IRAs Trillions of dollars, assets, 1974–2016

Note: Some data are estimated. Sources: Investment Company Institute and Internal Revenue Service Statistics of Income Division Office; see Investment Company Institute, “The U.S. Retirement Market, Fourth Quarter 2016” (2017)


Traditional IRAsERISA 1974$1 billion

SEP IRAs’78 Revenue Act

SAR-SEP IRAsTax Reform Act ’86

SIMPLE IRAs SBJPA ’96

Roth IRAs Taxpayer Relief Act ’97

$7.9 trillion2001 EGTRRA increases IRA contribution limits and introduces catch-up contributions for older workers

WRERA ‘08 suspends RMDs in 2009

2010 Income limits on Roth conversions removed

Traditional IRAs Are Held at a Variety of Financial Services Firms

32

22

27

8

19

12

Full-servicebrokerage

Independentfinancial planning

firm

Bank or savingsinstitution

Insurance company Mutual fundcompany

Discount brokerage

Percentage of households owning traditional IRAs, mid-2016

Note: Multiple responses are included.Source: Investment Company Institute IRA Owners Survey; see Holden and Schrass (2017)

77%Investment professionals (total)

29%Direct sources (total)


Americans Appreciate Retirement Plan Features


Annual Survey Gathers Views on DC Plans

»Designed by ICI staff

»Administered by the GfK Group using the KnowledgePanel®, a proprietary, probability-based web panel

»Survey was fielded in December 2016

»2,027 US adults responded

»Responses were weighted to be representative of US households by age, income, region, and education level


Households Have Favorable Opinions of DC Plans


Percentage of US households by ownership status, fall 2016

Note: Components may not add to 100 percent because of rounding.

Source: ICI tabulation of GfK KnowledgePanel® OmniWeb survey data (fall 2016); see “American Views on Defined Contribution Plan Saving, 2016,” ICI Research Report(February 2017)

21

2

3

7

9

40

51

3038

Total With opinions

Very favorable

Somewhat favorable

Somewhat unfavorable

Very unfavorable

No opinion89%

70%

All US households DC- or IRA-owning households Households not owning DC accounts or IRAs

111

1

4

4

4854

36 40

Total With opinions

84%94%

39

3

5

11

18

27

44

2033

Total With opinions

47%

77%

90%

My employer-sponsoredretirement account helps me

think about the long term,not just my current needs.

Note: Figure reports the percentage of DC-owning households who “strongly agreed” or “somewhat agreed” with the statement.Source: ICI tabulation of GfK KnowledgePanel® OmniWeb survey data (fall 2016); “American Views on Defined Contribution Plan Saving, 2016,” ICI Research Report (February 2017)

DC Plan Savers Appreciate DC Account Savings FeaturesPercentage of DC-owning households agreeing with each statement, fall 2016


91%

Payroll deduction makes iteasier for me to save.

80%

The tax treatment of myretirement plan is a big incentive

to contribute.

90%

My employer-sponsoredretirement account helps me

think about the long term,not just my current needs.


Older Generations Are More Likely to Agree That DC Account Savings Features Help Them to Save Percentage of DC-owning households agreeing with the statement, fall 2016


85%

Millennials (younger than 36)

94%

Late Baby Boom (aged 52 to 60)

91%

Payroll deduction makes it easierfor me to save.


Older Generations Are More Likely to Agree That Payroll Deduction Helps Them to SavePercentage of DC-owning households agreeing with the statement, fall 2016


93%

Baby Boom (aged 52 to 70)

87%

Millennials (younger than 36)

94%

Gen X (aged 36 to 51)

80%

The tax treatment of myretirement plan is a bigincentive to contribute.


Most Generations Have Similar Appreciation of the Tax Treatment of Their DC AccountsPercentage of DC-owning households agreeing with the statement, fall 2016


79% 77%82% 80%

Millennials (younger than 36) Gen X (aged 36 to 51) Late Baby Boom (aged 52 to60)

Early Baby Boom (aged 61 to70)

86%

Silent or GI (aged 71 orolder)

96%

It is important to havechoice in, and control of, the

investments in my retirementplan account.

Note: Figure reports the percentage of DC-owning households who “strongly agreed” or “somewhat agreed” with the statement.Source: ICI tabulation of GfK KnowledgePanel® OmniWeb survey data (fall 2016); see “American Views on Defined Contribution Plan Saving, 2016,” ICI Research Report (February 2017)

DC Plan Savers Appreciate DC Account Investment FeaturesPercentage of DC-owning households agreeing with each statement, fall 2016


81%

My employer-sponsoredretirement plan offers me a

good lineup of investment options.

68%

Knowing that I’m savingfrom every paycheck makes me less worried about the

stock market’s performance.

Source: ICI tabulation of GfK KnowledgePanel® OmniWeb survey data (fall 2016); see “American Views on Defined Contribution Plan Saving, 2016,” ICI Research Report (February 2017)

Large Majorities of Americans Want to Keep DC Plan Tax FeaturesPercentage of US households disagreeing or agreeing by ownership status, fall 2016

82%

93%

89%

18%

7%

11%

Households not owning DC accounts or IRAs

DC- or IRA-owning households

All households

Disagree Agree

86%

93%

90%

14%

7%

10%



All households

The government should take away the tax advantages of DC accounts

The government should reduce the amount that individuals can contribute to DC accounts


87%

87%

87%

13%

13%

13%



All households

Disagree Agree

79%

87%

84%

21%

13%

16%



All households


Large Majorities of Americans Want to Keep DC Plan Investment FeaturesPercentage of US households disagreeing or agreeing by ownership status, fall 2016

The government should not allow individuals to make their own investment decisions in DC accounts

The government should invest all retirement accounts in an investment option selected by a government-appointed board of experts


76%

81%

79%

24%

19%

21%



All households

Disagree Agree

76%

78%

77%

24%

22%

23%



All households


Large Majorities of Americans Want to Keep Retirement Income FlexibilityPercentage of US households disagreeing or agreeing by ownership status, fall 2016

The government should require retirees to trade a portion of their retirement plan accounts for a fair contract that promises to pay income for life from an insurance company

The government should require retirees to trade a portion of their retirement plan accounts for a fair contract that promises to pay income for life from the government


Demographic Trends Will Impact Retirement Savings


0.0

1.0

2.0

3.0

4.0

5.0

6.0

19

16

19

18

19

20

19

22

19

24

19

26

19

28

19

30

19

32

19

34

19

36

19

38

19

40

19

42

19

44

19

46

19

48

19

50

19

52

19

54

19

56

19

58

19

60

19

62

19

64

19

66

19

68

19

70

19

72

19

74

19

76

19

78

19

80

19

82

19

84

19

86

19

88

19

90

19

92

19

94

19

96

19

98

20

00

20

02

20

04

20

06

20

08

20

10

20

12

20

14

20

16

Birth year

Millennials Are the Largest GenerationMillions of persons by birth year, 2016

Note: In 2016, there were 318.9 million persons in the United States.Source: ICI tabulations of the US Census Bureau's Current Population Survey


31.0 millionSilent and GI Generations (born between 1904 and

1945) million

75.4 millionBaby Boom Generation

(born between 1946 and 1964)

64.9 millionGeneration X

(born between 1965 and 1980)

103.0 millionMillennial

Generation (born between 1981

and 2004)

44.6 millionHomeland Generation

(born after 2004)

Millennials Head About One-Fifth of US Households Millions of US households within each generation group, 2016

Note: In 2016, there were 125.8 million US households. Components do not add to the total because of rounding.Source: Investment Company Institute tabulations of the US Census Bureau’s Current Population Survey; see Holden, Schrass, and Bogdan (2016)


0.0

0.5

1.0

1.5

2.0

2.5

3.0

19

15

19

17

19

19

19

21

19

23

19

25

19

27

19

29

19

31

19

33

19

35

19

37

19

39

19

41

19

43

19

45

19

47

19

49

19

51

19

53

19

55

19

57

19

59

19

61

19

63

19

65

19

67

19

69

19

71

19

73

19

75

19

77

19

79

19

81

19

83

19

85

19

87

19

89

19

91

19

93

19

95

19

97

19

99

Birth year of head of household

28.6 millionMillennial

Generation (head of household born between 1981

and 2004)

19.2 millionSilent and GI Generations

(head of household born between 1904 and 1945)

43.2 millionBaby Boom Generation

(head of household born between 1946 and 1964)

34.7 millionGeneration X

(head of household born between 1965

and 1980)

Millennials Are More Focused on Retirement for Their AgePrimary reasons for family saving; percentage of households in their 20s, 1989 and 2013

Note: Age is based on the age of the head of household.Source: Investment Company Institute tabulations of Federal Reserve Board Survey of Consumer Finances


5

33

41

13

8

Retirement Liquidity Education, home, orpurchases

Other (investment,family, no reason)

Can't/Don't save

1989

12

38

34

14

2

2013

For Their Age, More Millennials Have Retirement Assets—and Student DebtIncidence; percentage of households in their 20s, 1989 and 2013

Note: Age is based on the age of the head of household.Source: Investment Company Institute tabulations of Federal Reserve Board Survey of Consumer Finances


30

21

30

26

18

DB plan benefits, DC, or IRA DC or IRA Homeownership Mortgage debt Student debt

198938

33

26

18

43

2013

Demographics Affect 401(k) and IRA Markets Differently

»401(k) plans experience two competing demographic forces

»Workers contributing during their careers

» Job changers and retirees making rollovers


»IRAs experience three effects from two competing demographic forces

» Job changers and retirees making rollovers

»Aging IRA investors forced to take distributions (RMDs)

»Aging IRA investors choosing to take distributions

401(k) Plans Receive Significant Contributions

7687

104116

135153

169174 182 186

204

223

251

273285

256265

283

303325

349

5162

7993

121

147

172

147 147 141

167

189

228

261

233

206

243250

282

326

366

1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Total contributions (employer and employee)Total benefits disbursed (including rollovers)


Billions of dollars; 1994–2014

Sources: Investment Company Institute and US Department of Labor; see Investment Company Institute, “The US Retirement Market, Fourth Quarter 2016” (2017)

Millennials Can Expect Their 401(k) Plan Participation and Assets to GrowPercentage of total, year-end 2004 and year-end 2014

Note: Active 401(k) plan participants tend to range in age from 20 to 69; those few that are younger or older are excluded. Participants are grouped by age into 20s, 30s, 40s, 50s, and 60s. Source: Tabulations from EBRI/ICI Participant-Directed Retirement Plan Data Collection Project

11 132 1

26 24

13 11

32 26

3426

2426

3843

7 11 14 18

2004 2014 2004 2014Active 401(k) plan participants 401(k) plan assets

60s

50s

40s

30s

60s

50s

40s

30s

60s

50s

40s

30s

60s

50s

40s

30s


20s 20s 20s 20s

IRA-Owning Taxpayers Are AgingPercentage of IRA-owning taxpayers, year-end 2004 and year-end 2014


Note: A small number of IRA-owning taxpayers younger than 20 or missing an age variable are excluded. Source: Tabulation of IRS Statistics of Income data; see Bryant (2008) and US Internal Revenue Service Statistics of Income (2016)

80+70s

60s

50s

40s

30s20s

80+

70s

60s

50s

40s

30s

20s4 5

15 12

2217

2624

1923

1113

3 6

2004 2014

30 Percent of IRA Assets Already Entering RMDPercentage of total IRA assets, year-end 2004 and year-end 2014


80s

70s

60s

50s

40s30s

80s

70s

60s

50s

40s

Note: A small number of IRA-owning taxpayers younger than 20 or missing an age variable are excluded. Source: Tabulation of IRS Statistics of Income data; see Bryant (2008) and US Internal Revenue Service Statistics of Income (2016)

4 3

12 8

2622

3337

2123

4 7

2004 2014

30s

RMDs

Penalty-free withdrawals

References (1) Brady and Bogdan. 2014. “Who Gets Retirement Plans and Why, 2013.” ICI Research Perspective 20, no. 6 (October). www.ici.org/pdf/per20-06.pdf

Brady, Burham, and Holden. 2012. The Success of the US Retirement System (December). Washington, DC: Investment Company Institute. www.ici.org/pdf/ppr_12_success_retirement.pdf

Bryant, Victoria L. 2008. "Accumulation and Distribution of Individual Retirement Arrangements, 2004." Statistics of Income Bulletin (Spring): 90-101. Washington, DC: Internal Revenue Service Statistics of Income Division. www.irs.gov/pub/irs-soi/04inretirebul.pdf

Bureau of Labor Statistics. “Table 2. Retirement benefits: Access, participation, and take-up rates, private industry workers, National Compensation Survey, March 2013." www.bls.gov/ncs/ebs/benefits/2013/ownership/private/table02a.pdf

Bureau of Labor Statistics. “Table 2. Retirement benefits: Access, participation, and take-up rates, private industry workers, National Compensation Survey, March 2015." www.bls.gov/ncs/ebs/benefits/2015/ownership/private/table02a.pdf

Congressional Budget Office. 2015. CBO’s Long-Term Projections for Social Security Supplemental Data (December). www.cbo.gov/sites/default/files/114th-congress-2015-2016/reports/51047-Supplemental_Data-2-Corrected.xlsx


http://www.ici.org/pdf/per20-06.pdf

http://www.ici.org/pdf/ppr_12_success_retirement.pdf

http://www.irs.gov/pub/irs-soi/04inretirebul.pdf

http://www.bls.gov/ncs/ebs/benefits/2013/ownership/private/table02a.pdf

http://www.bls.gov/ncs/ebs/benefits/2015/ownership/private/table02a.pdf

http://www.cbo.gov/sites/default/files/114th-congress-2015-2016/reports/51047-Supplemental_Data-2-Corrected.xlsx

References (2) Gustman, Steinmeier, and Tabatabai. 2009. “How Do Pension Changes Affect Retirement Preparedness? The Trend to Defined Contribution Plans and the Vulnerability of the Retirement Age Population to the Stock Market Decline of 2008–2009.” University of Michigan Retirement Research Center Working Paper 2009-206 (October). www.mrrc.isr.umich.edu/publications/papers/pdf/wp206.pdf

Holden and Bass. 2016. “The IRA Investor Profile: Traditional IRA Investors’ Activity, 2007–2014.” ICI Research Report (August). www.ici.org/pdf/rpt_16_ira_traditional.pdf

Holden, Ireland, Leonard-Chambers, and Bogdan. 2005. “The Individual Retirement Account at Age 30: A Retrospective,” ICI Research Perspective 11, no. 1 (February). www.ici.org/pdf/per11-01.pdf

Holden and Schrass. 2017. “The Role of IRAs in US Households’ Saving for Retirement, 2016.” ICI Research Perspective 23, no. 1 (January). www.ici.org/pdf/per23-01.pdf

Holden and Schrass. 2017. “Appendix: Additional Data on IRA Ownership in 2016.” ICI Research Perspective 23, no. 1A (January). www.ici.org/pdf/per23-01a.pdf

Holden, Schrass, and Bogdan. 2017. “American Views on Defined Contribution Plan Saving, 2016.” ICI Research Report (February). https://www.ici.org/pdf/ppr_17_dc_plan_saving.pdf


http://www.mrrc.isr.umich.edu/publications/papers/pdf/wp206.pdf

http://www.ici.org/pdf/rpt_16_ira_traditional.pdf

https://www.ici.org/pdf/per11-01.pdf


http://www.ici.org/pdf/per22-01a.pdf

https://www.ici.org/pdf/ppr_17_dc_plan_saving.pdf

References (3)Holden, Schrass, and Bogdan. 2016. “Ownership of Mutual Funds, Shareholder Sentiment, and Use of the Internet, 2016.” ICI Research Perspective 22, no. 6 (October). www.ici.org/pdf/per22-06.pdf

Holden, Schrass, and Bogdan. 2016. “Characteristics of Mutual Fund Investors, 2016.” ICI Research Perspective 22, no. 7 (October). www.ici.org/pdf/per22-07.pdf

Holden, VanDerhei, Alonso, and Bass. 2016. “401(k) Plan Asset Allocation, Account Balances, and Loan Activity in 2014.” ICI Research Perspective 22, no. 3 (April). www.ici.org/pdf/per22-03.pdf

Investment Company Institute. 2017. “The US Retirement Market, Fourth Quarter 2016” (March). www.ici.org/info/ret_16_q4_data.xls and www.ici.org/research/stats/retirement/ret_16_q4

Rauh, Joshua. 2015. “Unfunded Pension Debts of US States Still Exceed $3 Trillion,” Forbes (August 25). https://web.stanford.edu/~rauh/research/UnfundedDebts.pdf

Rutledge and Lindner. 2016. “Do Late-Career Wages Boost Social Security More for Women than Men?” Center for Retirement Research at Boston College Working Paper no. 2016-13. (November). http://crr.bc.edu/working-papers/do-late-career-wages-boost-social-security-more-for-women-than-men/

US Internal Revenue Service, Statistics of Income Division. 2016. IRA data for 2014. “Table 4. Taxpayers with Individual Retirement Arrangement (IRA) Plans, by Age of Taxpayer, Tax Year 2014.” https://www.irs.gov/pub/irs-soi/14in04ira.xls





http://www.ici.org/info/ret_16_q4_data.xls

http://www.ici.org/research/stats/retirement/ret_16_q4

https://web.stanford.edu/~rauh/research/UnfundedDebts.pdf

http://crr.bc.edu/working-papers/do-late-career-wages-boost-social-security-more-for-women-than-men/

https://www.irs.gov/pub/irs-soi/14in04ira.xls

the us retirement systemsource: investment company institute tabulations of march 2014 current...

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