USA: Americans Hold $16.6 Trillion For Retirement - ICI

WASHINGTON (Reuters), October 18, 2007: Americans' assets earmarked for retirement rose to $16.6 trillion at the end of the 2007 first quarter, up more than $200 billion from the end of 2006, the Investment Company Institute said today. The new report also showed Individual Retirement Accounts (IRAs) held more than $4.3 trillion on March 30, up $100 billion from Dec. 31. Other retirement assets for Americans are held in annuities, employer-funded pension plans and government pensions. The retirement plans supplement the federal Social Security program, which pays retirees a monthly amount and is facing a trillion-dollar deficit as the baby boom generation retires over the next decade. © Reuters 2007