U.S. Retirement Markets 2022
The Role of Workplace Retirement Plans in the War for Talent
Master the U.S. Retirement Market
- Assess plan sponsors’ strategic priorities, investment menu construction, retirement income offerings, financial wellness objectives, and service provider relationships
- Explore trends in the state-sponsored retirement plan market
- Understand the role of technology in financial wellness
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Maeve Flanagan
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Summary
This annual report represents Cerulli’s broadest coverage and most comprehensive sizing of the U.S. retirement market and addresses the following retirement segments: individual retirement accounts (IRAs), corporate and not-for-profit (NFP)/governmental defined contribution (DC) plans, and corporate and public defined benefit (DB) plans. The report also highlights results from Cerulli’s annual DC recordkeeper and 401(k) plan sponsor surveys.
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A Note From the Author
IRA Assets Continue to Climb
Shawn O'Brien, CFA
Director
Bio →
Shawn O'Brien, CFA
Director
Shawn leads the U.S. Retirement research practice, which focuses on the defined contribution (DC) and individual retirement account (IRA) markets. He also leads and supports strategic consulting projects for asset managers on their DC-related market entry and product distribution strategies.
Prior to joining Cerulli Associates, Shawn worked as a Research Associate at Harvard Business School, where he co-authored case studies on investment management for professional and personal investors and managing and innovating in financial services. Prior to that, he worked in the Currency Management group at State Street Global Markets, employing currency overlay strategies for large asset managers and asset owners.
Full biography here.
Individual retirement account (IRA) assets remain the largest segment of the retirement market, reaching $13.9 trillion in 2021. Over the past 10 years, IRA marketshare has increased from 31% to 38% and is expected to grow to 41% by 2027.
Market performance aside, much of the asset growth in the IRA market can be attributed to rollovers from DC plans, which accounted for $2.9 trillion in IRA asset growth between 2016 and 2021.
For many recordkeepers, capturing rollovers is a key part of their overall retirement strategy because rollovers may facilitate financial planning and wealth management relationships and result in the greater use of proprietary retail investment products. Retirement plan providers will be essential to helping recordkeepers achieve success. Those that nurture relationships with participants throughout their financial journey can become a path of least resistance for participants looking to roll their assets in an IRA at or near retirement or during a job/career change.
To learn more, access our report, U.S. Retirement Markets 2022: The Role of Workplace Retirement Plans in the War for Talent, Cerulli’s broadest coverage and sizing of the U.S. retirement market.
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