An interesting tidbit from Time Money below. On one hand, great to see that household investable assets grew so robustly. On the other hand, the reason for the growth in retirement assets for the over 65 crowd tells me that overall, people are still smarting from the 2008-2009 crash and have delayed retirement because of it.
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By Donna Rosato
Americans with investment accounts grew a lot richer last year thanks to the booming stock market—but the 65-plus crowd enjoyed the biggest increase in savings for retirement of any age group.
Total U.S. household investable assets (liquid net worth, not including housing wealth) surged 16% to $41.2 trillion in 2013, according to a report published Wednesday by financial research firm Hearts & Wallets. That far exceeded annual gains that ranged from 5% to 12% in the post-Recession years of 2009 to 2012.
But when it came to retirement savings, older investors saw the biggest gains in IRA and 401(k) assets: Retirement assets for people age 65-74 rose from $2.3 trillion to $3.5 trillion in 2014, a new high.
What’s fueling the growth? Well, a lot of people 65 and older aren’t retiring. So they’re still socking away money for their nonworking years. Meanwhile, others who have quit work are finding they don’t need as much as they thought, so they continue to save.
According to the study, most households ages 55-64 do not consider retirement a near-term option. Four out of five have not stopped full-time work.