With the economy on the mend, CUSOs that offer investment and insurance services may start to notice a boost in retirement plan contributions.
Members and other investors are regaining some of their confidence lost during the Great Recession when long-term savings in plans such as 401(k)s and individual retirement accounts dwindled as staving off foreclosures and staying employed moved to the top of the financial priority list. (Click on chart below to expand.)
According to the Investment Company Institute, total U.S. retirement assets were $23.0 trillion as of December 31, 2013, up 5.0% from $21.9 trillion on September 30, 2013, and up 15.6% from year-end 2012.
Retirement savings accounted for 34% of all household financial assets in the United States at the end of the fourth quarter of 2013.
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