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Data: Investment Company Institute; Chart: Andrew Witherspoon/Axios

There was $33.1 trillion tucked away in U.S. retirement assets at the end of the third quarter, accounting for 34% of all Americans' household financial assets, the Investment Company Institute reported this week.

Why it matters: Individual Retirement Accounts now make up more than one-third of all retirement accounts, as millions of Americans have rolled over their 401(k)s and other so-called defined contribution accounts into IRAs, ICI tells Axios.

What we're hearing: "Households often indicate that they rolled over assets to consolidate their retirement accumulations as they progress through their careers and into retirement," ICI senior director of retirement and investor research Sarah Holden tells Axios in an email.

  • "Rollovers have been a large part of the growth story for IRAs, particularly for traditional IRAs."

Of note: "Roth IRAs also have grown as some retirement savers have embraced the Roth tax treatment," Holden adds. "At year-end 2019, Roth IRAs had more than $1 trillion in assets and represented 9% of total IRA assets."

Go deeper

44 mins ago - World

Israeli intel agencies believe Vienna talks will lead to U.S. return to Iran nuclear deal

Photo: DEBBIE HILL/AFP via Getty Images

Israeli military intelligence and senior officials in the Mossad briefed a meeting of the nation's security cabinet that talks in Vienna between Iran and other world powers will lead to the U.S. returning to the 2015 nuclear deal, two officials who attended the meeting told me.

Why it matters: The Israeli government is very concerned about a U.S. return to the nuclear deal and is trying to convince the Biden administration not to take the pressure off the Iranian regime.

Latino community of 13-year-old killed by police in Chicago reels after shooting

A small memorial of flowers and candles to Adam Toledo in Chicago. Photo: Kamil Krzaczynski/Getty Images

Residents of Little Village, a well-known and predominantly Latino neighborhood in Chicago, are grieving the death of Adam Toledo, a 13-year-old Mexican American boy from the neighborhood who was shot and killed by a police officer on March 29, NBC News reports.

Why it matters: Adam Toledo's killing shines a spotlight on police shootings of Latinos, who are killed by law enforcement at the second-highest rate after Black Americans, according to data from the Washington Post.

Super typhoon Surigae explodes to Cat. 5 intensity

Super Typhoon Surigae seen on satellite imagery Saturday morning east of the Philippines. (CIRA/RAMMB)

Super Typhoon Surigae surged in intensity from a Category 1 storm on Friday to a beastly Category 5 monster on Saturday, with maximum sustained winds estimated at 190 mph with higher gusts.

Why it matters: This storm — known as Typhoon Bising in the Philippines — is just the latest of many tropical cyclones to undergo a process known as rapid intensification, a feat that studies show is becoming more common due to climate change. It weakened slightly, to the equivalent of a strong Category 4 storm, on Sunday.

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