Talkin’ ’Bout the Generations: ICI Research on Mutual Fund Ownership by Generation

By Michael Bogdan and Candice Gullett

December 11, 2019

Talk about the differences between generations is a hot topic in today’s cultural conversation. And the Millennial and Baby Boomer generations are in the middle of a little generational warfare. But when it comes to owning mutual funds, are there really that many differences between the generations? What types of funds do people from each generation own? And what types of accounts do they hold?

ICI research can tell us a lot about ownership of mutual funds by different generations. In “Profile of Mutual Fund Shareholders, 2019,” ICI examines the results of our Annual Mutual Fund Shareholder Tracking Survey, which gathers information on the demographic and financial characteristics of mutual fund–owning households in the United States. This comprehensive study, most recently conducted in the summer of 2019, gives us a close look at mutual fund ownership across generations.

What types of funds do the different generations hold?

Equity Mutual Funds Most Popular in All Generations

Regardless of the type of account mutual funds are held in, equity mutual funds remained the most frequently owned type across the generations of mutual fund–owning households. Ownership of money market funds tended to be higher, the older the generation.

Equity fund ownership

Money market fund ownership

What kinds of accounts do the different generations have?

Tax-Advantaged Retirement and Education Accounts Are Popular Across Generations

Mutual fund–owning households often have tax-advantaged savings vehicles such as defined contribution (DC) retirement plan accounts, individual retirement accounts (IRAs), or education-targeted savings accounts.

Defined contribution plan ownership

Overall, more than eight in 10 mutual fund–owning households have DC retirement accounts in 2019. Broken down by generation, we’ve found that ownership of DC retirement plan accounts is highest among households in their working and saving years.

Individual retirement account ownership

More than six in 10 mutual fund–owning households have traditional IRAs or Roth IRAs, on average, but IRA ownership tends to be higher among older generations.

Education-targeted savings ownership

Overall, one-fifth of mutual fund–owning households own Coverdell Education Savings Accounts, 529 prepaid tuition, or 529 college savings plans in 2019. Ownership of education-targeted savings program accounts tends to be higher among younger generations.

What is the primary goal of saving across generations?

Majority of Mutual Fund Investors of All Generations Are Focused on Retirement Saving

Mutual fund–owning households across all generations indicate saving for retirement is one of their financial goals. When asked about their financial goals, retirement was the most common goal selected, and was the most likely to be chosen as their primary financial goal. Younger generations are more likely to indicate that saving for education is a financial goal.

Retirement as the primary goal

Retirement as a goal

Education as a goal

If you’d like to learn more about this topic, explore the full paper—“Profile of Mutual Fund Shareholders, 2019.” Some of the findings from this survey are also summarized in “Ownership of Mutual Funds, Shareholder Sentiment, and Use of the Internet, 2019” and “Characteristics of Mutual Fund Investors, 2019.” For more information on who invests in mutual funds and why, check out this video.

Michael Bogdan is an associate economist and Candice Gullett is an editor at ICI.

Permalink: https://www.ici.org/viewpoints/19_view_profilemf

TOPICS: 401(k)Equity Fund Equity Investing IRA Investor Research Money Market Funds Retirement Research Savings

2019 Annual Report to Members: A Letter to ICI's Membership

By George C. W. Gatch and Paul Schott Stevens

November 14, 2019

What follows is an abridged version of a letter by ICI Chairman George C. W. Gatch and ICI President and CEO Paul Schott Stevens that was released in ICI’s 2019 annual report. To read their full letter, please see ICI’s 2019 Annual Report to Members....

Happy Birthday, IRA! Congratulations on 45 Years

By Sarah Holden and Elena Barone Chism

September 12, 2019

Labor Day 2019 marked the 45th birthday of the individual retirement account (IRA). When the Employee Retirement Income Security Act was signed into law on September 2, 1974, it introduced bold steps to safeguard Americans’ employer-sponsored pensions and created the IRA.

Forty-five years later, IRAs are a significant component of US households’ retirement assets, holding $9.4 trillion in assets, or about one-third of the total US retirement market, at the end of March 2019…

2019 Investment Company Fact Book: Letter from the Chief Economist

By Sean Collins

May 7, 2019

Globalization has hit a few speed bumps in recent years, but it hasn't slowed the globalization of the Investment Company Fact Book. Consistent with ICI’s mission to represent the interests of regulated funds and their investors worldwide, Fact Book is expanding its international presence....

Mutual Funds: Rated E for Everyone

By Sarah Holden

December 12, 2018

Investing is subject to many misconceptions, including the notion that only wealthy households own mutual funds. As US households’ ownership of mutual funds has grown over the past four decades, the need to correct myths about who owns mutual funds has also grown....

Growing Better with Age: The 401(k) Turns Forty

By Miriam Bridges and Christina Kilroy

November 30, 2018

This month marks the fortieth birthday of the most prevalent retirement plan available to workers today: the 401(k). It’s a milestone, to be sure, but there are no mid-life doldrums here—401(k) plans continue to grow, and currently hold $5.3 trillion in assets on behalf of more than 55 million active participants and millions of former employees and retirees.

Stock Ownership in the United States: It’s Main Street

By Sarah Holden

September 10, 2018

US household activity in the stock market has undergone a transformation over the past three decades. The old idea that investing in the stock market is just for the wealthy is vastly out of date.

In the late 1980s, less than a third of US households held stocks. Now, a majority do. This growth in stock-owning households has occurred across all income quintiles....

2018 Investment Company Fact Book: Letter from the Chief Economist

By Sean Collins

May 15, 2018

Those of us who wear glasses know that one of the most crucial elements in seeing the world is the right lens. A bad lens warps the light and distorts the signals; the right lens sharpens the image and enhances our understanding.

This is a useful metaphor for the work that ICI Research does in providing informed analysis to guide public policy. Through our voluminous collections and surveys, we gather large amounts of data—signals about the behavior of funds, markets, and investors. But finding the patterns in these signals requires the right lens—accumulated knowledge provided by context, economic insights, and understanding of institutions.

The Investment Company Fact Book is one very visible result of this process and its many elements...

Americans: In Defined Contribution We Trust

By Sarah Holden

March 8, 2018

Millions of Americans personally direct their retirement investments in defined contribution (DC) plans, which account for nearly $8 trillion in savings. Because it is vitally important that regulators, policymakers, and employers understand the beliefs and behaviors of these investors, ICI asked Americans what they thought of DC retirement plan accounts, which include 401(k) and 403(b) accounts.

The results, which we summarized in “American Views on Defined Contribution Plan Saving, 2017,” were clear: whether they had DC accounts or not, Americans appreciate DC plan accounts and are confident that these plans can help people meet their retirement goals...

Fund Investors Will “Run”? Sorry, Charlie Brown

By Sean Collins and Sarah Holden

March 7, 2018

For decades, Charles Schulz kept us in suspense: surely this time, Lucy would let Charlie Brown kick the football. Nope. Every time, at the last second, she pulled the ball away—and Charlie Brown fell flat on his back.

We’ve seen the same gap between wish and fulfillment around market turmoil and mutual funds. For decades, commentators have predicted that investors in stock and bond funds, faced with market turmoil, would redeem en masse, perhaps adding to the market turmoil. Despite plenty of opportunities, that just hasn’t happened.

Stock market turmoil in February provides yet another example of this...

Pointing Fingers at Index Funds Won’t Explain Market Volatility

By Shelly Antoniewicz

February 14, 2018

With all the recent volatility in the US stock market, two questions are frequently being asked:

Are fund investors fleeing the stock market?
Are index funds causing market turbulence?

The short answer to both questions is no.

Experience and research show that investor flows to and from mutual funds and exchange-traded funds (ETFs) tend to track market returns. ...

More People Are Building Nest Eggs with Their IRAs

By Sarah Holden

December 20, 2017

Individual retirement account (IRA) owners are good stewards of their money. They take a thoughtful approach to preparing for retirement by taking advantage of the dual role of IRAs and by researching important investment decisions, according to recent research from ICI. These are among the findings from “The Role of IRAs in US Households’ Saving for Retirement, 2017,” which details ICI’s research on IRA-owning households.

2017 Annual Report to Members: A Message from the Chairman

By William F. “Ted” Truscott

November 13, 2017

This letter by ICI Chairman Ted Truscott was released in our 2017 Annual Report to Members.

Every day, I’m reminded that each of us in the fund industry is driven to deliver ever-greater value for our fees and keep improving service to fund shareholders. Investors are demanding more from every asset manager—and the resulting competition drives us to innovate, find new efficiencies, and offer even better solutions for investors’ needs.

Let’s Make Disclosure Reform Serve Shareholders

By Dorothy Donohue

October 25, 2017

The October 12 meeting of the Investor Advisory Committee (IAC)—a group established by the Dodd-Frank Act to advise the Securities and Exchange Commission (SEC) on regulatory priorities and other issues—has breathed new life into a long-running debate over how US-registered funds can best provide essential information to their shareholders.

In Reality, Data Tell a Different Story of Old Age in America

By Sarah Holden

October 10, 2017

“The New Reality of Old Age in America” (September 30) portrays economic security in retirement by pairing anecdotes about workers who have fared poorly with selected statistics. Comprehensive data on how our system is working overall tell a far different story: America’s retirement system enables most of today’s retirees to maintain their standards of living.

Americans Trust in Their 401(k) Plans

By Sarah Holden

July 7, 2017

Defined contribution (DC) plans have long been a key component of Americans’ retirement savings. And with more than $5 trillion in assets and about 54 million active participants, 401(k) plans are the most common type.

A 529 Day Primer: Do You Know What State Your College Savings Plans Are In?

By Christina Kilroy

May 26, 2017

You might not know that May 29 is 529 College Savings Day, or even what a Section 529 plan is. But if you’re a parent or grandparent concerned about future college costs, the day presents an opportunity to learn how 529 savings plans can help you plan for—and pay for—your loved ones’ postsecondary education expenses.

ICI Study: Closed-End Fund Assets Were $262 Billion at Year-End 2016

By Shelly Antoniewicz

May 12, 2017

ICI recently released its annual report on the closed-end fund market, which analyzes data on closed-end funds, a type of registered investment company that issues a fixed number of shares that are traded on a stock exchange in the over-the-counter market.

2017 Investment Company Fact Book: Letter from the Chief Economist

By Brian Reid

April 27, 2017

Have you ever tried to put a jigsaw puzzle together without knowing what the finished work should look like? It’s difficult—even with help from family and friends. Are those blue pieces part of a peaceful lake or a cloudless sky? Are those dark pieces a forest floor or storm clouds brewing on the horizon? Without the completed picture on the puzzle box as a guide, everyone has their own idea of what the completed work will look like and how to put it together.

Scratch That: Why Arguments of a Broken Retirement System Are Misguided

By Peter J. Brady

April 6, 2017

What if you were given the task of designing a retirement system from scratch? In a recent paper, New York University law professor David Kamin proposes a retirement system that combines a mandatory savings floor with tax incentives to encourage savings above the mandated minimum. He is not the first to propose a new mandatory retirement plan, with others proposing that either employers be required to offer a plan or workers be required to contribute to a plan.

Exemptions from Investor Protections Put California Savers at Risk

By Paul Schott Stevens

March 22, 2017

The following ICI Viewpoints is a letter to the editor by Paul Schott Stevens, president and CEO of the Investment Company Institute, in response to an editorial published on March 8, 2017, in the Los Angeles Times.

ICI Study: 55 Million US Households Own Mutual Funds

By Sarah Holden

February 24, 2017

Gathering and analyzing data about how shareholders purchase and use mutual funds are critical to ICI’s work to facilitate sound, well-informed public policies affecting funds, their investors, and the retirement markets.

For “401(k) Pioneers,” No Reason for Regrets

By Paul Schott Stevens

January 10, 2017

The following ICI Viewpoints is a letter to the Wall Street Journal by Paul Schott Stevens, president and CEO of the Investment Company Institute, in response to an article published on January 3, 2017.

Dear Editor:

It may be, as you report, that “401(k) Pioneers Lament What They Started” (Page A1, Jan. 3). But the facts are clear: America’s retirement system is stronger today, in the expanding 401(k) era, than it was when defined benefit pensions were the primary vehicle for retirement savings.

Fund Fees Have Been Falling for Two Decades

By Paul Schott Stevens

October 19, 2016

The following ICI Viewpoints is a letter to the editor by Paul Schott Stevens, president and CEO of the Investment Company Institute, in response to an editorial published on October 9, 2016, in InvestmentNews, “DOL fiduciary rule may finally spark lower fund fees for mutual funds.” It appeared in the print edition of the publication on October 17, 2016.

Ten Years After the PPA, the Path to Retirement Saving Is Easier

By Sarah Holden and Elena Barone Chism

August 22, 2016

Ten years ago, on August 17, 2006, President George W. Bush signed the Pension Protection Act (PPA) into law, with the goal of ensuring greater retirement security for American workers. With regard to defined contribution (DC) plans, such as 401(k) plans, PPA further encouraged automatic enrollment while paving the way for diversified default investments and the creation of Roth accounts inside DC plans. PPA also made permanent previously legislated contribution-limit increases and the saver’s credit.

To the SEC and FINRA: It’s Your Move

By David W. Blass

April 21, 2016

Earlier this month, I wrote about the wide-ranging benefits of the proposed Securities and Exchange Commission (SEC) rule to give U.S. regulated funds the option of making online access to shareholder reports their default method for informing their shareholders.

The SEC’s Online-Delivery Gift to Fund Shareholders

By David W. Blass

April 4, 2016

A recent SEC rulemaking proposal presages good news for America’s 90 million mutual fund shareholders. Proposed Rule 30e-3 under the Investment Company Act of 1940, introduced last year as part of a larger initiative to enhance and modernize fund data reporting, would give funds the option of flipping their default mechanism for delivering shareholder reports from U.S. mail to online access.

Getting Started in a 401(k) Plan—and Getting the Most Out of It

By Christina Kilroy

February 26, 2016

This week, ICI and the Investment Company Institute Education Foundation (ICIEF) joined thousands of corporations, nonprofits, and government agencies to celebrate America Saves Week.

How America Supports Retirement: The Incentive to Save Is Not Upside Down

By Peter J. Brady

February 25, 2016

In my new book, How America Supports Retirement: Challenging the Conventional Wisdom on Who Benefits, and the first three ICI Viewpoints in this series, I’ve demonstrated that Social Security’s benefit formula drives participation in tax-deferred employer-sponsored retirement plans ; that the full system of government support for retirement is progressive; and that those in higher tax brackets don’t enjoy greater “bang for their buck” from tax deferral.

How America Supports Retirement: What Do Tax Rates Have to Do with the Benefits of Tax Deferral? Less Than You Think

By Peter J. Brady

February 24, 2016

In my new book, How America Supports Retirement: Challenging the Conventional Wisdom on Who Benefits, I set out to gain a comprehensive view of how government policy supports American workers as they gather resources for retirement.

How America Supports Retirement: No, Benefits Are Not “Tilted” to the Higher Earners

By Peter J. Brady

February 23, 2016

Second in a series of ICI Viewpoints.

In my new book, How America Supports Retirement: Challenging the Conventional Wisdom on Who Benefits, I analyze the benefits individuals receive from the major government policies that help American workers accumulate resources for retirement: Social Security and tax deferral on compensation set aside for retirement in employer-based plans (both traditional pensions and defined contribution plans, such as 401(k) plans).

How America Supports Retirement: Tackling the Myths That Surround Us

By Peter J. Brady

February 22, 2016

America’s retirement system isn’t perfect but it’s a lot stronger than many people think. Whether by accident or design, the U.S. retirement system provides benefits to workers across the earnings distribution and has helped millions of retirees maintain their standard of living in retirement.

Correcting a Distorted Picture of Retirement Resources

By Peter Brady

October 21, 2015

Can 401(k) plans and individual retirement accounts (IRAs) provide the income that retirees need to supplement Social Security and enjoy a secure retirement?

Small Savers at a Loss

By Brian Reid and Sarah Holden

September 25, 2015

As ICI has pointed out before, the proposed rule from the Department of Labor (DOL) to redefine what counts as a fiduciary relationship in the retirement market is fundamentally flawed. But it is no less flawed than the DOL’s justification for it—a Regulatory Impact Analysis that fails to demonstrate a market failure that supports the need for such a sweeping and costly rule.

2015 Investment Company Fact Book: Letter from the Chief Economist

By Brian Reid

May 4, 2015

A version of this letter by ICI Chief Economist Brian Reid was released today in our 55th edition of the Investment Company Fact Book.

This year marks the 75th anniversary of the Investment Company Act and the Investment Advisers Act—the key statutes under which mutual funds, exchange-traded funds (ETFs), closed-end funds, and unit investment trusts are regulated and governed. In 1940—the same year that Congress enacted these laws—the fund industry formed the National Committee of Investment Companies, the trade group that became the Investment Company Institute (ICI).

Why Long-Term Fund Flows Aren’t a Systemic Risk: Multi-Sector Review Shows the Same Result

By Sean Collins

March 4, 2015

In a recent blog post discussing why we believe flows from long-term mutual funds do not pose risk to the financial system, we posted a chart showing that outflows from bond funds are modest even during periods of stress in the financial markets.

Why Long-Term Fund Flows Aren’t a Systemic Risk: Understanding the Data on Institutional and Retail Investors

By Sean Collins

February 20, 2015

In two previous ICI Viewpoints posts, I discussed the muted response of investors in long-term funds―which invest primarily in stocks, bonds, or both―to financial stresses, and examined some of the characteristics of funds and their investors that help explain that muted response.

Why Long-Term Fund Flows Aren’t a Systemic Risk: Plus Ça Change, Plus C’est La Même Chose

By Sean Collins

February 19, 2015

As discussed in a previous ICI Viewpoints post, regulators and others have voiced concerns that long-term funds―funds that invest primarily in stocks, bonds, or both―might experience large outflows during a financial crisis, adding pressure on financial markets.

Why Long-Term Fund Flows Aren’t a Systemic Risk: Past Is Prologue

By Sean Collins

February 18, 2015

A recent Brookings Institution conference on Asset Management, Financial Stability, and Economic Growth aired the “active policy debate on how to regulate asset managers to maximize economic growth without endangering financial stability.”

What’s Driving Retirement Plan Access?

By Peter Brady

October 17, 2014

Most workers who are likely to have the ability to save and who are focused primarily on saving for retirement have access to an employer-sponsored retirement plan—and nearly all of these workers choose to participate.

Statement of the Investment Company Institute at Senate Finance Committee Hearing on “Retirement Savings 2.0: Updating Savings Policy for the Modern Economy”

By Brian Reid

September 16, 2014

This statement was given on behalf of ICI by Brian Reid, chief economist, at the Senate Finance Committee’s hearing on “Retirement Savings 2.0: Updating Savings Policy for the Modern Economy.” For more information, see ICI’s full written testimony.

Happy Birthday ERISA! Congratulations on 40 Years

By Sarah Holden and Elena Barone Chism

September 2, 2014

Today marks the 40th birthday of the Employee Retirement Income Security Act (ERISA). Signed into law on September 2, 1974, ERISA introduced bold steps to safeguard Americans’ employer-sponsored pensions and created the individual retirement account (IRA). Assets earmarked for retirement totaled $0.4 trillion at year-end 1974 (see the figure below). At this modest start, private-sector defined benefit (DB) plans accounted for 35 percent of the total; federal, state, and local plans for 34 percent; private-sector defined contribution (DC) plans for 17 percent; annuities for 13 percent; and there was a mere glimmer of IRA assets by year-end. Currently, total U.S. retirement assets are $23.0 trillion, and their composition has shifted considerably over the past 40 years.

Unconventional Wisdom on Retirement Preparedness

By Peter Brady

August 4, 2014

How well are Americans planning and saving for retirement? This is an important question to answer—but also vexingly difficult.

Some Facts About Roth IRAs and the Investors Who Use Them

By Todd Bernhardt

July 17, 2014

Since the individual retirement account (IRA) was created as part of the Employee Retirement Income Security Act of 1974 (ERISA), it has become a resounding success, accounting for the largest pool of assets in the U.S. retirement market. By the end of 2013, Americans held $6.5 trillion in IRAs, with 45 percent of that total—$3.0 trillion—invested in mutual funds.

“Market Tantrums” and Mutual Funds: A Second Look

By Sean Collins and Chris Plantier

May 19, 2014

Over the past year, policymakers who are focused on financial stability have pursued a theory that mutual fund investors can destabilize financial markets by redeeming from funds when markets decline. According to this theory, redemptions by fund investors lead fund managers to sell securities; those sales drive asset prices down further and, in turn, spur more investor flight, redemptions, and price declines.

Get a Closer Look at Closed-End Funds

By Daniel Schrass

July 30, 2013

ICI has recently updated several of its key closed-end funds resources.

‘One Size Fits All’ Doesn’t Fit Today’s Fund Investors

By Brian Reid

August 16, 2011

David F. Swensen is the chief investment officer of Yale University and a noted author of investment advice for the public. In books and articles over the last decade, he’s focused much of his attention on mutual funds. Yet he consistently ignores or is unaware of basic facts about how mutual funds operate, how investors seek and use funds, and how individuals manage their portfolios—gaps on full display in his latest commentary in the New York Times last weekend.

Fact Book Illustrates the Dynamic, Evolving Fund Industry

By Brian Reid

May 3, 2011

Each year, the annual update of the Investment Company Fact Book gives ICI an opportunity to present a broad overview of the investment landscape by recording, in a single volume, insights gleaned from both our members and our own research. Sometimes the developments are slow, and the picture barely changes from one year to the next. In other years, there are large shifts that permanently affect the investment management business.

Read more…

TOPICS: Investor Research

Revisiting the Age-Old Active Versus Passive Debate

By Brian Reid

April 12, 2011

The New York Times recently published an article examining investor behavior in the context of an old debate: actively managed funds versus passive funds (such as index funds). When reading stories like this, it is important to keep a couple of key points in mind.

Read more…

TOPICS: Investor Research

Closed-End Fund Assets Up 7 Percent in 2010

By Daniel Schrass, Judy Steenstra, and Dorothy Donohue

March 18, 2011

Total closed-end fund assets were $241 billion at year-end 2010, up 7 percent from year-end 2009, according to our recently released annual research report on the closed-end fund market. On net, closed-end fund assets increased by $16 billion during 2010.

Read more…

TOPICS: Investor Research

ICI Report Provides Comprehensive Information on Fund Shareholders

By Daniel Schrass and Michael Bogdan

February 18, 2011

Today, we publish Profile of Mutual Fund Shareholders, 2010. The report contains a wealth of information on the 43.9 percent of U.S. households (representing 90.2 million investors) that own mutual funds.

Read more…

TOPICS: Investor Research

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Talkin’ ’Bout the Generations: ICI Research on Mutual Fund Ownership by Generation

By Michael Bogdan and Candice Gullett

What types of funds do the different generations hold?

Equity Mutual Funds Most Popular in All Generations

Equity fund ownership

Money market fund ownership

What kinds of accounts do the different generations have?

Tax-Advantaged Retirement and Education Accounts Are Popular Across Generations

Defined contribution plan ownership

Individual retirement account ownership

Education-targeted savings ownership

What is the primary goal of saving across generations?

Majority of Mutual Fund Investors of All Generations Are Focused on Retirement Saving

Retirement as the primary goal

Retirement as a goal

Education as a goal

2019 Annual Report to Members: A Letter to ICI's Membership

By George C. W. Gatch and Paul Schott Stevens

Happy Birthday, IRA! Congratulations on 45 Years

By Sarah Holden and Elena Barone Chism

2019 Investment Company Fact Book: Letter from the Chief Economist

By Sean Collins

Mutual Funds: Rated E for Everyone

By Sarah Holden

Growing Better with Age: The 401(k) Turns Forty

By Miriam Bridges and Christina Kilroy

Stock Ownership in the United States: It’s Main Street

By Sarah Holden

2018 Investment Company Fact Book: Letter from the Chief Economist

By Sean Collins

Americans: In Defined Contribution We Trust

By Sarah Holden

Fund Investors Will “Run”? Sorry, Charlie Brown

By Sean Collins and Sarah Holden

Pointing Fingers at Index Funds Won’t Explain Market Volatility

By Shelly Antoniewicz

More People Are Building Nest Eggs with Their IRAs

By Sarah Holden

2017 Annual Report to Members: A Message from the Chairman

By William F. “Ted” Truscott

Let’s Make Disclosure Reform Serve Shareholders

By Dorothy Donohue

In Reality, Data Tell a Different Story of Old Age in America

By Sarah Holden

Americans Trust in Their 401(k) Plans

By Sarah Holden

A 529 Day Primer: Do You Know What State Your College Savings Plans Are In?

By Christina Kilroy

ICI Study: Closed-End Fund Assets Were $262 Billion at Year-End 2016

By Shelly Antoniewicz

2017 Investment Company Fact Book: Letter from the Chief Economist

By Brian Reid

Scratch That: Why Arguments of a Broken Retirement System Are Misguided

By Peter J. Brady

Exemptions from Investor Protections Put California Savers at Risk

By Paul Schott Stevens

ICI Study: 55 Million US Households Own Mutual Funds

By Sarah Holden

For “401(k) Pioneers,” No Reason for Regrets

By Paul Schott Stevens

Fund Fees Have Been Falling for Two Decades

By Paul Schott Stevens

Ten Years After the PPA, the Path to Retirement Saving Is Easier

By Sarah Holden and Elena Barone Chism

To the SEC and FINRA: It’s Your Move

By David W. Blass

The SEC’s Online-Delivery Gift to Fund Shareholders

By David W. Blass

Getting Started in a 401(k) Plan—and Getting the Most Out of It

By Christina Kilroy

How America Supports Retirement: The Incentive to Save Is Not Upside Down

By Peter J. Brady

How America Supports Retirement: What Do Tax Rates Have to Do with the Benefits of Tax Deferral? Less Than You Think

By Peter J. Brady

How America Supports Retirement: No, Benefits Are Not “Tilted” to the Higher Earners

By Peter J. Brady

How America Supports Retirement: Tackling the Myths That Surround Us

By Peter J. Brady

Correcting a Distorted Picture of Retirement Resources