Total Number of IRAs in the United States
As of the most recent available data from the Investment Company Institute, there are approximately 138 million Individual Retirement Accounts in the United States, holding an estimated $18.6 trillion in assets. This figure reflects both traditional and Roth IRAs held by households and is the most widely cited benchmark for retirement account ownership in the country. The total number of IRAs has grown steadily over the past two decades, driven by workplace plan access gaps and the rise of self-directed investing options available through major brokerage platforms according to Forbes.
The sheer scale of IRA ownership means these accounts now represent a dominant share of U.S. retirement savings, surpassing the balances held in many defined-benefit pension plans. The Investment Company Institute updates its IRA data annually, and the latest release confirms that IRAs remain the single largest category of retirement accounts by number of accounts. This metric is closely watched by policymakers, financial institutions, and retirement researchers because it directly affects estimates of national retirement readiness and future tax revenue from retirement savings withdrawals.
Breakdown by IRA Account Type
Traditional IRAs still account for the largest share of accounts by number, but Roth IRAs have grown faster in recent years due to their tax-free qualified distribution feature. As of the latest available data, Roth IRAs represent roughly 30 to 35 percent of all IRA accounts, a share that has increased steadily since the SECURE Act of 2019 expanded eligibility and encouraged more younger workers to open Roth accounts per SEC filings on mutual fund trends. The remaining accounts are split between SEP IRAs, SIMPLE IRAs, and rollover IRAs, with rollover IRAs growing as more workers leave employer-sponsored plans and transfer balances into individual accounts.
Within the traditional IRA category, a significant portion of assets are held in target-date funds and mutual funds offered by major asset managers such as Vanguard, Fidelity, and BlackRock. These firms collectively manage hundreds of billions of dollars in IRA assets, and their annual reports provide granular data on account counts and average balances by product type. SEP IRAs remain more common among self-employed individuals and small business owners, while SIMPLE IRAs are primarily used by small employers with fewer than 100 employees, and these two types together represent a smaller but still meaningful share of the total IRA universe.
Key Ownership Trends and Demographics
IRA ownership is heavily concentrated among households with higher incomes and those who have access to employer-sponsored retirement plans, though the gap has narrowed as more states have enacted auto-IRA programs. The latest available data from the Federal Reserve's Survey of Consumer Finances shows that the median IRA balance for households approaching retirement is substantially lower than the average balance, highlighting the skew created by a small number of very large accounts. Meanwhile, younger workers are increasingly opening Roth IRAs early in their careers, a trend supported by low initial contribution minimums and the ability to invest in fractional shares through major brokerages as noted by Vanguard.
Geographic differences also shape the total number of IRAs by state, with states that have larger financial-sector workforces and higher median incomes typically showing higher IRA penetration rates. Employer size matters as well: workers at large firms are more likely to have both a workplace retirement plan and an IRA, while those at small businesses often rely solely on an IRA for retirement saving. These patterns are expected to continue influencing the growth of the IRA market, with the total number of accounts likely to rise as auto-IRA legislation expands and more employers add retirement plan options that encourage rollover contributions into individual accounts per