Taxable assets reach $66 trillion, nearly double retirement savings, H&W finds

U.S. households hold $66.0 trillion in taxable assets against $36.5 trillion in consumer-controlled retirement accounts, according to the Portrait of U.S. Household Wealth 2026 report H&W released Oct. 22.

The report counts 133.4 million U.S. households controlling $102.4 trillion in investable assets. H&W describes the taxable-to-retirement split as nearly two-to-one and wider than in prior years. InvestmentNews, which reported the findings, characterized taxable accounts as ahead of retirement accounts in both size and growth rate.

The taxable lead is not confined to wealthy households maxing out 401(k) and IRA contributions, according to the report. Households with $5,000 to $100,000 invested are among several asset bands where the majority of assets sit outside retirement registrations.

Laura Varas, CEO and founder of H&W, said, according to InvestmentNews: "Advice and guidance experiences should address allocation of saving across all possible account types, not just those your firm offers. Households may perceive tax-deferred accounts as a good choice for today but can fail to maintain liquidity for goals other than retirement."

Thirty-four percent of U.S. households spread saving across three or more account types, the report found. The complexity is sharpest among households with $100,000 to under $3 million in investable assets, and particularly among younger households in that band, where decisions about where new savings should go are most contested.

The report finds that moderate-asset households are adding debt to reconcile spending with savings goals, even as saving remains a priority for most Americans.

Inside the retirement bucket, defined contribution plans are narrowing the gap with IRAs, which the report reads as workplace plans regaining ground as a savings vehicle.