Brockway, Gersbach, Franklin & Neimeier, P.C. logo

3520 SW H.K. Dodgen Loop

Temple, TX 76504

 

Phone: 254.773.9907

Fax:     254.773.1570

 

Website: www.templecpa.com

February 2019

February 2019 Short Bits

Short Bits

RETIREMENT ASSETS GROW.
The Investment Company Institute (ICI) estimated total U.S. retirement assets at $28.3 trillion as of the end of June 2018, accounting for almost one-third of household financial assets. Of that amount, about $9.26 trillion was in IRAs, making them the largest contributor. IRA assets grew $4.2 trillion since 2010. Where else are people investing for their retirement? Defined contribution plans like 401(k)s held more than $7.8 trillion in assets.


CONSISTENCY MATTERS.
When employees consistently contributed to their retirement plans — meaning actively in the same 401(k) plans from the beginning of 2011 to the end of 2016 — their balances more than doubled. The Employee Benefit Research Institute (EBRI) and Investment Company Institute (ICI) found that the average 401(k) plan account balance of these participants grew at 14.2% compounded annually to $167,330, more than double the average account balance of $75,358 among all participants during the same time.


IMPORTS COST MORE.
Trade uncertainty is causing a slight uptick in imports. Prices for U.S. imports rose 3.5% from October 2017 to October 2018, according to the Bureau of Labor Statistics. Prices rose 2.4% the year before. Fuel imports recorded the biggest increase at 30.2% while industrial supplies and materials import prices rose 14.2%.


BUSINESS CONFIDENCE HIGH.
The NFIB Research Foundation’s October 2018 Small Business Optimism Index maintained its recent strong performance, recording a 107.4, just off its record high. The report found that the percentage of small business members with one or more unfilled job openings is at a 45-year high.


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