养老金融系列之一：美国养老金都投些什么？

Pension System Structure - The US pension system is built on a "three-pillar" model, with the first pillar (public pensions) accounting for 6.2%, the second pillar (employer-sponsored plans) for 58%, and the third pillar (individual retirement accounts) for 35.8% of total pension assets as of 2023[1] - The second pillar, which includes DB (Defined Benefit) and DC (Defined Contribution) plans, is the core of the US pension system, with DB plans gradually being replaced by DC plans due to cost and flexibility advantages[1][26] - The third pillar, primarily consisting of IRAs, has seen significant growth, with over half of US households owning an IRA account as of 2023[1][32] Investment Allocation - The first pillar invests primarily in special government bonds, with long-term Treasury bonds making up 93% of its portfolio as of 2023[37][39] - The second pillar focuses on stocks and mutual funds, with 30.5% allocated to company stocks and 20.4% to mutual funds as of Q2 2024[44] - The third pillar has shifted from bank deposits to mutual funds, stocks, and bonds, with 43.1% allocated to mutual funds and 48.4% to other assets like stocks and bonds as of 2023[49][50] Financial Product Innovations - Lifecycle funds, which adjust investment strategies based on the holder's age, account for 19.7% of DC plan assets and 5.3% of IRA assets as of 2023, with 85.5% of lifecycle fund assets held by pension funds[56][57] - Annuities dominate the US life insurance market, contributing 53% of direct premium income in 2023, while traditional life insurance accounts for only 22.8%[61][62] - The US long-term care insurance market has declined due to rising claims and premiums, with 78% of policyholders aged 50-69 as of 2024[65][66]