Although we are currently in the midst of a mutual fund scandal, Dow Jones reports, Americans are investing in mutual funds more now than ever before, according to a study by the Investment Company Institute.

Approximately $3.2 trillion of the U.S. retirement market was invested in mutual funds in the year ending 2004, with about $1.5 trillion of that in individual retirement accounts.

The most popular mutual funds are lifestyle and lifecyle funds, as approximately $103 billion was invested in them, $68.7 billion of which was in IRAs.

Assets in 401(k)s, the most common types of retirement accounts, increased to $2.1 trillion in the year ending 2004.

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