The U.S. retirement market is projected to grow to nearly $22 trillion by 2016. That represents a 38% increase from an estimated $16 trillion mark for the end of 2011, due mostly to continuing market recovery, according to data released Monday by Cerulli Associates, a Boston-based research firm.

IRAs are grabbing a growing share of total retirement assets, according to the statistics. Cerulli notes that rollovers from defined contribution plans have fueled the growth of IRAs, which today represent 29.7% of the retirement market. By 2016, IRA assets will account for 33%, according to Cerulli projections.

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