401(k) plans in 2010

Munnell, Alicia Haydock. “401(k) plans in 2010”. Issue in Brief 12-13, Chestnut Hill, Mass.: Center for Retirement Research at Boston College, July 2012. http://hdl.handle.net/2345/bc-ir:103932.
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Abstract

The brief's key findings are: (1) Progress in the 401(k) system stalled in the wake of the economic crisis, according to the 2010 Survey of Consumer Finances data. (2) Despite an increase in auto-enrollment, the percent of employees not participating ticked up. (3) And 401(k) contributions slipped, while leakages through cash outs, loans, and hardship withdrawals increased. (4) As a result, the typical household approaching retirement had only $120,000 in 401(k)/IRA holdings in 2010, about the same as in 2007. (5) This amount would provide only $575 in monthly income, assuming a household purchases a joint-and-survivor annuity.

Title
401(k) plans in 2010: An update from the SCF
Author
Munnell, Alicia Haydock
School
Carroll School of Management
Discipline
Finance
Center
Center for Retirement Research
Genre
report
Date Issued
July 2012
Publisher
Center for Retirement Research at Boston College
Series Title
Issue in Brief
Series Number
12-13
Version Identification
Version of record.
Persistent Link
http://hdl.handle.net/2345/bc-ir:103932
Use Restrictions
These materials are made available for use in research, teaching and private study, pursuant to U.S. Copyright Law. The user must assume full responsibility for any use of the materials, including but not limited to, infringement of copyright and publication rights of reproduced materials. Any materials used for academic research or otherwise should be fully credited with the source. The publisher or original authors may retain copyright to the materials.
Subject
Financing retirement

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