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.
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.
