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The release of the Federal Reserve’s 2010 Survey of Consumer Finances (SCF) is a great opportunity to reassess how families are doing with their 401(k) plans. The SCF is a triennial survey of a nationally representative sample of U.S. households, which collects detailed information on households’ assets, liabilities, and demographic characteristics. The 2001, 2004, and…
The brief’s key findings are: The severity of the Great Recession is projected to have increased the probability of claiming Social Security at age 62 by more than 5 percentage points. This increase was relatively uniform across the income spectrum. The affected individuals claimed six months earlier, resulting in a 4.6 percent reduction in monthly…