401(k)/IRA Holdings in 2013: An Update from the SCF

IB#14-15

The brief’s key findings are:

  • The Federal Reserve’s 2013 Survey of Consumer Finances provides an opportunity to examine trends in retirement savings over the past few years.
  • The good news is increased use of target date funds; the bad news is no improvement in participation rates, significant leakages, and high fees.
  • Surprisingly, for working households nearing retirement, median combined 401(k)/IRA balances actually fell from $120,000 in 2010 to $111,000 in 2013.
  • Younger households did see rising balances but retirement savings levels are clearly inadequate, and about half of all households have no 401(k) assets at all.

The CRR wants to hear from our website users like you. Would be you willing to take a short survey?

Yes, take me to it.       No, thanks.      Not now, but ask me later.