Tag: 401k plans
The brief’s key findings are: Blacks and Hispanics are less likely to participate in 401(k)s and, when they do, they contribute at lower rates. Even after controlling for age, job tenure, and earnings, these patterns persist. However, adding education, wealth, and plan characteristics makes the differences disappear. So the best way to boost saving among…
The brief’s key findings are: The 2007 Survey of Consumer Finances shows 401(k)/IRA balances of $78,000 for those approaching retirement, a modest improvement over 2004. This progress was due to slightly higher participation rates, improved diversification, reduced leakage, and the maturation of 401(k)s. However, by October 2008, the stock market collapse had reduced 401(k)/IRA balances…
