Tag: Gen Xers
Late Boomers have surprisingly low levels of retirement wealth compared to earlier cohorts. A decline in some wealth components had been expected as a result of the rise in Social Security’s Full Retirement Age and the shift from defined benefit to defined contribution plans. But increasing 401(k)/IRA balances were predicted to offset the gap, sinc…
Study suggests differences may be disappearing. A 2020 Bank of America study examined 401(k) participation rates, contribution rates, investment allocations, balances, and leakages for the 4.6 million participants in the company’s record-keeping systems. In addition to breaking the data out by gender, the report also includes results by generation. The authors conclude that participation rates…
