Tag: retirement savings
GAO finds that forced transfers erode in value and people lose track of inactive accounts. Millions of Americans – almost 40 percent of workers – leave their jobs each year, and many fail to specify what should be done with their 401(k) savings. If the balance is small, employers can transfer it out of t…
2013 Survey of Consumer Finances shows drop in balances and in participation. Last week’s blog post reported that – according to the Federal Reserve’s 2013 Survey of Consumer Finances – 401(k)/IRA balances for the typical working household approaching retirement declined from $120,000 in 2010 to $111,000 in 2013. This drop is startling given the positiv…
