401k Assets Reach $675 Billion

401k statistics for the year as reported by the U. S. Department of Labor Employee Benefits Security Administration (EBSA):

Number of 401k Plans: 174,945
Active 401k Participants: 25,062,000
Total 401k Assets: $674.7 billion
401k Contributions: $75.88 billion
401k Benefit Payments: $50.66 billion

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Some Myths About 401k’s
Myth 2: 401(k) participants don’t take an interest in their retirement plans.

• In reality, Fidelity found workplace participants are increasingly more engaged in their plans. In 2010, approximately three out of four active participants contacted Fidelity via the phone or over the Web. And more than 1.1 million workplace participants took advantage of Fidelity’s online guidance tools.

• Of those who used the savings tools, nearly half (47%) increased contributions to their 401(k)s by an average of three percentage points (from 4% to 7%).

• When employees sought Fidelity’s comprehensive guidance with their investment strategy, one in five made adjustments to their portfolio from suggestions based on their age and target retirement date.
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401k Facts

Social Security is the largest source of retirement income for households with someone aged 65 or older.
Social Security benefits are the foundation of retirement income for nearly all households with someone aged 65 or older—providing annually inflation-adjusted income for life—and are the source of half or more of total income for about 64 percent of those households. For retired Social Security beneficiaries with the lowest lifetime earnings (up to $9,132 in 2010), Social Security replaces 90 percent of their average annual indexed lifetime earnings if benefit receipt begins at full retirement age. For those at the highest level of earnings covered by Social Security ($106,800 in 2010), Social Security replaces about 26 percent. At the median income level, Social Security replaces an estimated 47 percent of average annual indexed lifetime earnings. (Source: GAO)

401k Assets Reach $675 Billion

Some Myths About 401k’s

401k Recent Articles

401k Facts

Social Security is the largest source of retirement income for households with someone aged 65 or older.