401k Assets Reach $2.4 Trillion

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

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401k Leakage - i.e., participants tapping into their retirement savings (through loans, withdrawals, and lump-sum cashouts) prior to retirement) - results in significant losses of retirement savings from the loss of compound interest as well as penalties associated with early withdrawals.
(A)pproximately 15 percent of 401(k) participants between the ages of 15 and 60 initiated at least one form of leakage in 1998, 2003, and 2006, with loans being the most popular type of leakage in all 3 years...cashouts made when a worker changed jobs, at any age, resulted in the largest amounts of leakage and the greatest proportional loss in retirement savings. (W)hile most firms informed participants about the short-term costs of leakage, few informed them about the long-term costs. (Source: GAO)
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