401k Assets at $1.7 Trillion

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

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Some Myths About 401k’s
Myth 1: The majority of lower-income employees don’t participate in their 401k plan.

• On the contrary, the majority (53%) of participants in 401k plans recordkept by Fidelity earning between $20,000 and $40,000 do participate, and 71 percent of participants earning $40,000 and $60,000 participate.
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401k Facts

The median value in 2007 of all retirement accounts owned by households headed by persons between the ages of 55 and 64 was $100,000.
For a 65-year-old man retiring in April 2009, $100,000 would be sufficient to purchase a level, single-life annuity that would pay income of $700 per month for life, based on current interest rates. Because women have longer average life expectancies than men of the same age, $100,000 would purchase a level, single-life annuity that would pay income of $650 per month for life to a 65-year-old woman retiring in April 2009. (SOURCE: Congressional Research Service: Retirement Savings and Household Wealth in 2007)

Some Myths About 401k’s