An Update on 401(k) Plans: Insights from the 2007 SCF
The Survey of Consumer Finances is a triennial survey of a nationally representative sample of U.S. households, which collects detailed information on households’ assets, liabilities, and demographic characteristics. Given the collapse of the financial markets and the economy, this Issue in Brief uses the 2007 SCF data as a starting point in evaluating the condition of 401(k)s and relies on more recent data and estimates to paint a full and current picture.
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Did You Know?
In 2015, workers will be able to contribute up to $18,500 to their 401(k) plans. Workers age 50 and older can contribute $24,000. Employers can match those contributions up to a total employer-employee limit of $52,000. Check out our helpful fact sheet to learn the contribution limits for other retirement plans. Read the fact sheet.