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?
A lump-sum distribution is a method of paying benefits from a pension plan in which a participant's entire beenfit is paid out in a one-time payment. Lump sum distributions are sometimes called cash outs.