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 401(k) plan is a retirement savings plan in which the benefit is based on contributions to an individual account and the investment return on those contributions. Typically, employees make contributions to the plan and, in many cases, employers match the employees' contributions. These plans are called defined contribution plans. In most 401(k) and other retirement savings plans, the employee is responsible for choosing among the investments offered by the plan. Other types of retirement savings plans are 403(b) and 457 plans.