Median 401(k) Balances Rose to $144,000 in 2019

The main reason for low savings is the lack of continuous coverage, so the solution is for policymakers to mandate coverage for all workers.
Author:
Publish date:

401(k)/IRA Holdings in 2019: An Update from the SCF

The brief’s key findings are:

  • The 2019 Survey of Consumer Finances offers a picture of households’ 401(k)/IRA assets after a period of strong economic growth and stock market gains.
  • And these balances may not differ much from today, as the market is modestly higher in 2020 and most job losses have been borne by those without a 401(k).
  • For working households nearing retirement with a 401(k), median combined 401(k)/IRA balances rose from $135,000 in 2016 to $144,000 in 2019.
  • $144,000 provides a married couple with only $570 per month in retirement.
  • The bigger problem is that only half of households have any 401(k)-related assets.
  • The main reason for low savings is the lack of continuous coverage, so the solution is for policymakers to mandate coverage for all workers.

Read 401(k)/IRA Holdings in 2019: An Update from the SCF and What Does Consistent Participation in 401(k) Plans Generate? Changes in 401(k) Plan Account Balances, 2010–2018

Older Americans 2020: Key Indicators of Well-Being

A periodic Chartbook prepared by the Federal Interagency Forum (Forum) on Aging-Related Statistics, provides a comprehensive, easy-to-understand picture of our older population. Readers will find here an accessible compendium of indicators drawn from the most reliable official statistics. Indicators are categorized into six broad groups: Population, Economics, Health Status, Health Risks and Behaviors, Health Care, and Environment. 

Read Older Americans 2020: Key Indicators of Well-Being

Other retirement research of interest:

Retirement Security: Other Countries’ Experiences with Caregiver Policies

Vietnam Veterans’ Income in Retirement

A Review of CBO’s Estimate of Spending From the Department of Defense’s Medicare-Eligible Retiree Health Care Fund

ESG Investing and Public Pensions: An Update

Deaths in the care sector, England and Wales: 2019

Pension Freedoms: a qualitative research study of individuals’ decumulation journeys

Medicare Part D: A First Look at Medicare Prescription Drug Plans in 2021

Long term outcomes for elderly patients after emergency intensive care admission: A cohort study

Public Policy and Aging Report

Differences in Characteristics of Adult Day Services Centers, by Level of Medical Service Provision

The pandemic’s effect on the widening gap in mortality rate between the U.S. and peer countries

Racial and Ethnic Disparities in COVID-19 Cases and Deaths in Nursing Homes

The Demography of Loneliness at Older Ages

Close social networks among older adults: the online and offline perspectives

Cardiovascular disease risk factors among older people: Data from the National Health and Morbidity Survey 2015

Medicare and Home Health: Taking Stock in the COVID-19 Era

Policies for an Aging Labor Force: Keeping Older Workers with Health Conditions Employed

The Dynamics of Ageing: Evidence from the English Longitudinal Study of Ageing 2002-2019 (Wave 9)

The state of health care and adult social care in England 2019/20

De-Mystifying Data: How Medicare Data Can Support Medicaid Agencies

AARP Nursing Home COVID-19 Dashboard

Moneyball in Medicare: Heterogeneous Treatment Effects

2020 Public Plan Investment Update and COVID-19 Market Volatility

A retirement dashboard for the United States

Retirement tontines: Using a classical finance mechanism as an alternative source of retirement income

Working Less to Take Care of Parents? Labor Market Effects of Family Long-Term Care in Four Latin American Countries

Financial Literacy and Financial Decision-making at Older Ages

How Can Policymakers Close the Racial Gap in Retirement Security?

Five Democratic Approaches to Social Security Reform: Estimated Impact of Plans from the 2020

Advance care planning information intervention for persons with mild dementia and their family caregivers: Impact on end-of-life care decision conflicts

Update on Oversight of Opioid Prescribing and Monitoring of Opioid Use: States Have Taken Action To Address the Opioid Epidemic

The Effects of the Affordable Care Act on the Near-Elderly: Evidence for Health Insurance Coverage and Labor Market Outcomes

One in Four Older Adults Report Anxiety or Depression Amid the COVID-19 Pandemic

Medicare Accelerated and Advance Payments for COVID-19 Revenue Loss: More Time to Repay

COVID-19’s Impact on Older Workers: Employment, Income, and Medicare Spending

Analysis of Benefit Estimates Shown in the Social Security Statement

SSI Recipients by State and County, 2019

SSI Monthly Statistics, September 2020

Decoding the mystery of American pain reveals a warning for the future

Health of Elderly Parents, Their Children’s Labor Supply, and the Role of Migrant Care Workers

How Would Joe Biden Reform Social Security and Supplemental Security Income?

Liberal State Policies Improve Life Expectancy

Asset-Rich and Cash-Poor: Which Older Adults Value Reverse Mortgages?

A data-driven prospective study of dementia among older adults in the United States

Lower Flu Vaccination Rates Among Black, Hispanic, and Low-Income Seniors Suggest Challenges for COVID-19 Vaccination Efforts

401(k)/IRA Holdings in 2019: An Update from the SCF

The brief’s key findings are:

  • The 2019 Survey of Consumer Finances offers a picture of households’ 401(k)/IRA assets after a period of strong economic growth and stock market gains.
  • And these balances may not differ much from today, as the market is modestly higher in 2020 and most job losses have been borne by those without a 401(k).
  • For working households nearing retirement with a 401(k), median combined 401(k)/IRA balances rose from $135,000 in 2016 to $144,000 in 2019.
  • $144,000 provides a married couple with only $570 per month in retirement.
  • The bigger problem is that only half of households have any 401(k)-related assets.
  • The main reason for low savings is the lack of continuous coverage, so the solution is for policymakers to mandate coverage for all workers.
Member Exclusive

Get Access to Our Exclusive Content