Decline reflects surprising drop in 401(k) balances
In preparation for a recent presentation, I asked for data to document the increasing dependence on 401s as opposed to traditional defined-benefit plans. One of the figures included total retirement wealth for households in the middle of the wealth distribution for five different cohorts.
Retirement wealth, which comes from the Health and Retirement Study , includes: 1) Social Security; 2) employer-sponsored retirement plans ; 3) non-defined-contribution financial wealth; and 4) housing wealth. Ages 51 to 56 were chosen because that is when the respondents in each new cohort enter the HRS, allowing the study to examine the most recent cohort in the HRS, the late boomers .
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