Monday, May 14, 2012

TAG 401(k) Factoids

I spent most of today in TAG 401(k) Trustee meetings. Some of the bullet points about what I learned:

TAG 401(k) Plan

Assets -- $153,476,900
Participants -- 2,275
Average Account Balance -- $67,462

Age breakdown of Plan participants:
21-30 yrs = 90
30-39 yrs = 548
40-49 yrs = 969
50-59 yrs = 527
60+ yrs = 141.

When people get into their 30s, and particularly their 40s, the idea that they'd better build up assets for old age starts to take hold. Twenty-somethings? They seldom have much interest in building nest eggs, as can be seen above. (Makes sense, I suppose. Many of them are single and retirement seems light years away.)

Then marriage comes along, followed by children, and suddenly the idea of saving takes on a higher priority. Happened that way for me, sadly. I only wish I had been smarter, sooner. Would have made a difference in my bank account.


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