Friday, February 08, 2013

New 401(k) Totals

For TAG 401(k) participants:

As of the start of the week, the Plan's asset total was

$164.2 million

And the average participants has $70,000 in various accounts ...

This is considerably higher than averages in most plans, and combined with the other TAG pensions means that a lot of TAG members will be on more solid footing than most employees across the fruited plain.

As U.S.A. Today says:

... According to the Center for Retirement Research at Boston College, the median household retirement account balance in 2010 for workers between the ages of 55-64 was just $120,000. For people expecting to retire at around age 65, and to live for another 15 years or more, this will provide for only a trivial supplement to Social Security benefits.

And that's for people who actually have a retirement account of some kind. A third of households do not. For these people, their sole retirement income, aside from potential aid from friends and family, comes from Social Security, for which the current average monthly benefit is $1,230.

The thing that I emphasize (over and over) is that younger employees have to think about putting something away, even if it's only a few percent of income. (And let's face it: In an unstable employment universe, that can be a challenge.)


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