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What's a More Typical 401(k) Balance: $12K or $86K?
BusinessWeek Link to more items from this source
Oct. 12, 2009
Excerpt: Several readers asked how is it possible that the typical U.S. worker had an average balance of $86,513 in their 401(k) account at the end of 2008, based on data this week published by the Employee Benefit Research Institute and the Investment Company Institute.... [Response from Dallas Salisbury of the Employee Benefit Research Institute:] Great question. That is why the report provides all of the numbers for all participants by many factors including age, tenure, etc. And, for two continuous groups. In the report, those 2003 to 2008 and in the appendix, 1999 to 2008. And, as the comment above notes, the data for those over 60 with over 30 years of tenure provides a picture of what these programs can do for a full career worker. Any average is misleading, but using many averages for different groups, and also publishing medians, allows the user to get a complete picture. Just the facts is the role of EBRI. Not advocacy of what should or should not be. I encourage everyone to look at the detailed study to compare themselves to those fitting their income, age, tenure, to see how you are doing in relative terms.

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