by Amy Feldman
Having watched 401(k) account values drop precipitously, investors may fear that their savings in these defined-contribution plans will never get them through retirement. They may also wonder how their plans measure up against others.
So what does the 401(k) landscape look like? And how does your plan rate against others? We asked BrightScope—a new online database that has analyzed more than 1,000 plans, based on information from companies and filings from the U.S. Labor Dept. and Securities & Exchange Commission—to sift through those plans with at least $100 million in assets. We also culled national data from the Employee Benefit Research Institute, the Center for Retirement Research at Boston College, the Federal Reserve's 2007 Survey of Consumer Finances, and other sources, as a benchmark.
Here, then, is what Americans' retirement savings look like today.
401(k) Plan Assets
2008: $2.4 trillion2007: $3.0 trillion
If you've opened your 401(k) statement lately, you know just how bad the market meltdown has been for your future retirement. Total 401(k) plan assets shrunk from $3.0 trillion at the end of 2007 to $2.4 trillion at the end of 2008, according to estimates from the Employee Benefit Research Institute. source
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