401(k)/IRA Holdings in 2022: An Update from the SCF

Anqi Chen and Alicia H. Munnell

Issues in Brief from Center for Retirement Research

Abstract: The 2022 Survey of Consumer Finances shows how 401(k)/IRA saving fared from 2019-2022. The answer is not obvious given all that went on: COVID, economic disruption, seesawing markets, a huge fiscal response, and strong employment. The good news: for working households nearing retirement with a 401(k), median combined 401(k)/IRA balances rose from $144,000 to $204,000. The bad news: these gains for older savers were mainly among the higher income, and younger savers generally did not do well. Moreover, half of households do not even have a 401(k), so the overall news on retirement saving remains disappointing.

Pages: 13 pages
Date: 2023-12
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