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February 23, 2006
Declining Private Retirement Accounts
The newest Federal Reserve report on changes in family finances-- looking at changes from 2001 to 2004 -- highlight the decline in families with private retirement accounts for individuals. While the news is dominated by employers eliminating defined benefit pensions, the fraction of families with individual retirement accounts also fell 2.5 percentage points in those years.
In fact, less than 50% of families have any kind of retirement account.
The hard reality is that the decline in employer pension funds are mostly being replaced by....nothing.
Posted by Nathan at February 23, 2006 03:53 PM
