Key 401K Statistics You Should Know About

Retirement plans are the cornerstone of savings for Americans planning for retirement.

In particular, defined contribution (DC) plans, especially 401[k] plans, are the pathways used to fund retirement savings.

Here are some key defined contribution plan statistics you should know about as you start to think about your goals for 2023 and beyond.

As you review this data, please keep the following in mind: The earlier you start saving for retirement, the longer your money has the potential to grow, given the benefits of compounding over long periods of time.

Footnotes

[1] https://www.idc.org/system/files/2022-05/2022_factbook.pdf?_gl=1*gd6b09*_ga*MTU5NDMzNzE0Ni4xNjcxMjg3MDQ3*_ga_JBL1N005XX*MTY3MTI4NzA0Ni4xLjEuMTY3MTI4NzExOC41OC4wLjA.

[2] https://www.idc.org/system/files/2022-05/2022_factbook.pdf?_gl=1*gd6b09*_ga*MTU5NDMzNzE0Ni4xNjcxMjg3MDQ3*_ga_JBL1N005XX*MTY3MTI4NzA0Ni4xLjEuMTY3MTI4NzExOC41OC4wLjA.

[3] https://institutional.vanguard.com/content/dam/inst/vanguard-has/insights-pdfs/22_TL_HAS_FullReport_2022.pdf

[4] https://www.idc.org/system/files/2022-05/2022_factbook.pdf?_gl=1*gd6b09*_ga*MTU5NDMzNzE0Ni4xNjcxMjg3MDQ3*_ga_JBL1N005XX*MTY3MTI4NzA0Ni4xLjEuMTY3MTI4NzExOC41OC4wLjA.

[5] https://institutional.vanguard.com/content/dam/inst/vanguard-has/insights-pdfs/22_TL_HAS_FullReport_2022.pdf

[6] https://institutional.vanguard.com/content/dam/inst/vanguard-has/insights-pdfs/22_TL_HAS_FullReport_2022.pdf

[7] https://institutional.vanguard.com/content/dam/inst/vanguard-has/insights-pdfs/22_TL_HAS_FullReport_2022.pdf