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Follow on Google News | Wallet1000 Releases the State of the 401(k) ReportThe State of the 401(k) Report Analyzes 401(k) Industry Growth and Leaders
By: Wallet1000 The State of the 401(k) quantifies trends seen in the industry including the doubling of assets over the past ten years and the increase in average plan size. It finds that the largest plans hold an outsized portion of assets with the top 1% of 401(k) plans holding 73% of assets. The advantage of scale that larger plans have is reflected in the fees they pay. Smaller plans (under a million in assets) are paying up to fifty times the advisory fees that larger plans pay as a percentage of assets. A similar story is told with recordkeeping fees for large plans (over $100 million in assets) being 0.04% of assets while being 0.28% of assets for plans between $1 million and $5 million. For participants, the average size of a 401(k) account reached $92,921--up from an average of $52,949 in 2009 at the end of the Great Recession. To create this extensive report, Wallet1000 analyzed eleven years worth of industry data from the U.S. Department of Labor. About Wallet1000 Wallet1000 is an innovative platform that allows 401(k) advisors and employers to quickly and easily provide a financial wellness education and financial planning tool to their retirement plan participants. Every user gets a personalized financial plan, actionable guidance, and automated, ongoing touches to help them make progress towards achieving their financial goals. URL: https://www.wallet1000.com/ End
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