In last week’s Question of the Week we asked, “As participants enter their retirement years (about age 65), what is their median balance in all DC plan accounts in their household, including those held by a significant other, partner or spouse?”
Here are the responses, expressed as percentages:
Under $100,000: 21%
$100,000-$124,000: 31
$125,000-$149,000: 8
$150,000-$174,000: 11
$175,000-$199,000: 5
Over $200,000: 18
Other: 5
What’s the “right” answer? According to Warren Cormier of the Boston Research Group, the DCP 2013 survey of 7,000 active DC plan participants found that participants who are age 65 have a median household DC account balance of $147,000. The average household balance is $267,000. This includes all existing DC plan accounts for the participant and his or her spouse or partner. The median balance of $147,000 annuitizes to approximately $700 of monthly income, Cormier notes, and the average Social Security payment is $1,176.
This week’s question is: “How many hours per day does the average plan advisor work in a normal work week?” It can be found at the bottom of the right column of any page on the portal. On mobile devices, scroll all the way to the bottom. (Speaking of mobile devices, a reminder to use your device’s browser to bookmark the NAPA Net home page. This will create an icon on your device’s home page.)
