Call it even. In the financial services industry’s quest to help secure successful retirements on behalf of their clients, a new report from the Employee Benefit Research Institute (EBRI) offers hope—and frustration. Although fewer American families are participating in a retirement plan at work, more of those with a plan are in a 401(k). At the same time, ownership of individual retirement accounts is falling, according the report.
Analyzing the four-year period from 2007 through 2010, EBRI finds that the share of American families with a member in any employment-based retirement plan increased steadily from 38.8% in 1992 to 40.6% in 2007, before declining in 2010 to 37.9%.
Ownership of 401(k)-type plans among families participating in a retirement plan more than doubled from 31.6% in 1992 to 79.5% in 2007, and increased again in 2010 to 82.1%.
However, the percentage of families owning an IRA or Keogh retirement plan (for the self-employed) declined from 30.6% in 2007 to 28% in 2010.