"In 2004, the median balance [for a 401(k) plan] for household heads aged 55-64 was $60,000...These balances had improved somewhat from $44,800 in 2001, most likely because the new cohort of those 55-64 had spent more of their working life covered by a 401(k)." (p.5)

*Note: The reported amounts include holdings in IRAs because these balances consist mostly of rollovers from 401(k) plans.

Center for Retirement Research at Boston College. (2006, March). 401(k) Plans are Still Coming Up Short. Chestnut Hill, MA: Munnell, A.H., and Sunden, A.

"The release of the Federal Reserve's 2004 Survey of Consumer Finances (SCF) is a(n)…opportunity to reassess the role that 401(k) plans are playing in the provision of retirement income. The SCF is a triennial survey of nationally representative sample of U.S. households' assets, liabilities, and demographic characteristics....The 2001 survey showed that 401(k) accumulations were coming up short. The 2004 survey shows some progress but most of the problems persist."