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401(k), Social Security should be enough for most retirees

Assuming that Social Security benefits are not reduced, EBRI found that between 83 and 86 percent of workers with more than 30 years of eligibility in a voluntary enrollment 401(k) plan should have enough to replace at least 60 percent of the wages they were making at age 64.

By Paula Aven Gladych | Updated on January 23, 2014

Long-term savings in a 401(k), combined with Social Security, will be enough to replace at least 60 percent of most workers’ pre-retirement pay in retirement, according to a report by the Employee Benefit Research Institute.

Assuming that current Social Security benefits are not reduced, EBRI found that between 83 and 86 percent of workers with more than 30 years of eligibility in a voluntary enrollment 401(k) plan should have enough to replace at least 60 percent of the wages they were making at age 64, on an inflation-adjusted basis.

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