Recent stock market volatility took some toll on 401(k) account balances in August, according to the Employee Benefits Research Institute.
Pre-retirees with 20 to 29 years of service with their current employer saw their average account balance drop 3.6 percent.
All demographics tracked by EBRI experienced losses. Older, longer-vested participants, who presumably carry less risk in equities than younger workers, and have larger accounts, were least hurt.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
