Wharton Pension Research Council Working Papers

Document Type

Working Paper

Date of this Version



Defined contribution (DC) plans are increasingly being offered as the primary employer-sponsored pension, so it is of interest to ask whether DC accumulations are likely to yield sufficient income in retirement. This chapter uses the EBRI/ICI 401(k) Accumulation Projection Model to explore alternative future scenarios for retirees having had 401(k) plans available over a full working career. We assess the impact of catch-up contributions recently permitted by legislation; saving through individual retirement accounts if the employer does not offer a 401(k) plan; and changing the retirement age.


The published version of this Working Paper may be found in the 2006 publication: Restructuring Retirement Risks.

Working Paper Number


Copyright/Permission Statement

All findings, interpretations, and conclusions of this paper represent the views of the author(s) and not those of the Wharton School or the Pension Research Council. Copyright 2005 © Pension Research Council of the Wharton School of the University of Pennsylvania. All rights reserved.


The views expresses in this paper are those of the authors and do not necessarily reflect those of EBRI, ICI, or Temple University. Special thanks to Luis Alonso, Research Analyst at EBRI, who maintains the EBRI/ICI databases and to Craig Copeland, Senior Research Associate at EBRI, who tabulated Current Population Survey (CPS) and Survey of Consumer Finances (SCF) data for some modules of the model.

Included in

Economics Commons



Date Posted: 30 August 2019