@article {Munnell32, author = {Alicia H. Munnell and Anthony Webb}, title = {The Impact of Leakages from 401(k)s and IRAs}, volume = {9}, number = {3}, pages = {32--54}, year = {2022}, doi = {10.3905/jor.2021.1.096}, publisher = {Institutional Investor Journals Umbrella}, abstract = {This article summarizes what is known about leakages from existing studies and relates these results to detailed data on leakages in 2013 provided by Vanguard{\textquoteright}s How America Saves. It then uses two data sets{\textemdash}the Survey of Consumer Finances and the Survey of Income and Program Participation{\textemdash}to estimate the impact of leakages on wealth at retirement. The Vanguard data are a critical component because they provide a comprehensive picture of assets and participant flows, whereas the surveys on which earlier studies were based tended to focus on one component, such as loans. A key limitation is that Vanguard{\textquoteright}s population is probably wealthier than the general population.}, issn = {2326-6899}, URL = {https://jor.pm-research.com/content/9/3/32}, eprint = {https://jor.pm-research.com/content/9/3/32.full.pdf}, journal = {The Journal of Retirement} }