Research from Fidelity Investments found that Americans' average IRA and 401(k) balances were down at the end of last year compared to a year ago but are rebounding.
declined year-over-year but are stabilizing and began to rebound at the end of 2022, according to new research from Fidelity Investments.
Fidelity’s research, which was released on Thursday, showed that average retirement account balances were down in the fourth quarter of 2022 compared to the same period in 2021, but were up from the prior quarter. Balances inwere an average of $103,900 in Q4 2022 – down from $130,700 in Q4 2021 but rebounded from $97,200 in Q3 2022.
"Given all the stresses in the world today, such as natural disasters and geopolitical events, Americans continue to confront challenging times in our economy," said Kevin Barry, president of Workplace Investing at Fidelity Investments. "Fortunately, the data shows that retirement savers understand the importance of saving for the long-term, despite market shift. We are encouraged to see people look past the current volatility and continue to make smart choices for their future.
Fidelity found that average retirement balances declined in Q4 2022 when compared to Q4 2021, but had risen compared to Q3 of 2022.pay off for investorsTotal 401 savings rates held relatively steady at 13.7% in Q4 2022, compared to 13.8% in Q3 2022 and 13.9% in Q2 2022 according to the research. That figure is slightly below Fidelity’s suggested savings rate of 15%.There was a generational divide in savings rates, as pre-retiree Boomers saved at the highest level and came in at an average of 16.
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