Stock Market Volatility Tanks Retirement Savings By 23%

Savings accounts take beating with average 401(k) dropping below six figures
NEW YORK, NEW YORK - NOVEMBER 17: Traders work on the floor of the New York Stock Exchange during morning trading on November 17, 2022 in New York City. Stocks are expected to fall as the stock market opened with interest rates rising as Federal Reserve officials signal more interest rate hikes to continue to slow down inflation.  (Photo by Michael M. Santiago/Getty Images)

At a glance

  • According to Fidelity Investments, the average 401(k) has declined by 23 percent compared to last year.
  • One year ago, the average 401(k) balance stood at $126,100. It dropped in June to an average of $103,800 and today, the average balance is $97,200.
  • Similarly, the average IRA balance has declined by 25 percent following three consecutive quarters of decline.

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