Months of market swings have taken a heavy toll on retirement savers.
Despite wild market swings, most savers kept their contribution rate steady, Fidelity also found.balance sank for the third consecutive quarter and is now down 23% from a year ago to $97,200, according to a new report by Fidelity Investments, the nation's largest provider of 401 plans. The financial services firm handles more than 35 million retirement accounts in total.Sign up for NBC San Diego newsletters.
The average individual retirement account balance also plunged 25% year-over-year to $101,900 in the third quarter of 2022. Still, the majority of retirement savers continue to contribute, Fidelity found. The average 401 contribution rate, including employer and employee contributions, held steady at 13.9%, just shy of Fidelity's suggested savings rate of 15%.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Average 401(k) balances drop below $100,000: FidelityRetirement investors at Fidelity have seen the average 401(k) balance slip below $100,000 and the rate of saving has slowed.
Read more »
Thanks, inflation: Thanksgiving dinner costs 20% more this year, running $65.04 on averageTurkey prices gobbled up most of the average budget to feed 10, the Farm Bureau says --- but shoppers may still be able to find cheaper birds before the big day
Read more »
JPSS-2 Launches to SpaceWe have a new satellite in our fleet! 🌎🛰️🥳 On Nov. 10, 2022, an AtlasV 401 rocket carried NOAA's JPSS2 satellite into orbit from SLDelta30 in California. Learn more about the launch in this week's EarthFromOrbit video:
Read more »
'The Drew Barrymore Show' Is The Fastest-Growing Show in Daytime!Viewership up up 70 percent, adding nearly half a million viewers year to year.
Read more »
Are latest CPI numbers good or bad? - KRLD NewsAccording to government figures released Wednesday morning, retail sales rose 1.3% in October from September. 'The 8.3% year-over-year increase, however, slipped a little bit from September’s 8.6% year-over-year gain, says Ted Rossman, senior industry analyst from Bankrate.com. 'Like other recent months, year-over-year retail sales increases continue to be roughly in line with inflation.' KRLD's John Liddle broke down the numbers with Ted. Image: Kateryna Onyshchuk/GettyImages
Read more »