Posted on 02/23/2023 1:41:25 PM PST by ChicagoConservative27
Average retirement account balances dropped nearly 25 percent last year, according to a new report by Fidelity.
Although retirement balances increased in the fourth quarter of 2022, the average balance of individual retirement accounts (IRA) dropped by 23 percent from the fourth quarter of 2021, according to Fidelity’s research, which was released on Thursday.
BUSINESS Retirement account balances lost almost 25 percent last year: Fidelity BY LAUREN SFORZA - 02/23/23 3:22 PM ET SHARE TWEET
FILE – This Oct. 24, 2016, file photo shows dollar bills in New York. A recent survey by Fidelity Investments found that savings are declining. (AP Photo/Mark Lennihan, File) Average retirement account balances dropped nearly 25 percent last year, according to a new report by Fidelity.
Although retirement balances increased in the fourth quarter of 2022, the average balance of individual retirement accounts (IRA) dropped by 23 percent from the fourth quarter of 2021, according to Fidelity’s research, which was released on Thursday.
The study found that the average IRA held around $104,000 in the last quarter of 2022 — a steep decrease from the prior year, where the average was $135,600.
The average balance of 401(k) retirement accounts also dropped during this time period: a decrease of about 20 percent from fourth quarter of 2021. The average 401(k) account balance in the fourth quarter of 2022 was $103,900 compared to an average of $130,700 in the 2021 fourth quarter.
(Excerpt) Read more at thehill.com ...
Great Resets don’t come cheap.
40%-45% allegedly approve of Biden’s handling of the economy and tens of millions wish they could vote Dem now but have to wait for 2024.
Recent:
“Of the 45% of Americans saying they approve of the way Biden is handling his job as president, 76% say they expect the national economy will be better a year from now....from American Research Group website.”
Stooooooopid.
Mine did great under Trump and under Biden - downhill in a death spiral. Elections have consequences.
Unfortunately many of these folks got what they voted for
Ours has stayed steady, up some and down some, but no big losses.
Best economy ever! Ever, I say!
Happy days are here again!
How ANYONE with a 401K votes Democrat is a complete mystery.
This is only half of the equation. The “balance” went down by 25%, meaning we went from 130,000 to 100,000, but that 100,000 now doesn’t buy as much as it did last year either. With 8% inflation, we lost like 33%+ of our ability to retire.
That's because the FED raised interest rates in the fourth quarter.
I went to all cash in the Fidelity money market fund last May and my interest income ballooned in the 4th quarter.
I also sold an overweight position in energy at its peak last year, so my net was a 10% growth for the year.
-PJ
Mine didn’t. 25% bonds. The other stuff is some mixture of the s&p 500. Semi-conservative. I’ve lost 10% under Biden. Ot’s unacceptable still. Not looking forward the rest of the year.
They lost a lot more than that with inflation factored in.
The economy goes downhill, they get laid off due to this, and now they're crying about being unemployed, boo-hoo-hoo.
I only lost about 10%, but I saw the wheels coming off early and put big money in commodities funds and Fidelty’s energy fund at the end of January and then another adjustment later. Otherwise I would of been down at least 25%. (FSENX was probably the best fund to have last year, and Fidelty’s commodity fund was good as well). This year i’m am heavy in money markets and just keeping 20% in equity and bond funds (a little more equity than bond).
so much for my target retirement fund...
I suspect only part of the 23% decline in these accounts is due to the financial performance of the investments, and a sizable part of the decline is the result of early withdrawals from the accounts due to hardship.
-PJ
I’m not down 25%, but it’s close. And I’m now farther away from retirement...
I am only keeping a fraction of my holdings in that one now since it is heavy in semiconductor chips, and I fear for Tawain with the clown show running things. I just hope we get a change in 2024, but I have totally lost faith in honest elections in our country.
Yes, this is true. FJB/LGB/FBHO/ETC.
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