401(k) Balances Plunge by 23% in 2022

…The average balance went from $130,700 at the end of 2021 to $103,900 at year-end 2022.

Likewise, the average individual retirement account (IRA) balance sank by 20%, from $135,600 to $104,000 in that time.

The data is in line with a separate report from Vanguard that found the 401(k) balances it manages fell 20% last year, to an average of $112,572.

“Given all the stresses in the world today, such as natural disasters and geopolitical events, Americans continue to confront challenging times in our economy,” says Kevin Barry, president of workplace investing at Fidelity ….

…“Everyone is feeling pressure financially — there’s a lot of uncertainty out there in the markets and the economy.”…






Read more news: https://www.newsmax.com/finance/streettalk/401k-balances-fidelity-vanguard-data/2023/02/23/id/1109883/






Thanks President Biden. It is your policies that are responsible for this. You are killing the economic viability of us in or only a few years out of retirement.

 

I will likely have to delay retirement to after age 67 if these results are not stopped and reversed.

 

It really is terrible the destruction to our economy Dems have caused. Hopefully we can mitigate the damage until we get another R.

While people suffer, Dems are worried about trans rights which aren’t even under attack. Just their ability to groom.

 

You are exactly right. Mitigation is key and gridlock is the tool to mitigate with and get deficits more under control.

 

I have so long until retirement these paper ups and downs are meaningless. If anything, depressed prices right now means that my contributions will be buying more shares than they otherwise would for down the road when they are presumably going to be worth more.

 

I bet you also whined in 2019, when the stock market dropped by 24%, about having to delay retirement -- oh, wait....

The reality is that the stock market goes up (mostly) and goes down (sometimes), no matter who is president. If you can't afford a drop of the stock market when retiring, you shouldn't invest in stocks. Of course, it's much easier to blame the president, if it's not the one you voted for. So much for personal responsibility.

 

Huh? In 2019, my portfolio was up 18%. It wasn't down until 2022.

 

In the meantime those of us retired and living off of those funds or soon to be with not enough time to recover from further losses do what? Choose between gas in the car or food to eat? Hope we don’t run out of life savings while we are still alive? Have no rainy day money in case of a major medical bill or home repair?

 

When I was younger I could ride out the 2000-2001,and 2008-2010 down turns. I knew the 2020 downturn was going to be brief because the underlying economy was so strong and was triggered by a foreign attack plague. Trump handed Biden a V shaped recovery and Biden deliberately screwed it up and us over.

 

Yes, the worldwide economic downtown over the last few years is wholly the fault of Biden.

 

So it's all about you, no one else matters

 

Illuminating, don't you think Reads like a bio

 

Nope Just from his time in office like every president, the buck/bus stops at downtown!

 

Okay

 

Damn straight, my Brotha

 

LMAO, and you post a graph proving his post. See may of 2019

 

I initially posted that the stock market dropped in early 2019. Another poster then responded that this wasn't true. The S&P chart clearly shows a drop in late 18, early 19. Of course, Trump supporters have a tendency to remember the 2017-20 years through rose-colored glasses. In their mind, the stock market only went up and up under Trump and only crashed down and down under Dems. That's why we have silly threads like this present one.

 

YA in January Then by April they were at record levels I'd stay away from graphs if I were you

 

It seems your choices for investment were not very well thought out.

 

Tell me about it and I'm retired and living off of mine. I'm not dollar cost averaging or compounding returns to make up for it. And all Biden and the Dems offer is pointing fingers at others while their policies keep exacerbating it and the FED's efforts to fight it.

 

And? The only reason why the stock market recovered so quickly in 2019 was because the FED started lowering rates, not because of some Trump magic. In fact, the bond yield curve already inverted in late 2018, predicting a recession. FED rate lowering and covid rescued Trump from that.

Now, if I were you, I'd stop looking at the stock market with partisan blinders on. A president has yet to be invented who has the power to make the stock market always go up, and prevent drops. It doesn't work that way, even though Trump had his lackies convinced that it did.

 

Well, lucky for you, you have SS to lean on, with cola. If it were for your friend GWB, SS would be privatized by now, and you would have ZERO buffer from the ups and downs of the stock market.

 

And? Do you really expect Democrat policies to help the regular folk?

 

many invest in techs on NASDAQ. Why not look at the start of 2019 til the end. It increased