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May 20, 2022 at 03:14 PM
Related: 10 Financial Planning Steps to Take Within 10 Years of Retirement
Average account balances for some 35 million IRA, 401(k) and 403(b) retirement accounts decreased in the first quarter, mainly driven by the stock market’s performance, Fidelity Investments reported this week.
At the same time, the total 401(k) savings rate hit record levels, the number of IRAs on Fidelity’s platform increased and the percentage of employees with a 401(k) loan decreased.
“During periods of economic uncertainty, it’s important for retirement savers to stay focused on their long-term savings goals and not make knee-jerk reactions to short-term market events,” Kevin Barry, president of workplace investing at Fidelity Investments, said in a statement.
“While the market’s performance does impact account balances in the near term, consistent contributions and having an appropriate asset allocation are just as important for a successful long-term retirement savings strategy.”
See the gallery for nine takeaways from Fidelity Investments’ analysis of first-quarter savings behavior and account balances.
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