“Average 401(k) balances plunged 23% year-over-year due to market volatility, Fidelity says”
November 17, 2022
“The average 401(k) 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(k) plans. The financial services firm handles more than 35 million retirement accounts in total.
The average individual retirement account balance also plunged 25% year-over-year to $101,900 in the third quarter of 2022…”
Do not use 401k’s or pension plans if you are a young person. The system will go belly up before you retire and you will lose all your money. Don’t do it.