(CNBC) – In a year marked by stiff economic headwinds, retirement savers paid the price.
Although the average 401(k) balance rose in the fourth quarter of last year, balances ended 2022 down 23% from a year earlier to $103,900, 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.
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The average individual retirement account balance also plunged 20% year over year to $104,000 in the fourth quarter of 2022.
