February 24, 2023 - 8:00pm | By Kyle Cornell
(New York, NY) -- A new report says retirement savers lost about a quarter of their 401(k) savings last year.
Fidelity Investments is the nation's largest provider of 401(k) pension accounts. A new report from Fidelity says balances at the end of 2022 were down 23 percent from a year earlier.
The average account dropped from 135-thousand-dollars to about 104-thousand. However, the majority of retirement savers continue to contribute.
The report says the average 401(k) balance rose in the fourth quarter of last year.