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401(k) balances sink due to COVID-19 but people are still saving

The wild market swings have taken a toll on retirement savers, with the average 401(k) balance plunging19 percent to $91,000 and the average individual retirement account (IRA) alance also falling by 14 percent to $98,900. According to Fidelity, retirement account balances sank in the first quarter of 2020 but most savers kept their contribution rate steady.  Fidelity said they did see a slight increase in the number of savers who changed their asset allocation, with most moving their savings into a more conservative investment option.  Read the Fidelity article here…

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