Is Your Retirement Plan Down Because of COVID-19? Here's How to Keep Calm.
It's no secret that COVID-19 has been battering the U.S. economy since cases started spreading rapidly in March. Not only have millions of Americans lost their jobs, but the stock market has taken such a beating that it's driven retirement plan balances down.
The average 401(k) balance fell to $91,400 during the first quarter of 2020, according to a recent analysis by Fidelity. That represents a 19% drop from the final quarter of 2019. It also means the typical saver with a 401(k) lost $20,900 -- at least on paper or on screen.
IRA balances met a similar fate. The average IRA balance dropped $16,500 to $98,900 in the first quarter of 2020. That's a 14% decline.
Source Fool.com
