Saving for retirement is not easy: It often means sacrificing other wants, like a larger home, a nicer car, or the luxury vacation you've been giving up for years in order to squeeze more money into your IRA or 401(k) plan.

As such, it can be really disheartening to see your retirement savings plan's balance drop due to factors outside your control. But if that's the boat you're in right now, you're in good company.

Between the fourth quarter of 2021 and the fourth quarter of 2022, the average IRA balance fell from $135,600 to $104,000, according to Fidelity. The average 401(k) plan balance, meanwhile, dropped from $130,700 to $103,900.

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Source Fool.com