This Is the Average IRA Balance. How Does Yours Compare?
Since Social Security won't provide enough income to sustain seniors in retirement, it's imperative that we all take steps to save on our own. But how well are Americans doing in that regard?
Unfortunately, because of the COVID-19 crisis, retirement plan values have dropped since last year, according to Fidelity. Back in late 2019, the average IRA balance was $115,400, but as of the first quarter of 2020, it's $98,900. That's a 14% drop from the previous quarter, and a $16,500 decline.
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Source Fool.com
