After hitting record highs last year, retirement account balances sank in the first quarter, according to Fidelity Investments, the largest 401(k) provider in the U.S.
balance plunged 19%, to $91,400, in the first quarter of 2020, according to a new report by Fidelity Investments, the nation's largest provider of 401 plans. The financial services firm handles more than 30 million retirement accounts altogether.coronavirus
wreaked havoc on the economy, 401 and IRA balances were at record highs. The average 401 balance was $112,300 in the fourth quarter of last year, while the average IRA balance was $115,400. "Given the unprecedented market volatility this quarter, it's not surprising that account balances were impacted, although declines were less than the overall market decline," Kevin Barry, president of workplace investing at Fidelity, said in a statement.
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