Fidelity Report Shows Concern With Inflation and Uncertainty FIDELITY, A WORKPLACE benefits provider, recently prepared an analysis of savings behaviors and account balances for more than 43.4 million individual retirement accounts (IRAs) and 401(k) and 403(b) retirement accounts. The report titled, “Fidelity® 2022 Retirement Analysis: In the Midst of Inflation and Uncertainty, Retirement Account Balances Are Rising,” looked at statistics through the end of 2022. “The good news is that account balances are up, and retirement savers are continuing to focus on the long term, despite some immediate-term pressures: Total 401(k) savings rates remained steady, the number of IRAs on Fidelity’s platform continued to increase and the percentage of employees with 401(k) loans at the end of 2022 remained low for a seventh consecutive quarter,” the report says. The report also shows that men continue to outpace women when it comes to saving in 401(k)s, but women saved slightly more than men in 403(b)s, which is for people who work in education or some tax-exempt organizations. SOURCE: newsroom.fidelity.com/pressreleases/fidelity--2022-retirement-analysis--in-the-midst- of-inflation-and-uncertainty--retirement-account-ba/s/095bb4a8-cf3a-484e-a911-bc0c61c460ff 2.6%: The average increase in the contribution rates among 401(k) savers in 2022. 13.5%: Savings rate for women in 401(k)s. 36%: The increase from ten years ago for the average IRA balance, which was $104,000 at the end of 2022. 74%: Workers worldwide who say the cost of living and rising inflation are the No. 1 causes of stress in their lives. 95%: Those who say that being financially comfortable in retirement is a long-term goal. 11.5%: Savings rate for men in 403(b)s. 11.7%: Savings rate for women in 403(b)s. Numbers 14.4%: Savings rate for men in 401(k)s. 36 REVERSE MORTGAGE / SEPTEMBER–OCTOBER 2023
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