Despite recent declines in the average balance, there were more than 400,000 401(k) millionaires in the first quarter of this year.
We have more and more retirement savers not making changes based on short-term market events. They’re deciding to stay the course and taking a long-term approach.The majority of savers didn’t make a change to their asset allocation in the first quarter of 2022 and of the 5.6% who did, 82% only made one change.
One reason why fewer investors made asset allocation changes may have been because of workplace retirement incentives, such as automatic enrollment into retirement plans. However, not all account holders may have seen the benefits of their increased savings rates. Retirement account balances declined from last quarter, or the same time last year.
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