"Vanguard's Revelation: Boomers Outpace Others in Bank Savings as Americans' 401(k)s Take a Hit"
The average retirement account balance in the U.S. fell by 20% in 2022, according to Vanguard's How America Saves report. The average balance dropped from $141,542 to $112,572, while the median balance fell from $35,345 to $27,376. However, the figures vary depending on factors like age and income, with older workers and wealthier individuals having higher balances. Despite the decline, the report also highlights positive trends, such as an increase in the participation rate and stable contribution rates. Experts advise against knee-jerk reactions and emphasize the importance of staying invested for the long term.