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Recent downturns in the stock market have some retirement savers questioning the long-held wisdom that slow and steady wins the race. Between the end of March and mid-June 2022, the S&P alone dropped more than 20%, and fears of recession have many worrying that this decline is only the tip of the iceberg.
But that doesn't mean you should change your retirement strategy, says Fidelity Investments in its most recent Financial Futures Report. The report, which looks at retirement account data from Fidelity customers in Q2 2022, notes that, despite high rates of concern about the economy, savings rates remain relatively high. Moreover, though retirement savings balances have decreased, they have done so at a slower rate than the stock market.
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