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Account balances for retirement savings plans decreased in the third quarter of 2023, and withdrawals and loans from those accounts went up slightly, according to new data from Fidelity Investments.
The Q3 2023 Retirement Trends analysis looked at average balances for 401(k), 403(b), and IRA accounts. It found that although account balances were down from the previous quarter, they were up double digits from one year ago. That news, and the increase in withdrawals and loans may be due to concerns about inflation and market volatility, the report said—and noted that other data is more positive.
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