Although the average balance among 401(k) participants ended 2022 down 20% from a year earlier, most investors stayed the course, according to Vanguard.
As of year-end 2022, the average participant account balance at Vanguard was $112,572, down 20% from a year earlier, the research shows. The median balance — half were above, half below — was $27,376 at the end of the year, a 23% decrease.
At the same time, though, 39% of participants' deferral rate — the portion of their paycheck directed to their 401 account — climbed higher, compared with 9% of investors who decreased their contributions. While many initiated the increase on their own, more than half of the boosts came from the plan's yearly automatic escalation.
"Despite economic headwinds, we were pleased to see that participant behavior in retirement plans remained in line with previous years, and most participants continued to maintain a long-term view," said Dave Stinnett, head of strategic retirement consulting at Vanguard.
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