"Americans experienced a significant decrease in their retirement savings as the Standard & Poor's 500 index dropped nearly 20% in 2022. The average working American saw their retirement account balance decline from $144,280 to $111,210 by the end of the year. Additionally, the 2023 Alight Universe Benchmarks Report revealed a median annual return of -14.7% for retirement plans, further highlighting the challenging financial landscape. This was accompanied by a slight decline in both savings plan participation and contribution rates among working Americans."
