Although the average 401(k) balance rose in the fourth quarter of last year, balances ended 2022 down 23 percent from 2021, says a new report from Fidelity Investments. In Q4/2021, the average 401(k) retirement account balance was $130,700, and in Q4/2022, it was $103,900, after rebounding from $97,200 in Q3/2022, according to Fidelity.

However, despite record inflation last year and a possible recession on the horizon, U.S. investors remain committed to their retirement objectives, according to Fidelity. "Given all the stresses in the world today, such as natural disasters and geopolitical events, Americans continue to confront challenging times in our economy," said Kevin Barry, president of workplace investing at Fidelity Investments.