Financial uncertainty caused by the COVID-19 pandemic may have created a savings boost in retirement accounts instead of hurting retirement savings. Quarterly analysis by Fidelity Investments for the end of 2020 showed balances for IRA accounts achieving new levels.
Research shows individual contributions to all retirement platforms continued strongly in the fourth quarter of 2020, even with an increase in the number of withdrawals. The good news is the amount withdrawn was in keeping with previous withdrawals in 2020.
The Fidelity report credited fourth quarter stock market results with helping to boost the average account balance. Given potential fluctuation in the market, investors are encouraged to keep increasing their savings rates if at all possible.
Council of Seniors Wants to Increase Your Savings
Further saving during retirement is worth consideration, which is why Council of Seniors remains dedicated to getting Congress to take action on the proposed The SAVE Benefits Act. Passage will make up for the Social Security cost of living adjustment (COLA) not provided over a period of years. If passed, seniors will be reimbursed $581, and this money is long overdue.
Please sign our petition to show Congress Americans back this bill. We appreciate your support in helping us work to get the $581 returned to those who deserve it.
Despite COVID, have you increased retirement savings? Leave us a comment and let us know.
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