The poll was conducted between October and December 2021, when the stock market was repeatedly hitting new highs. Since then, high inflation and gas prices, along with concerns that the economy will get worse, have sent stocks significantly lower and made saving for retirement even more challenging. The benchmark S&P 500 stock index is in a bear market, defined loosely as a drop of at least 20% from a stock or index’s recent peak, and many individual stocks are down even more. Retirement savers, who often have significant stock holdings in their 401(k)s and IRAs, are seeing the effects on their savings as they look at their monthly statements. The Harris Poll surveyed more than 5,800 workers on behalf of the Transamerica Center, a nonprofit organization promoting retirement planning. The results showed that 79% of employed workers have a retirement plan, with most starting to save at age 27, and they hold an estimated median retirement account of $65,000. However, 39% of workers have taken money out of their retirement accounts, primarily through either loans or hardship withdrawals. Have a question, comment, or story to share? You can reach Terry at tlane@thebalance.com. Want to read more content like this? Sign up for The Balance’s newsletter for daily insights, analysis, and financial tips, all delivered straight to your inbox every morning!
