The average retirement account has fallen to $86,869… down from $98,800 a year ago as the stock market drops. That's about a 12 percent drop.
On a related note, a new survey from Bankrate.com reveals that 55% of working Americans think they’re behind in their retirement savings.
A new survey out by financial company Northwestern Mutual finds that why retirement accounts are shrinking the average American believes that they will need even more money to retire than originally anticipated due to rising inflation.
They need one-point-two-five-million dollars to retire comfortably. Last year it was 1.05 million so there's been a 20 percent increase!