The stock market downturn resulted in a decline in retirement savings. The number of 401(k) accounts with at least $1 million in retirement savings decreased by 32% in 2022, with the S&P 500 falling 19.4%. Additionally, the average balance in a 401(k) plan decreased by 20.5% in 2022, leaving the typical employee with $103,900 in retirement savings at the end of the year.