Ethan Wolff-Mann, Senior Writer

Despite severe market volatility last year, investors saving for retirement are not panicking, according to a new report from Fidelity.

In its fourth quarter retirement trends update, average balances of 401(k)s had been hit hard by the market’s swings, and were down about 10% to an average balance of $95,600. This also tanked the number of 401(k) millionaires to 133,800 – from187,400 at the end of Q3.

Despite the drop, Fidelity reports that “very few” people decided to make changes to their investments during the tumultuous fourth quarter, in which the S&P 500 lost 14%. Fidelity said 5.6% of its users sold or made adjustments in the heat of the moment, and two-thirds of those customers only made a single change. Over 98% of Fidelity’s 401(k) savers are still contributing.