Americans’ 401(k) and IRA accounts have lost a combined total of about $3.4 trillion since January, according to a new report.

The S&P 500 is down about 20% since the beginning of 2022, and Marketwatch says it impacts retirement savings.

Marketwatch estimates that IRA accounts have lost $2 trillion, while 401(k) accounts have lost $1.4 trillion since the beginning of the year.

The outlet also noted that some Americans hold other equities besides retirement accounts.

“In 2021, these holdings amounted to $32.2 trillion. Applying the 20% decline means that people have lost an additional $6.4 trillion in direct holdings,” Marketwatch reported.

“These individuals, however, are much less likely to be forced to sell and can wait out the decline to recoup their losses.”