A quick glance at your 401 (k) statement may prove too much, as if your daily living expenses weren’t declining enough.
According to a new report, the decline in the stock market in 2022 has reduced American retirement savings accounts by more than $ 3.4 trillion.
Alicia Munnell, director of the Boston University Retirement Research Center, has calculated a 401 (k) plan and estimates of losses associated with the IRA. These are mainly rollovers.
The numbers are staggering.
According to the data she presented, participants in the 401 (k) plan lost about $ 1.4 trillion from their accounts, compared to an IRA of $ 2 trillion in 2022 due to a decline in the stock market.
That’s a whopping $ 3.4 trillion.
— CRR Boston University (@RetirementRsrch) June 21, 2022
Related: Is Trump a modern Nostradamus?Look at his predictions about what would happen if Biden wins
Retirement account lost trillions of dollars
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Earlier this week, retirement assets “slumped to a staggering and painful $ 8.77 trillion,” according to another report from Investor’s Business Daily (IBD).
“It’s going to hurt your retirement plan,” they said conservatively.
In one view, the IBD writes that these losses are nearly 32 times the cost of the entire Apollo lunar landing program from 1960 to 1973, using dollars adjusted for inflation in 2020. I am.
Retired assets lose dwarf cost of landing Apollo via https://t.co/uwGXHPvh82 @IBDinvestors
— Rusty 🎙️ (@ rustyweiss74) June 24, 2022
Fox Business has spoken to some people who are afraid of what the stock market plunge has done to their retirement situation.
“They aren’t doing very well right now,” said a man about his investment. “We are losing a lot of money.”
“That’s scary, which means I thought I might retire next year or two,” added one woman. “And now I don’t know. I don’t know when I can do it.”
Others write that they were so scared that they didn’t mind looking at their retirement account to see exactly what they lost.
Inflation is rising faster than wages, and with the peace of mind of Americans, retirement savings have been hit hard. “The severance pay account has a total loss of $ 3.4 trillion.” Https://t.co/PT8fweIb2x
— Byron York (@ByronYork) June 23, 2022
Related: ESG: A three-letter left-wing acronym that comes secretly for your retirement
Trump predicted this would happen
A Fox Business report points out that the wipe-out of retirement savings, combined with the high costs, has been devastating to Americans.
“Loss, coupled with the highest level of inflation in 40 years, means that Americans are spending a lot of money,” they explain.
If you’re worried about the fact that your US retirement account lost trillions of dollars in 2022, rest assured.
When asked about the “annihilation” of a 401 (k), White House spokesman Karine Jean-Pierre sighed a bit and focused on the “profit” (reading, replacement) of his work under the president. The move essentially wiped it out.
Q: “What is the president’s message to someone who might want to retire, but have their 401k been wiped out?”
Karine Jean-Pierre sighs and Biden says he is “incredibly focused” on the economy. pic.twitter.com/vd0TDUC58J
— RNC Research (@RNCResearch) June 13, 2022
“That is, we know that high prices have a huge impact on people’s lives. We understand that,” she reassured Americans.
“And we are very focused on doing everything we can to make sure the economy is working for everyone, the Americans,” added Jean-Pierre. rice field. “But we’re out of the strongest job market in American history, and that’s important.”
At the beginning of the year, President Biden had to boast that the stock market had hit “records one after another on my watch.”
Joe Biden, January 2022: The stock market “keeps records on my watch” pic.twitter.com/TyrQqx2Zxi
— RNC Research (@RNCResearch) June 13, 2022
Last week, CNN published an article pointing out that all the rise in the stock market under Biden has been wiped out.
“This year’s Wall Street turmoil has hit the president hard,” they write. “The S & P 500 has lost all profits since Biden was launched last year.”
Manhole writes that these current losses simply wipe out those profits, but can still be claimed as stinging.
“But recent losses are painful because it’s human nature that people feel that their previous profits are to be maintained,” she explains.
The S & P 500 has lost all profits since Biden was launched last year. The S & P 500 is one of the broadest indicators of the US stock market and economy, down 2.7% from January 20, 2009. Stock prices fell into the red following a 3.9% market plunge on Monday. https://t.co/TM3aBabjvR
— Dave Rexrode (@DRexrode) June 14, 2022
Former President Donald Trump often warned during the 2020 campaign that Biden would be a disaster for the economy.
“Your 401 (k) will fall to zero and the stock market will fall to zero,” he warned.
If another president is elected, Trump has a stock forecast. “Your 401 (k) will be zero and your stock market will be zero.” Https://t.co/aFnEUThVkD
— MarketWatch (@MarketWatch) July 3, 2020
It may not be “nothing”, but a retirement account that has lost trillions of dollars is by no means trivial. Working Americans are suffering under Biden, as are those who are about to retire decades after devoting their lives to their work.
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