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When investors get their quarterly 401(k) statements in the next few weeks they’ll be hit with some bad news.
The S&P 500, the broadest measure of U.S. stocks, is down 21%, the Nasdaq nearly 30% and the Dow 16% so far this year, and Americans are seeing the value of their retirement accounts dwindle along with the drops.
The article goes on to state the following:
Alicia Munnell, director of the Center for Retirement Research at Boston College, wrote in a blog post this week that retirement plans have collectively lost upwards of $3 trillion since the beginning of January.
According to the report, the data from Munnell’s shows that 401K plans have lost around $1.4 trillion and IRAs have lost $2 trillion since the end of 2021.
One woman told FOX Business her 401(k) has “been decimated.” She said, “It’s horrible, I mean, I was thinking I might be retiring, you know, in the next year or two. And now, I don’t know. I don’t know when I can do that.”
WATCH the video for more reactions:
Retired business executive, Daniel Hill tweeted, “Biden and the Dems have caused destruction of our savings and retirement accounts on a Massive Scale.”
Biden and the Dems have caused destruction of our savings and retirement accounts on a Massive Scale.
— Daniel Hill (@danhill2011) June 16, 2022
“Talked to two 60+ yr old friends yesterday who told me they have delayed their retirement plans and will now work longer because the Biden economy has ruined their retirement accounts.”
Talked to two 60+ yr old friends yesterday who told me they have delayed their retirement plans and will now work longer because the Biden economy has ruined their retirement accounts.
— Daniel Hill (@danhill2011) June 14, 2022
— James Woods (@RealJamesWoods) June 22, 2022
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