Americans have experienced more than $2 trillion in losses.
New economic research has found that the average person’s 401(k) has lost some $34,000 in value since the beginning of the year. A study conducted on behalf of the Committee to Unleash Prosperity released this week shows that since the start of 2022, 401(k) plans have suffered more than $2 trillion in losses.
“We basically looked at data from a bunch of professional financial services firms and estimated basically the amount of money in 401(k)s, and the number of 401(k)s, and the average balance of 401(k)s at the start of the year, and then we followed how much their holdings, which are going to be mostly things like stocks and bonds, how much that has fallen year-to-date,” one researcher said.
According to FactCheck.org, the major stock indices have all decreased since the beginning of the current presidential administration. This year alone, as of last week, the S&P 500 had gone down 23 percent this year, the Dow Jones 17.3 percent, and the NASDAQ 31.9 percent. If the markets improve over time, which has historically been the case, those who do not draw from their 401(k) plans could eventually see the losses reversed.
As the Lord Leads, Pray with Us…
- That the president and his advisors would make decisions that support and benefit the economy and Americans’ investments.
- For Commissioner Rettig to seek God’s guidance as he oversees the Internal Revenue Service.
- For the Treasury secretary and chair of the Federal Reserve to look to the Lord for wisdom as they address inflation.
Sources: Washington Examiner, CNET, 401k Specialist Mag
