That’s about right. Remember that people who spent their lives in government, like Biden, do not feel these effects. The notion that one’s retirement nest egg is being broken is an esoteric discussion for them. For the rest of us, it means years and years of more work before we can retire.
Inflation has taken an average of 25 percent – at least $2.1trillion – off the 401Ks of American workers, despite President Joe Biden‘s insistence Sunday that the ‘economy is strong as hell.’
The analysis was done by conservative economists Stephen Moore and EJ Antoni, who said that the balance of Americans’ 401ks will ‘ruin your whole day, week and month.’
Moore and Antoni note that inflation has been going at 8 percent for the past seven months, despite the White House claiming things were temporary.
They argued that over the past 20 months, the average American family has lost nearly $6,000 in ‘purchasing power’ due to the rise in prices over wages.
The average American’s 401k plans have lost a colossal $34,000 in value – more than 25 percent of where it was a year ago – to a total of $2.1trillion in losses.
I feel bad for anyone who is within 5 years of retirement. Not only are they losing value, but they got REALLY bad advice to keep their money primarily in stocks. We were always told that the closer to retirement the more you should invest in something less volatile, like bonds. For everyone else still able to afford to invest in the stock market & 401k, they are getting very good discounts. My portfolio has lost close to 30% over the past year or so from its peak in 2021. I am only down like 4% over the past 2 years. But, if I look at JUST today… I am up 3.19% right now.
Stocks go up and down.
Bonds not doing so great either.
Why 2022 Has Been Such a Terrible Year for Bond Funds – This could become bond funds’ worst year on record……2022 may be on its way to the record books for more than just the size of the losses. This could be the first time on record that all types of bond funds have declined together in the same year. Every one of Morningstar’s 20 taxable bond categories is in negative territory for the year through Sept. 13. The last time losses were so widespread was in 2008, but government bonds still managed small gains this year.
Trying the link again:
Why 2022 Has Been Such a Terrible Year for Bond Funds
Johnny, not only are many people losing money in the stock market but Bidenflation is causing every American to lose money every month.
Nice you are up 3% but you are still down 27%.
Just like gas prices, they shot up due to Biden and his puppeteers incompetentence or hatred of fossil fuel.
But they cheered when gas prices came down about 75 cents, but it was almost double the price Senile Joe was sworn into office.