According to Fidelity’s analysis, retirement account balances in 401(k) plans lost nearly one-quarter of their value in 2022.
“Amid ongoing high inflation and economic uncertainty, less than half of the retirees are expected to outlive their savings.
“Although the average 401(k) balance rose in the fourth quarter of last year, balances ended 2022 down 23% from a year earlier to $103,900, according to a new report by Fidelity Investments, the nation’s largest provider of 401(k) plans. The financial services firm handles more than 35 million retirement accounts in total.
“The average individual retirement account balance also plunged 20% year over year to $104,000 in the fourth quarter of 2022.”
In part, we all can thank Joe Biden and the Democrat Party.
Make sure you are well-diversified. If we get rid of Democrats next election, it might come back. If you’re invested in ESG, get out of it.
FIDELITY: Retirees lost 23% of their 401(k) savings in 2022https://t.co/8eqFmhHMu3
— RNC Research (@RNCResearch) February 27, 2023
In the summer of 2020, I told Friends and Family to move into bonds and precious metals. The ones who didn’t listen have lost over 33% of their retirement savings since Traitor Joe took office. If you’re under 30 you won’t be able to recover from this. Retirees are also in serious trouble; inflation has turned their cash into trash by reducing their buying power by over 25%.
Anyone can make money in the Stock Market. The trick is holding on to your gains. The greedy fat pigs always get slaughtered by the institutional investors because the system is rigged to protect the inside players. Market trends are predictable. If the Government destroys the Energy Sector it doesn’t take a genius to figure out that the economy is going to suffer. Waiting until the fall is too late. Even with the loses we have seen the Stock Market is still grossly overvalued.
No surprise. Elect a fiscally irresponsible government and everything suffers.
Run a terrible balance of payments deficit, the nation’s wealth goes down and so the wealth of the individual goes down. Simple equation of action ad reaction.
All according to plan. Nobody should be surprised.