From the Wall Street Journal. Select quotes, rearranged for maximum irony:
The average 401(k) balance was $131,700 at the end of 2024.
“What’s more important to me than having a few extra dollars in my retirement is that this country is set up for success,” Paris said.
The couple have lost $70,000 in retirement savings since January.
“He’s doing some hard work, some things that are very difficult for people to understand and difficult for people to accept,” Williams said, “but it’ll be to our long-term benefit.”
Meanwhile, the share of Americans who haven’t retired and are confident in their retirement prospects fell to 67% from 74% the prior year.
She said she takes solace in the fact that Trump is surrounded by a cabinet full of handpicked experts whose advice she thinks could help avoid further losses.
She said she takes solace in the fact that Trump is surrounded by a cabinet full of handpicked experts whose advice she thinks could help avoid further losses.
… out of their fucking minds…
So far into the Kool-aid she might as well just go to Jonestown
Respectfully, I feel I must disagree. I believe the beverage served in Jonestown was Flavor Aid, rather then Kool-aid.
Regarding your other point, yeah, she’s staunchly in favor of Coco Puffs.
She said she takes solace in the fact that Trump is surrounded by a cabinet full of handpicked experts whose advice she thinks could help avoid further losses.
🤣 🤣 🤣
That’s next-level stupid.
So much cognitive dissonance for most of them, very very few of them will ever admit any mistake of theirs or his. They’ll just sort of tap dance around the failings
I honestly think the vast majority of them don’t think any mistakes have been made. They don’t know how fucking awful his cabinet is, etc.
They’re in so deep that they’ll take any life buoy that their feed/infowars/fox news throws. Its like an automatic reaction they’re conditioned for.
The least shocking thing in this article is retirees in denial. Mental gymnastics is their full-time job; not like they’ve got anything else to do.
I hope these assholes starve.
I sold off all my stocks and etfs, but my 401k is still there and is STRUGGLING. It wasn’t much to begin with but damn it’s getting fucked both ways and back
Mine has wiped nearly 6 months of growth. And it’s fairly diversified.
i think maybe the only thing that’s going to get through to voters like this is if they’re laughed at to their face
That’ll just make them angry or defensive.
they are always angry and defensive
You are not wrong.
I am pointing and laughing at anyone who voted for this and is now being hurt by it. I have zero sympathy. Absolutely none whatsoever. It’s a sociological Darwin Award, more or less.
lol
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I don’t know what their portfolio looks like but the closer you are to retirement, the more of your savings should be in bonds and not in the market.
Hopefully they start insulating themselves from the volatility of the market.
I’m certainly no trumper. Very liberal. I will just point out the things that I think about when seeing the headlines.
When Trump got elected, the stock shot up a lot. Where it is at now is a little less than what it was.
If it keeps dropping, or if we hit a recession, that is meaningful. Until then, it honestly doesn’t mean much. I have no doubt that the stock market will increase just as much under Trump as it did under Biden.
As for the 401k, those of us that are employed and not living off the proceeds, a drop is good as we will be able to buy more shares each pay period. By the time we retire, it will be significantly higher than it is now.
Does this mean Trump is good? No, but 401k balances of non retired people is a meaningless statistic.
If a recession comes, this would change things as employment will be lost and retired people will be affected more deeply. My heart will go out to the retired boomers who cause this in that case.
Edit: I’m glad to see the toxic redditors have made their way to Lemmy. Feels like home. Downvote anything that is not blind rage towards Trump.
Yup. Just going by the indexes, the stock market is down all the way to last summer. It’s been a precipitous and steady drop, but if you’re a true believer, it would be easy to say it’s just giving up a little bit of Trump bubble, hope it’s almost over, and relax. After all, they’ve still got their job or most of the stock market gains collected over the last 20 years, so their immediate personal conditions look great.
Apparently, one of the things that becomes really difficult as IQ drops even a little bit below 100 is hypothetical-conditionals. Like, “How would you feel if you hadn’t eaten breakfast?” becomes, “But I did eat breakfast, and I feel fine.” So, looking at the economic disruption Trump’s causing, imagining that it could continue or get worse, and what that might mean for their personal situation can be a real, does-not-compute struggle.
If the disrupt does continue, it will be bad. I feel like this is just a rerun of 2017 so far, though. He made some “deals” that returned everything to the exact place it was before he started and claimed victory, then the stock market kept on as it was.
Why would you think stocks will go back up? The tariffs have proven that we are an unreliable trading partner, and countries are starting to look elsewhere. In addition, the outrage from abandoning our allies has caused a large part of the world to boycott our companies. I don’t see how things could possibly go back to what they were.
The stock market has never not recovered. Even the 2008 recession is just a blip when looking at the max timeline.
Unless you’re implying the end of the stock market, then yes, the stock market will of course go back up.
I’m not saying that the stock market will end. I’m saying that we will never be in as good of a position ever again. The post ww2 world order is being rewriten right now. We were at the top because we were more or less trustworthy and had significant influence throughout the world. We didn’t have much competition. Now that no one trusts us and our influence is being dismantled our trading partners will seek out our competitors or start their own industry creating even more competition. I hope I’m wrong, but i just don’t see how we will ever be trusted again.
This might be true, but it is speculation. Trump could easily reverse course and other countries might just go back to status quo cause it’s easier.
I very much feel like there’s too many possibilities to speculate at this point.
