Posted on 05/12/2022 11:16:46 AM PDT by RomanSoldier19
Wall Street's prolonged plunge is beginning to raise Americans' concerns about their retirement savings, potentially pushing some to delay retirement as their account balances dwindle.
So far this year, the benchmark S&P 500 has dropped 18 percent, wiping away $7 trillion in market value from the companies in the index. The Dow Jones Industrial average is down nearly 14 percent.
Bonds, the traditional safe-haven of those approaching retirement age, have also fared poorly amid high inflation and rising interest rates, with Vanguard's Total Bond Market Index Fund losing more than 9 percent since the start of the year.
Since retirement savings such as 401k and IRA accounts are typically invested in a mix of stocks and bonds, the resulting losses are worrying to many savers.
'My 401k is now a 301k,' lamented one Twitter user.
(Excerpt) Read more at dailymail.co.uk ...
I hope they remember to thank their “the stock market always goes up” financial advisers!
I signed up for my company’s 401k but I doubt I can run that far
I moved my 401K out of stocks and into a 1% stable life insurance fund earlier this year. Turned out to be the right move.
I had been up rather big the first few months of the year, but since Russia invaded... it’s been a bloodbath. Luckily, I don’t need most of the money in the next decade.
All according to plan. Unfortunately, I retire soon, and this is like a kick in the crotch.
I got pounded. Retirement is now put off for 2 years. Thanks Brandon.
Yeah, but no mean tweets. So there’s that.
but..but...abortion!
Our 401k, 403b, ROTH and traditional IRA have all taken a beating. We were hoping to retire in 4 yeas now that doesn’t seem viable.
The only good thing is the index fund managers should be buying stocks while the marker is down.
S&P 500 is now down 19.3% from it’s ATH in January (adjusting for dividends).
Trump said Biden would crash our 401ks. Biden crashed our 401ks.
Gold isn’t doing very well either lately.
Spending your latter years consuming your wealth rather than continuing to work really isn’t the way to keep your family or nation wealthy anyway.
Life long accounting person here.
I NEVER advised a client to get a 401-K or similar.
“What the government giveth-—the Government can taketh away”.
THEY have.
The stock market only goes up! THIS TIME is different!
The S&P index is about 19 points away from bear market territory.
I don’t look for any positives here until after the midterms in November.
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