Posted on 10/16/2022 8:38:58 PM PDT by John W
Have you taken a peek at the balance in your 401(k) retirement accounts lately? Here’s our advice: Don’t bother. It will ruin your whole day, week and month.
We’ve now had seven straight months of 8%+ inflation. A year ago we were assured by the White House that these rapid price increases in everything from groceries, to rental cars, to gasoline at the pump, to health insurance were merely “transitory.” Whoops.
The most immediate sticker shock from Bidenflation has been to shrink real take-home paychecks of workers.
This rise in consumer prices over wages means that the average family in America has lost nearly $6,000 in purchasing power. This from the Lunch Bucket Joe president who promised to help boost the incomes of the middle class. When, exactly?
But this pay-cut effect on family incomes is only part of the curse of runaway inflation.
We’ve just completed an analysis of how the highest inflation rate in almost 40 years has impacted the retirement funds of ordinary Americans.
Not surprisingly, since President Biden took office, monthly savings have collapsed, falling 83%. (We could never understand how Biden could say with a straight face that Americans are saving more. His “transformation” of the US economy has had just the opposite effect.)
Adding insult to injury, even what has been already saved and invested by older Americans over years, even over several decades, has been erased from these accounts.
Thanks to the thief of inflation.
Most of the 150 million Americans with one form or another of retirement savings have invested the majority of those tens of thousands of dollars in stocks. The major stock indices are all way down since Biden came into office.
(Excerpt) Read more at nypost.com ...
I guess I’m above average.
BUMP
Joe says it’s all good, and that inflation is low. I’m sure for millionaires its not impacting them. Especially that he has a free jet ride, free security and free transportation everywhere
Xiao Baidung is laying waste to our nation. Things are getting very ugly.
A neighbor of mine is an independent who tends to lean left, and I told him back in 2016 “vote for Trump, Hillary will destroy your 401K.” I think it was 2 years later he told me thanks, his 401K is skyrocketing.
I haven’t talked to him since he moved, but I wonder what he thinks now. “Still leaning to the left pal?”
A vote for a Democrat today is a vote to F up your life, 100% guaranteed.
Trade stocks on my own,...have for many years.
I heard some where a very rich man said “the best way to double your money is to fold it in half and put it in your pocket.” He must of known FJB was coming.
But worth it to protect “democracy” from “domestic terrorists” led by the mean tweet guy Trump. Yessir. Gotta vote Dem time after time.🤪
Well it’s a good story. But you have to make your money make you money.
As long as it’s in your pocket you control how it’s invested. Are we talking control here?
trumps fault /s
Not sure what you mean, FReind.
You control where your money is invested, I believe the man’s point was as long as it’s in your control (pocket) you decide not a third party where and what purpose it’s used for. Who cares more for your well being than you. The government or yourself. I think you already know that answer. 🙂Regards.
Thanks to Joe Biden, Obama, Pelosi, and the Democrat Party. They have stolen not only the election but they have robbed every prudent person's 401K. Even a street thug couldn't steal as much as Biden does before breakfast each day.
Our only hope is the Nov 8 election and the republicans unblocking the oil and gas drilling ban. That alone will get the stock market going up. Otherwise we may need to wait till the 2024 election year and Trump and DeSantis promising to do so.
That applies to spending as well.
Yep. Control, clearly DC is out of it. The uniparty is killing us figuratively and literally. Inflation and fake pandemics.
On the advice of a smarter than the average bear friend I put all of my meager 401K into low-yield life insurance funds with a guaranteed 1% return last year. No regrets. The Voya home page keeps telling me my investment strategy may be too conservative. Heck no.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.