Stock market's fall has wiped out $3 trillion in retirement savings this year

  • 📰 ALNewsNetwork
  • ⏱ Reading Time:
  • 29 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 15%
  • Publisher: 51%

United States News News

United States United States Latest News,United States United States Headlines

With Americans' nest eggs mostly held in 401(k)s and IRAs, the swoon could force many to delay their retirement.

isn't just reducing the net worth of billionaires like Elon Musk and Jeff Bezos. It's also taking a toll on Americans' retirement savings, wiping out trillions of dollars in value.

Investor concerns about spiraling inflation and growing recession risks are weighing on financial markets. Reflecting those fears, the Dow Jones Industrial Average on Thursday "One could argue that these recent losses are simply wiping out the extraordinary gains that occurred from mid-2020 to the end of 2021, so that people are not actually worse off than before the pandemic," Munnell wrote in a blog post, shared first with CBS MoneyWatch. But human nature being what it is,"the prior gains were permanent, so the recent losses are no less painful.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 583. in US

United States United States Latest News, United States United States Headlines