Retirement Savings Take Major Hit Under Biden Administration
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Americans' 401(k) retirement savings have lost an average of $33,200 or 24.8% in real value since Biden took office due to inflation and stock market declines.
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The average 401(k) has lost around $17,000 or 12.7% just from stock market declines since January 2021.
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Inflation hit a peak of 9.1% under Biden before cooling to 7.1% in November, leading to $16,200 in losses on average from depreciation.
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Pension funds have lost around $3.3 trillion or 12.1% in real terms owing to inflation.
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Hardship withdrawals from 401(k) plans are up 36% as Americans tap retirement savings to cope with high inflation.