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Retirement accounts are getting crushed by Joe Biden’s economy.
Biden puts little importance on the status of the market, but for most of us, it is a significant factor in how we will survive.
This is mainly for those of you already in retirement and those of us getting close to retirement.
Financial Massacre
Reports surfaced last week that showed the average American salary is about $6,000 less effective than it was before Biden took office.
That far outweighs any wage increases and the “free” money that the government handed out.
In addition to that fiasco, the average American has also lost about $34,000 in their 401k.
When all 401ks were combined, they have suffered $2.1 trillion in losses.
Need more bad news? The average American savings has dropped 83 percent.
So, technically, Biden has delivered on his promise to transform our economy.
The only problem is that it went the wrong way.
We are seeing more and more people re-enter the workforce that had retired.
We are also seeing people that had planned on retiring put it off for fear of losing so much money in their 401ks.
For those with traditional retirement accounts, the news is even worse, having dropped an estimated 15 percent, which amounts to be $4 trillion.
To repeat the headline… we are getting crushed.
Source: New York Post
