Americans Lose Their 401Ks

When Americans receive their upcoming quarterly 401(k) statement in a few weeks they will be in for a very big surprise.

According to Fox, the S&P 500, which is the greatest measure of the overall stock market, is down an astounding 21% and the Nasdaq is down almost 30%. This indicates to Americans that the value of their retirement accounts are diminishing along with the stock market.

The Center for Retirement Research at Boston College’s director Alicia Munnell explained that this has resulted in Americans losing $3 trillion collectively since the start of January.

Munnell further explained that 401(k) plan participants have lost around $1.4 trillion from their accounts and IRAs have lost a whopping $2 trillion.

Now, Americans are feeling like their 401(k) plans have been completely destroyed.

One concerned American said, “It’s horrible, I mean, I was thinking I might be retiring, you know, in the next year or two. And now, I don’t know. I don’t know when I can do that.”