Retirees 'stunned' as market turmoil over tariffs shrinks their 401(k)s
Retirees 'stunned' as market turmoil over tariffs shrinks their 401(k)s
Some are changing their spending habits while others are worried about their future quality of life.
“I don’t want to have to worry that everyone is constantly changing my financial reality,” said Alison Carey, 64, of Oregon, a freelancer in the theater industry. “Let the economy do its machinations, but don’t put me in the gears.”
Sorry you had to learn it this way, Alison, but "the economy" has always been grinding people up in its gears. The main difference is, that it is now reaching you, personally.
Don't let them fool u by saying that this is just a correction. A correction needs a catalyst. The catalyst here is the tarriff. Trump created this mess. Rise up. Fight.
Oh no, are the Boomers finally collectively suffering the consequences of their own collective actions?
What a shame.
Anyway, welcome to the 'you can never retire or afford a house' club along with all your children who've been begging you for the past 20 years to stop voting for policies and politicians who made this current situation inevitable.
I just took a couple Ubers. They were driven by retirees as a way to make a little extra cash and get out of the house. Both of them said they would have to quit driving and get another “real” job again if the market continued to tank. This shit rolls downhill…gonna create a job crunch again. People not leaving jobs, no jobs for people entering the marketplace, and companies are going to start crushing labor’s wages and benefits again.
It’s almost like this is exactly what we warned them would happen.
Lol, I rolled my 401k to an IRA as part of a actively managed fidelity fund right after Trump got inaugurated. If I hadn't I would be down about 150k, instead I'm up 35k already, and that was after cashing out just below all time high.
That said,I decided to ride it out in my fuck around E-Trade account. I went from being up 25k on jan 1st to being down 9k today.
Trump's 'plan' is to crash the market so that people with large reserves of cash can buy at all time low. Then he'll back pedal his bullshit and things will go up, so they'll sell. It's not going to go back up to what it was before his watch, at least not with him around. People who don't have the cash reserves/appetite to buy in a recession will get fucked, and that's most people in the country
Oh well, should have raised your kids to be better people.
Going to brag a little bit. I've been very suspicious of tech and the US stock market for a long time. When I finally got the job I have now and got to choose 401k contributions I went heavy with international stocks and specifically avoided anything involved in too much tech. My 401k has gone down in the last week but we're talking barely 3%. The paranoia sometimes works in my favor
Got what they voted for, didn't like it? I'm shocked.
Bootstraps or whatever
I live in Canada and have a locked-in retirement fund, from a former employer, which I have zero control over. It's lost 10% since the Dumpster was elected.
That mf'er is killing us too.
This isn't fair! I was gambling with those other people's lives!
Where is the foresight? You knew you were voting for instability.