President Trump recently claimed that the average 401(k) has gained nearly $30,000 over the last 13 months. However, experts say this claim is mostly false. According to data from Fidelity Investments, the average 401(k) balance has increased by about $9,454 during the first 15 months of Trump’s second term.
Experts Weigh In
Experts say that the average gains might be lower than $9,454, as high-balance accounts can pull up the average. A $30,000 gain during this period would likely require a balance of at least $200,000 in a 401(k), which is not a typical amount. About 10% to 20% of U.S. adults have an account that big.
The stock market has performed well under President Trump, but not to the extent he claimed. The Standard & Poor’s 500 has risen by about 24% since Trump’s second inauguration. However, 401(k) balances are rising, but not as high as Trump said.
Original reporting: 40/29 / KHBS (NW Arkansas) — read the source article.
