this post was submitted on 06 Apr 2025
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Economics

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Retirees 'stunned' as market turmoil over tariffs shrinks their 401(k)s (www.nbcnews.com)
submitted 1 week ago by MicroWave@lemmy.world to c/economics@lemmy.world
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Summary

Americans nearing or entering retirement are alarmed as Trump’s sweeping tariffs trigger stock market turmoil, shrinking 401(k) savings. The Dow dropped over 2,200 points Friday, with the S&P 500 and Nasdaq also falling sharply.

Retirees report losses up to $58,000 and are delaying major purchases. Critics warn the tariffs could spark a global trade war and worsen economic insecurity.

Many retirees fear declining consumer confidence, unstable finances, and a diminished quality of life as their savings evaporate.

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[–] JoMiran@lemmy.ml 18 points 1 week ago (3 children)

That's an inaccurate generalization. The more likely scenario is that only about half of the people affected voted for Trump. There are a lot of innocent people getting fucked here.

https://navigatorresearch.org/2024-post-election-survey-gender-and-age-analysis-of-2024-election-results/

[–] Winthrowe@lemmy.ca 16 points 1 week ago

I feel bad for the children who aren’t old enough to do anything about it, but Trump is the symptom not the disease, which has been metastasizing as long as I’ve been alive.

[–] FlashMobOfOne@lemmy.world 0 points 1 week ago

Exactly.

But try hammering that through a partisan's skull. Very difficult.

[–] sunzu2@thebrainbin.org -1 points 1 week ago (1 children)

There are a lot of innocent people getting fucked here.

But has anyone thought about these people's property?!

Young people got nothing but they are supposed to be worried about old clowns 401ks 🤡

[–] Monstrosity@lemm.ee 6 points 1 week ago (1 children)

The idea is the People unite against the Oligarchs, unless you enjoy bickering about crumbs, which you appear eager to do.

[–] sunzu2@thebrainbin.org -1 points 1 week ago

You are commenting under a fake news article pearl clutching about boomers 401k

But I agree with you