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Retirees 'stunned' as market turmoil over tariffs shrinks their 401(k)s (www.nbcnews.com)

submitted 4 weeks 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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[–] markovs_gun@lemmy.world 28 points 4 weeks ago (6 children)

Good. These dumbasses mostly voted for this, and they're getting their reward.

[–] JoMiran@lemmy.ml 18 points 4 weeks ago (2 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 15 points 4 weeks 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.

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