Retirees in the US are facing anxiety and frustration over a second day of market turmoil that has hit their 401(k) accounts, following President Donald Trump’s escalation of tariffs. The economic chaos is causing some to pause big-ticket purchases and reconsider home renovations, while others fear it will affect their quality of life.
Paula, a 68-year-old retired occupational health professional, expressed her concerns about the uncertainty ahead. “I’m just kind of stunned, and with so much money in the market, we just sort of have to hope we have enough time to recover,” she said. Paula and her husband are reducing their spending on big-ticket items and reconsidering vacations.
A survey by the AARP found that one in five Americans age 50 and over have no retirement savings, while more than half are worried they won’t have enough money to support themselves in retirement. Some retirees are calling for lawmakers to put more checks and balances on the president’s policies.
Victor Fettes, a 54-year-old retired Verizon executive, said he lost $58,000 from his 401(k) in two days. “If that continues, I can’t stay retired,” he said. His wife, Benajah Cobb, hopes Congress will step up to address the issue. “It’s happening so quickly. Things are falling apart so quickly,” she said.
Trump has defended his tariffs, saying they will bring back jobs and force businesses to relocate manufacturing to the US. However, investors and business groups have pushed back, citing potential higher prices for consumers. The president acknowledges some Americans’ wallets may be affected but continues to defend his agenda.
Source: https://www.nbcnews.com/business/business-news/retirees-stunned-market-turmoil-tariffs-shrinks-401ks-rcna199753