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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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[–] cyrano@lemmy.dbzer0.com 12 points 1 week ago (1 children)

[–] The_v@lemmy.world 4 points 1 week ago

I am thinking we haven't seen anything yet on this one. This one could decrease the total value on the exchanges by 75% or better.

If the orange cheeto doesn't reverse course, massive layoffs will begin in 2-3 months as companies run out of cash.

The great depression was so deep and long because they thought tariffs would help them get out of it. Surprise, it didn't work.