Retirees 'stunned' as market turmoil over tariffs shrinks their 401(k)s

[Guno צְבִי]

Americans nearing retirement and recent retirees said they were anxious and frustrated following a second day of market turmoil that hit their 401(k)s after President Donald Trump’s escalation of tariffs.

As the impending tariffs shook the global economy Friday, people who were planning on their retirement accounts to carry them through their golden years said the economic chaos was hitting too close to home.

Some said they are pausing big-ticket purchases and reconsidering home renovations, while others said they fear their quality of life will be adversely affected by all the turmoil.

“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,” said Paula, 68, a former occupational health professional in New Jersey who retired three years ago.

“I looked at my 401(k) this morning and in the last two days that’s lost $58,000. That’s stressful,” said Victor Fettes, 54, of Georgia, who retired last week as a senior director of risk management and compliance at Verizon. “If that continues, I can’t stay retired.”

MSN

 

[Cypress]

“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,” said Paula, 68, a former occupational health professional in New Jersey who retired three years ago.

“I looked at my 401(k) this morning and in the last two days that’s lost $58,000. That’s stressful,” said Victor Fettes, 54, of Georgia, who retired last week as a senior director of risk management and compliance at Verizon. “If that continues, I can’t stay retired.”

If either of them voted for Trump, I have no sympathy.

 

[Tbird19482]

If either of them voted for Trump, I have no sympathy.

When it hits the MAGAS that voted for him I say YOU GOT WHAT YOU WANTED NOW SUFFER .
It is too fucking bad you voted for Trump and his BS and now it has come back and bit you in the ass.
You got what you wanted so now don't cry about it.
And it has ONLY started.

 

[Dutch Uncle]

Americans nearing retirement and recent retirees said they were anxious and frustrated following a second day of market turmoil that hit their 401(k)s after President Donald Trump’s escalation of tariffs.

As the impending tariffs shook the global economy Friday, people who were planning on their retirement accounts to carry them through their golden years said the economic chaos was hitting too close to home.

Some said they are pausing big-ticket purchases and reconsidering home renovations, while others said they fear their quality of life will be adversely affected by all the turmoil.

“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,” said Paula, 68, a former occupational health professional in New Jersey who retired three years ago.

“I looked at my 401(k) this morning and in the last two days that’s lost $58,000. That’s stressful,” said Victor Fettes, 54, of Georgia, who retired last week as a senior director of risk management and compliance at Verizon. “If that continues, I can’t stay retired.”

MSN

When the prices hit the grocery stores, there will be even more pain for Americans.

 

[Guno צְבִי]

Americans nearing retirement and recent retirees said they were anxious and frustrated following a second day of market turmoil that hit their 401(k)s after President Donald Trump’s escalation of tariffs.

As the impending tariffs shook the global economy Friday, people who were planning on their retirement accounts to carry them through their golden years said the economic chaos was hitting too close to home.

Some said they are pausing big-ticket purchases and reconsidering home renovations, while others said they fear their quality of life will be adversely affected by all the turmoil.

“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,” said Paula, 68, a former occupational health professional in New Jersey who retired three years ago.

“I looked at my 401(k) this morning and in the last two days that’s lost $58,000. That’s stressful,” said Victor Fettes, 54, of Georgia, who retired last week as a senior director of risk management and compliance at Verizon. “If that continues, I can’t stay retired.”

MSN

Retirees 'stunned' as market turmoil over tariffs shrinks their 401(k)s

Some are changing their spending habits while others are worried about their future quality of life.

www.nbcnews.com

 

[Stone]

Buck up pussies. No pain no gain.

 

[Hawkeye10]

Buck up pussies. No pain no gain.

STUPID HURTS HERE!

 

[Stone]

We cant waver on this. This is a stand against globalism and the absolute theft of American wealth, industry, and middle class jobs. The tariffs MUST stay in place.

 

[Stone]

Why is it ok for other countries to impose massive tariffs on American goods for DECADES that hurt American workers? ENUFF!

 

[Hawkeye10]

Why is it ok for other countries to impose massive tariffs on American goods for DECADES that hurt American workers? ENUFF!

Americans have been sold down the river, and a lot of us have figured this out.

 

[EdwinA]

lol my portfolio is up over 20% this week. I manage my own; anybody who falls for those 401K scams is a fool to begin with, and most likely will get yet another giant Bush/Obama style govt. bailout, then afterwards whine about somebody getting food stamps and minimum wage n stuff. If they're losing money due to tariffs on slave labor produced goods then I'm glad they're losing money; they're part of the problem.

 

[Hawkeye10]

lol my portfolio is up over 20% this week. I manage my own; anybody who falls for those 401K scams is a fool to begin with, and most likely will get yet another giant Bush/Obama style govt. bailout, then afterwards whine about somebody getting food stamps and minimum wage n stuff. If they're losing money due to tariffs on slave labor produced goods then I'm glad they're losing money; they're part of the problem.

Because of course it is all about U.

 

[EdwinA]

Because of course it is all about U.

Because it's all about not being some mindless whiner tossing around idiot excuses and feeling entitled to 500% returns on your gambling winnings while you fart around doing nothing for yourself. Being a entitled rent seeking parasite isn't something the govt. should be pandering to. You want to get rich off slave labor, move to Red China or Africa and do your own work and manage your own plantation and soldiers.

 

[TOP]

https://www.suzeorman.com/ "I know many of you are afraid of what's happening in the economy and the stock market. So here's my take:

We are looking at another down day for the markets today. Why? Well, China has retaliated, and that's got investors on edge. The markets are projected to go lower as a result.

Now, I know many of you are dollar-cost averaging—and that’s still okay—but please hear me on this: if you're going to continue that strategy right now, do it with seriously tiny amounts. This is not the time to be aggressive.

We're seeing signs that feel a lot like 2022. Volatile. Emotional. Uncertain. And yet… I want you to breathe. Markets will eventually recover. But not all at once. If these tariffs stay in place, it will take time. So remember: money you have in the market should have been money you did not need for at least five years. Let this play out.

If you are contributing to a retirement account, do not stop. Stay the course. Keep investing steadily. That consistency is your power.

Let’s talk about fear. The VIX—a measure of market volatility—just surpassed 45. That’s the highest it’s been since the spike in August. When the VIX is this high, it means fear is overwhelming logic. Historically, when sentiment is this fearful, it is not the time to sell.

Markets can bounce—even in the middle of a downtrend. So don't react emotionally.

Now for some bright spots:

• Bond yields are collapsing. If you’ve got bonds, your portfolio may finally be back to even—or even showing gains.

• The 10-year Treasury is at 3.8%. That’s great news for mortgages.

• My favorite CD right now? Listen to me, Alliant's rates are not going to last in my opinion more than a week when 1-year treasuries are at 3.8% and 2 year treasuries are at 3.6%

You have to take advantage of the 12 to 17-month CD at myalliant .com at 4.25apr for amounts of $1000 -$74,999 and 4.30apr for $75,000 and up.

Seriously, for safe money, take advantage now. That rate is incredible—don’t miss it.

• The dollar is weak, and gold has soared to $3,150!

• And if you’ve been considering Roth conversions, maybe it’s time to start doing that slowly, a little bit at a time.

Also, WTI crude oil has dropped sharply below its long-term support near $65 per barrel. If this breakdown holds, it could head toward $45. That’s a major shift in oil.

As for the stock market—stay diversified. Now is not the time to bottom fish. Don’t get angry. Stay smart. This is when dividend-paying stocks can really help stabilize your portfolio. Companies like AT&T and Verizon have held up well.

Lastly, be sure to listen to my Women & Money (and everyone smart enough to listen) Podcast every Sunday and Thursday for updates.

Let’s take this one day at a time, together. Be kind to yourself. Be kind to others. And always remember—you are stronger than your fear." Who doesn't love Suze Orman?

 

[ThatOwlWoman]

When it hits the MAGAS that voted for him I say YOU GOT WHAT YOU WANTED NOW SUFFER .
It is too fucking bad you voted for Trump and his BS and now it has come back and bit you in the ass.
You got what you wanted so now don't cry about it.
And it has ONLY started.

Irony can be amusing in a sad sort of way. The MAGATs were all gleeful about the mass federal govt. layoffs which are supposed to save the taxpayers $$. But now that Trump has started a trade war, any of those alleged savings are going to have to go to bail out farmers, manufacturers, laid-off idled workers, and others who are being harmed by them. In fact, if the predicted deep recession occurs, we can expect that billions will also be spent on stimulus checks.

So much winning.

 

[Cypress]

Buck up pussies. No pain no gain.

You and your Messiah never said anything about starting a global trade war against our allies, crashing the stock market, and making inflation worse prior to the election on November 5.

 

[Tbird19482]

Irony can be amusing in a sad sort of way. The MAGATs were all gleeful about the mass federal govt. layoffs which are supposed to save the taxpayers $$. But now that Trump has started a trade war, any of those alleged savings are going to have to go to bail out farmers, manufacturers, laid-off idled workers, and others who are being harmed by them. In fact, if the predicted deep recession occurs, we can expect that billions will also be spent on stimulus checks.

So much winning.

I DON'T want to see anybody get hurt by all Trump's BS but if you voted for him you got what you wanted so now when it comes back and bites them in the ass they have NO RIGHT to cry about it.
And a lot of them already are.

 

[TOP]

I DON'T want to see anybody get hurt by all Trump's BS but if you voted for him you got what you wanted so now when it comes back and bites them in the ass they have NO RIGHT to cry about it.
And a lot of them already are.

And a lot of us aren't... We have
Faith In the decisions being made... And honestly the alternative was completely unacceptable ..

 

[Tbird19482]

And a lot of us aren't... We have
Faith In the decisions being made... And honestly the alternative was completely unacceptable ..

And remember NOT all the repercussions from these tariffs have been felt yet.
They were just imposed and prices haven't gone up all the way yet.
Some prices at least around here started going up over a week ago, IF you pay attention you will start seeing them go up.
Come back in a month or so IF Trump keeps the tariffs on and see how things are going.

 

[TOP]

And remember NOT all the repercussions from these tariffs have been felt yet.
They were just imposed and prices haven't gone up all the way yet.
Some prices at least around here started going up over a week ago, IF you pay attention you will start seeing them go up.
Come back in a month or so IF Trump keeps the tariffs on and see how things are going.

I'm always paying attention.... I'm sorry that you can't be more positive... I would have to be so frustrated all the time ..That being said are you involved in any special activities this month?