With Americans' nest eggs mostly held in 401(k)s and IRAs, the swoon could force many to delay their retirement.
isn't just reducing the net worth of billionaires like Elon Musk and Jeff Bezos. It's also taking a toll on Americans' retirement savings, wiping out trillions of dollars in value.
This year's stock slump is the most severe market downturn since March of 2020, when COVID-19 erupted in the U.S. Historically, 401 investments take about two years after a market decline of this size to regain their previous value. "Younger people, you can kind of wait it out — these things have come back time and time again," she added."But people who use their retirement money to support themselves really suffer in this kind of event.
"One could argue that these recent losses are simply wiping out the extraordinary gains that occurred from mid-2020 to the end of 2021, so that people are not actually worse off than before the pandemic," Munnell wrote in a blog post, shared first with CBS MoneyWatch. But human nature being what it is,"the prior gains were permanent, so the recent losses are no less painful.
Target-date funds are a popular set-it-and-forget-it option for choosing a retirement plan, with more than half of all 401 participants holding a target-date fund, according to Morningstar Direct, an investment research firm.
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
WWE Board Investigates Secret $3 Million Hush Payment by CEO Vince McMahon, Report SaysA WWE spokesman told the WSJ that the company is cooperating with the board’s investigation into the alleged McMahon payment.
Weiterlesen »
Federal judge approves LA's $3 billion settlement to develop homeless housing, bedsA federal judge Tuesday gave final approval to Los Angeles' proposed settlement with the L.A. Alliance for Human Rights in which the city will spend up to $3 billion to develop as many as 16,000 beds or housing units for non-mentally ill members of the homeless population.
Weiterlesen »
WWE boss Vince McMahon reportedly paid $3 million in hush money to cover up affairVince McMahon, the CEO of WWE, is being investigated by the company's board for agreeing to pay a secret $3 million settlement to a former employee he allegedly had an affair with, according to a Wall Street Journal report.
Weiterlesen »
WSJ News Exclusive | WWE Board Probes Secret $3 Million Hush Pact by CEO Vince McMahon, Sources SayThe board of World Wrestling Entertainment is investigating a secret settlement that its longtime chief executive agreed to pay to a departing employee with whom he allegedly had an affair, according to documents and people familiar with the board inquiry.
Weiterlesen »
Bitcoin mining stock report: Wednesday, June 15Here's how crypto mining companies performed on Wednesday, June 15.
Weiterlesen »