Retirement accounts have lost over $3 Trillion dollars since the beginning of 2022, and the future doesn’t look so bright for the rest of this year either.
Inflation is soaring, the latest update shows it accelerating at a 9.1% clip.
The Dow Jones has lost almost 17% of its value and more than 6,000 points. The S&P 500 is down more than 21% and more than 1,000 points. The NASDAQ has shed 29% of its value and more than 3,800 points. The Russell 2000 is also sliding.
All of that chaos means the stock market is in deep despair right now.
The yield curve has also inverted, which is a reliable signal of an oncoming recession at some point in the near future. That’s because inversion has preceded every recession for the last 40 years.
There are many other signals that all point to a U.S. economy that could be in the worst shape it has been in a very long time.
But surprisingly, that’s not the worst part.
The U.S. hasn’t even entered a full-blown recession (yet), and one of the things that usually happens during a recession has already started happening…
“Retirement Accounts Lose Trillions”
(And It’s Gotten Worse)
Any person saving for retirement in the U.S. using a 401(k) as a vehicle for their savings has probably taken a big hit.
Fox News reported the devastating news back in late June:
“Alicia Munnell, director of the Center for Retirement Research at Boston College, wrote in a blog post this week that retirement plans have collectively lost upwards of $3 trillion since the beginning of January.
According to Munnell’s latest data, 401(k) plan participants have lost about $1.4 trillion from their accounts and IRAs have lost $2 trillion since the end of 2021.”
As I’m writing this email, it’s just past mid-July, and the retirement situation Munnell wrote about has gotten worse.
And retirement savings won’t be the only income affected once the recession is underway. Day to day investing, business income, and real estate are also likely to take a hit on par with the Dow, S&P, and NASDAQ at some point in the future.
All of this is another in a long list of reasons to tuck some of your money away in a safe place where it won’t “evaporate” if things go south.
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To live freely is divine,
Location Independent Entrepreneur
P.S. The U.S. economy could suffer a long and deep recession starting now. That’s a great reason to have some of your assets tucked away in a safe place. And I wrote a report that can help you do just that…