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

Is Your 401(k) Affected by Trump's Tariffs? What to Know

With a 401(k), you carry the risk because the investment decisions are yours. Here's what you should know.

The sharp drop in US stocks after US President Donald Trump announced new tariffs has also affected the savings of millions of Americans who use the popular personal retirement savings plan called 401(k). It is based on investments in stocks and other securities. Americans who are at or near retirement age are especially nervous.

Kai Honkonen, 63, has lost large sums of money on Trump's tariffs and indecision. - Trump has stolen 250,000 kronor from my two ISK accounts, just poof! says

How to protect your 401k from stock market downturn

DES MOINES, Iowa -- The stock market dropped even further Friday after sweeping tariffs were announced Wednesday. Many people are concerned about the tumbling markets effect on 401k plans. Lance Gunkel, the Managing Director of Syverson Strege, said people concerned about the stock market should make a plan. "The best thing to do right now is to plan for the next downturn. We know that more of these will come down the road. Right, and so setting…

People in the ‘retirement danger zone’ can take 5 steps to protect savings

If you’re within five years of retiring, either before or after, you’re at your most vulnerable financially. Here are steps to weather the volatility.

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

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-ticke…