(Daily Caller)—Americans’ retirement savings have been hit hard by sky-high inflation under President Joe Biden, culminating in thousands of dollars in losses per person, according to a new report from the Committee to Unleash Prosperity.
When both declining real stock indexes and high inflation are taken into account, the value of Americans’ 401(k)s declined on average $33,200 in real terms, or 24.8%, since Biden took office in January 2021, according to the report. The losses follow declines in real purchasing power due to high inflation, which has also led to inflation-adjusted losses in major stock indexes that 401(k)s are tied to.
The average 401(k) retirement plan, owing to real stock declines, has lost around $17,000 since Biden first took office in January 2021, or 12.7%, equating to losses of around $1 trillion cumulatively for Americans when accounting for additional investment, according to the report. From the first quarter of 2021 to the third quarter of 2023, the major stock indexes DIJA, NASDAQ and S&P500 have declined 12.5%, 3.1% and 7.0%, respectively, in inflation-adjusted terms.
Inflation reached a peak under the Biden administration in June 2022 at 9.1% year-over-year, slowly decelerating to its current yearly gain of 3.2% for October, far higher than the Fed’s 2% target. Americans’ 401(k)s have lost around $16,200 since Biden took office, just from inflation-linked depreciation.
The amount in pension funds for Americans increased by $500 billion since Biden first took office, but due to inflation, it has declined 12.1% in real terms, equating to around a $3.3 trillion loss, according to the report. Retirement accounts relying on bond markets are especially hard hit, following exceptionably poor performance under Biden, particularly in 2022, which was the worst year for bonds since 1928.
Americans’ savings overall have taken a hit following the COVID-19 pandemic, leading to a recent decline in consumer spending, which accounts for around 70% of gross domestic product. Americans collectively held $768.6 billion in savings in October, less than the over $1 trillion held in May and even further from the nearly $6 trillion Americans held in April 2020.
The rate at which Americans are pulling prematurely from their retirement savings has also seen a recent spike, with Bank of America reporting a 36% increase year-over-year in hardship withdrawals for 401(k) plans, according to the report. Vanguard noted an all-time high in the withdrawals as well.
The White House did not immediately respond to a request to comment from the Daily Caller News Foundation.
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Why the National Debt Is the Looming Threat to Your Retirement Plans
The Hidden Crisis No One Is Talking About
Every day, headlines warn about inflation, market volatility, and global instability—but the greatest looming threat to your retirement might be something far more fundamental: America’s skyrocketing national debt.
You can learn more about how the national debt affects you by reading this 3-minute report titled, “Debt Will Hit $40T in 2026: Prepare Your Retirement Now“.
With debt growing faster than most Americans can possibly fathom, the government’s borrowing habits have reached historic—and dangerous—levels. To cover spending, Washington is making moves with their budget packages, tariffs, and taxes. Is it enough? No. It’s not even close to what would be necessary to stop out-of-control debt, let alone reverse it.
How Debt Erodes Your Nest Egg
There are only so many levers government and the Federal Reserve can pull to try to protect Americans, assuming that’s even a top priority for them. Unfortunately, pulling one level to relive one pressure invariably adds pressure from another direction. This is why prices keep going up even as inflation reportedly slows.
For retirees and pre-retirees, that’s a perfect storm. The dollars you’ve worked hard to save lose value, and your cost of living increases while your investments lag behind.
If you’re relying solely on paper-based assets—stocks, bonds, or mutual funds—you’re essentially tied to the same system that’s creating the problem. It’s a system that was designed to work well in the 20th century, not in today’s world with people living longer and the dollar rapidly losing value.
This is why the 3-minute report, “Debt Will Hit $40T in 2026: Prepare Your Retirement Now,” is so important.
The Precious Metals Hedge
Thousands of Americans are looking for a tangible, time-tested hedge: physical gold and silver.
Unlike paper assets, precious metals aren’t dependent on government policy or the stock market’s mood swings. They’re real, finite resources that have maintained value for thousands of years through wars, recessions, and inflationary periods.
In fact, during times of high inflation and fiscal instability, gold often performs its best—because it’s seen as a store of value when faith in the dollar weakens. This is why prices have skyrocketed this year and are expected by many economists to continue going up in the future.
Take Control with a Gold IRA
One of the most effective ways to protect your retirement from national debt fallout is through a self-directed Gold IRA. This IRS-approved account lets you hold physical gold and silver within your retirement portfolio, giving you:
- Direct ownership of your assets
- A hedge against inflation and dollar decline
- The control to diversify beyond Wall Street
Augusta Precious Metals specializes in helping Americans just like you take this step with confidence. The company has earned a strong reputation for transparency, education, and personalized service—making it one of the most trusted names in the industry.
The Next Step: Secure Your Financial Future
Augusta Precious Metals has helped thousands of Americans with at least $50,000 to invest from their IRAs, 401(K)s, TSPs, and other retirement accounts safeguard their savings through precious metals.
If you’re concerned about what the rising national debt could mean for your future, now is the time to act.
Read this 3-minute report titled, “Debt Will Hit $40T in 2026: Prepare Your Retirement Now“ and learn the simple steps you can take to protect your retirement.
