Bad time to retire as stock market slump wipes out $3 TRILLION in savings

Rev 6:6 NAS “And I heard something like a voice in the center of the four living creatures saying, “A quart of wheat for a denarius, and three quarts of barley for a denarius; and do not damage the oil and the wine.”

Important Takeaways:

  • Stock market’s fall has wiped out $3 trillion in retirement savings this year
  • This year’s stock slump is the most severe market downturn since March of 2020, when COVID-19 erupted
  • The selloff has erased nearly $3 trillion from U.S. retirement accounts, according to Alicia Munnell, director of the Center for Retirement Research at Boston College. By her calculations, 401(k) plan participants have lost about $1.4 trillion from their accounts since the end of 2021. People with IRAs — most of which are 401(k) rollovers — have lost $2 trillion this year.
  • “Anybody who has to retire when the market is down is in a bad position,” Munnell said

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