Breaking the bank: Retirement accounts see combined losses of $3.4 trillion

From WWW.WASHINGTONEXAMINER.COM

Both 401(k) and IRA accounts nationwide have lost an estimated combined amount of $3.4 trillion since January.

Boston College's Center for Retirement Research Director Alicia Munnell published her estimates of the losses Tuesday. Her estimates are based on the assumption that markets have been down by 20% recently. The S&P 500 is down 21%, with the Nasdaq composite down by 30% and the Dow Jones down 16% since the year began.

IRA accounts have lost $2 trillion, while 401(k) accounts have lost $1.4 trillion, according to Munnell. Most of the investments in 401(k)s are rolled over into IRA accounts, so Munnell claimed both reflect the overall economic outlook.... (Read more)

Submitted 11 days ago


Latest News