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Taking aim at what it calls "Bidenflation," The New York Post on Monday claimed that 401(k) plans have suffered $2.1 trillion in losses this year — the result of seven straight months of 8%+ inflation. And there's still two-and-a-half months left in 2022.
"The average 401(k) plan had over $135,000 at the start of this year," wrote Stephen Moore and E.J. Antoni, a pair of economists at The Heritage Foundation, a conservative research and educational institute that recently completed an analysis of how the highest inflation rate in nearly 40 years has impacted Americans' retirement funds. "Today, those assets have shrunk on average to about $101,000. In other words, the average 401(k) plan is down about $34,000 — more than 25% in less than one year!"
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