US President Donald Trump speaks during a tariff announcement at the White House in on Wednesday, April 2, 2025. Trump plans to roll out tariffs on global trading partners, the centerpiece of his effort to bring back manufacturing to the US and reshape a world trade system he has long decried as unfair. Photographer: Kent Nishimura/Bloomberg

Even before President Trump announced his new tariff policy, designed to implement reciprocal tariffs on global trading partners, last Wednesday, volatility on Wall Street made for high trading activity in retirement plans in the first quarter of 2025, according to the Alight Solutions 401(k) Index. In addition, March was the most active month for retirement plan trading since 2020, but now roughly $2.4 trillion was erased from the S&P 500 Index on Thursday’s selloff on Wall Street, according to Reuters.

As Americans are watching their retirement savings plummet, how specifically is it affecting 401(k)s and what, if anything, should employers and employees do differently with their retirement plans? Treasury Secretary Scott Bessent talked about the current economic landscape on NBC’s Meet the Press on Sunday.


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