Washington: US President Donald Trump told reporters on Monday, September 28, that their retirement savings had doubled under his leadership. Available data shows 401(k) balances have grown during his second term, but not by anything close to double.
What Trump Said
Speaking at an Oval Office event announcing a $15 billion steel plant in eastern Iowa, Trump turned to the reporters in the room and said: "Many of you have — you're the fake news, you can't report it — you all have 401ks. Your 401k is double... you're twice as wealthy. Every one of you! That's because of me! Have a good time everybody!" He then ended the press session. According to Newsweek, he also said reporters were twice as wealthy as they had been under former President Joe Biden, and that their 401(k)s had doubled "in a short period of time."
What the Data Shows
US stocks have risen significantly during Trump's second term. The S&P 500 had gained about 29% since his inauguration as of August, and the White House has pointed to markets reaching multiple all-time highs.
However, according to Fidelity Investments, the average 401(k) balance rose 11% between the first quarter of 2025 and the first quarter of 2026, the latest period for which data is available. In dollar terms, the average balance increased by $9,454 between December 31, 2024 and March 31, 2026, and part of that increase came from contributions by workers and employers, not only market gains. Individual results vary widely, and many Americans do not have a 401(k) at all.
A Recurring Claim
Trump has made similar claims before. In June, he said the typical 401(k) was up almost $30,000, a claim PolitiFact rated "Mostly False." In August, he said 401(k)s were at their highest ever "by double and triple," without explaining what he meant.
Democrats Respond
Senate Minority Leader Chuck Schumer responded on X, saying Trump made the claim while gas prices had reached $4.50 a gallon, diesel $6.50, mortgage rates had risen above 7%, grocery costs were climbing and consumer sentiment was at its lowest since the Great Recession.
Sources
Newsweek, Meaww (AP), Yahoo Finance, PolitiFact, PBS NewsHour, Fidelity Investments data as reported.