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Trump Says 401(k) Balances Are up $30K. We Fact-checked His State of the Union Claim

Money Magazine
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A 2026 State of the Union claim asserted typical 401(k) balances rose $30,000 since the president’s inauguration, but no official source was cited to support the figure. Fidelity data shows average 401(k) balances grew $12,700 (9.6%) from late 2024 to September 2025, reaching $144,400—far below the claimed $30,000 increase. The S&P 500’s 14.9% return since inauguration would theoretically add $19,755 to the average $131,700 balance—still $10,000 short of the stated gain. The claim may conflate "typical" (median) with average balances; medians are lower but weren’t reported. Contribution rates remained steady at 14.2%, per Fidelity. Stock market records were cited as the driver, but 401(k)s include bonds and funds, diluting equity gains. The $30,000 figure lacks verifiable evidence.
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We research all brands listed and may earn a fee from our partners. Research and financial considerations may influence how brands are displayed. Not all brands are included. Learn more. Retirement 401(k) Share Share Close Mail Page URL https://money.com/average-401k-balance-claim-trump-sotu/ Link copied! Trump Says 401(k) Balances Are up $30K. We Fact-checked His State of the Union Claim By: Pete Grieve Pete Grieve Lead News Reporter | Joined September 2022 Pete Grieve is a personal finance reporter. In his time at Money, Pete has covered everything from car buying to credit cards to the housing market. Has also written: ‘We Want to Travel.’ My Wife and I Just Turned 40 With $1 Million Saved.

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