President Trump returned to New Hampshire to reaffirm his message, first made last August, that voters must reelect him to maintain economic health.
The latest rally, in Manchester on Monday, was timed to counter attention and momentum from the Democratic primary.
“Up 90%, up 104%. Is there anybody doing badly with the 401(k)?” the president told supporters. “Don’t put up your hand, I don’t believe you. The 401(k)s, they’re up 90%, 95%.”
But the AP was quick to fact check the claim, calling it “misleading at best.”
“There have indeed been 401(k) increases of 100% or more since 2017, but those were largely among workers with fewer than four years at their job,” the news service notes, citing research from the Employee Benefits Research Institute. “The increases are big for recent and younger employees because they generally start with meager savings. The gains come in part from workers setting aside money from their own paychecks and contributions from their employers, not just market returns.”
In that circumstance, it adds, “it’s unremarkable to see a $1,000 401(k) account double in a year, for example, when a young worker and perhaps the employer is paying into it.”
And older workers with more than 20 years on the job “have seen gains of roughly 50% over three years in their retirement accounts, thanks both to contributions from paychecks and market gains.”
Not bad, but not as high as Trump often likes to attest.
Strategic sense
Trump’s frequent New Hampshire travels are strategically smart. While the state’s four Electoral College votes are far below that of key swing states like Florida, Wisconsin, and Michigan, The New York Times notes, its influence can prove powerful in close election years like 2000, when George W. Bush’s victory in the state gave him the edge needed to win the White House.
With more than 20 years serving financial markets, John Sullivan is the former editor-in-chief of Investment Advisor magazine and retirement editor of ThinkAdvisor.com. Sullivan is also the former editor of Boomer Market Advisor and Bank Advisor magazines, and has a background in the insurance and investment industries in addition to his journalism roots.
