Covid-19 on 401(k) impact part 1
We are all living in a radically different American today than just 12 months ago because of the Covid 19 virus epidemic. Scientists and genuine experts predict another year will pass before most of us feel life has returned to “normal.” What have we all suffered through in the past 12 months? As of this writing, half a million Americans have died as a direct result of Covid. We are dealing with the fallout of The Big Lie that our presidential election was stolen. American history has been permanently stained and re-written by domestic traitors’ brutal attack on our government on January 6. New and unpredictable events will probably continue to erode American society and way of life.
One under-reported consequence of the Covid is its impact on American workers’ 401(k) retirement plans. You are undoubtedly aware that the “above the line” dollar value of your 401(k) has probably been relatively stable and even slightly positive in the short-term. If the stock market cracks, if the “bubble” experts have been predicting bursts, the stock market will drop rapidly. If you are heavily invested in stocks, the value of your 401(k) will take a major hit.
Please check back for Part 2 of this blog commentary.