Fact-checking Trump's claims about 401(k) gains during his second term

By — Louis Jacobson, PolitiFact Louis Jacobson, PolitiFact Leave your feedback Share Copy URL https://www.pbs.org/newshour/economy/fact-checking-trumps-claims-about-401k-gains-during-his-second-term Email Facebook Twitter LinkedIn Pinterest Tumblr Share on Facebook Share on Twitter Fact-checking Trump's claims about 401(k) gains during his second term Economy Jun 28, 2026 4:06 PM EDT This article originally appeared on PolitiFact . President Donald Trump has often talked up the stock market's rise during his second term, saying increases in 401(k) retirement plan balances have made Americans wealthier. During a June 23 speech at a Mack truck plant in Macungie, Pennsylvania, Trump said, "The typical 401(k), as you know, is up almost $30,000 in … 13 months." He's made similar points going back to his Feb. 24 State of the Union address. READ MORE: Even as stock market hits highs, most Americans are cutting back on spending, survey shows The stock market has risen during Trump's second term. But the average $30,000 gain he cited is not supported by data; that's about triple the increase found in a large analysis of 401(k) balances. And a growing share of Americans are withdrawing 401(k) dollars before retirement to cope with unexpected hardships. The White House offered no supporting evidence for Trump's statement. White House spokesperson Kush Desai said "equity markets have hit multiple all-time highs" during Trump's second presidency. How much has the stock market increased during Trump's second term? The Standard & Poor's 500, a metric that charts a broad selection of publicly traded stocks, shows notable gains since Trump took office on Jan. 20, 2025. Between his second inauguration and the day of his February 2026 State of the Union address — the first time he mentioned the $30,000 figure — the S&P rose by about 13%. From his second inauguration to June 23, the day of his Pennsylvania speech, the S&P rose by about 24%. 401(k) balances are rising, but not as high as Trump said What about the gains for typical 401(k) holders? First, narrowing down a "typical" 401(k) account is challenging. People of different incomes, ages and company 401(k) policies can see their balances vary widely — and that's before factoring in the mix of assets that make up their accounts. "The (higher account balance) you have, the more gains you will have achieved," said Joe Fitter, a senior lecturer in finance at Indiana University's Kelley School of Business. Fidelity Investments, a financial institution that operates many 401(k) plans, provides the best available data. WATCH: Trump stock trades fuel accusations of corruption and profiting off presidency Every quarter, Fidelity examines balances within more than 26,000 corporate 401(k) plans serving roughly 25 million participants. It also breaks down the average balance by the account holder's age. We looked at Fidelity's data for the quarterly period ending Dec. 31, 2024, and for the period ending March 31, 2026. Com