“I’ve had wives tell me that they love their husband again...’My husband is a great investor. He’s up 67%.’ That’s me that did it!” Trump told the crowd.
But while Trump is taking credit for both rising retirement balances and happier marriages, just how much have Americans’ 401(k)s actually grown?
The 401(k) love affair
Trump’s comments weren’t just about retirement savings. They were also part of a pitch to voters ahead of the November midterm elections. The president encouraged Americans to check their 401(k) balances before heading to the polls, claiming the stock market had reached 88 all-time highs since his election and that retirement accounts were doing better than ever.
There’s certainly some good news for Americans saving for retirement. According to Fidelity Investments’ latest retirement analysis, the average 401(k) balance reached a record $155,800 in the second quarter of 2026, up 13% from the same period last year. Looking back a decade, balances have jumped 75%.
The stock market has also been having a pretty good year. As of October 29, the S&P 500 was up 12.8% since the beginning of 2026, according to The Associated Press.
But before Americans start celebrating their newfound wealth, there’s a little more to the story. A growing 401(k) balance doesn’t necessarily mean investments alone are delivering those returns. Retirement accounts also grow through contributions from employees and their employers.
And averages can be misleading. According to Vanguard’s 2026 How America Saves report, the median retirement plan balance among its participants was just $44,115 at the end of 2025. That means half had less than that amount in their accounts. People with very large retirement accounts can pull the average up, making it seem like the typical saver has more tucked away than they actually do.
Can Trump really take the credit?
The Trump administration has made some moves aimed at encouraging investment. In August 2025, Trump signed an executive order designed to make it easier for 401(k) plans to offer investments in private companies, real estate and cryptocurrency-related assets. His 2025 tax law also introduced tax breaks intended to encourage businesses to invest and grow.
