This isn’t the first time Trump has made the claim he’s helped double — and even triple — American’s retirements accounts. In August, he told Fox News that 401(k)s are the highest they’ve ever been and that America should get an “A+ on the economy.”
The president has not elaborated on what exactly he’s done to allegedly double 401(k)s for Americans, or what time frame his claim covers. Presumably, he’s referring to the fact that 401(k)s are tied to the stock market, which has been soaring to record highs.
However, individual retirement accounts vary widely depending on individual investments, company matches and timing.
The state of 401(k)s
Traditional 401(k) plans are offered through employers and contributions are taken directly from pre-tax paychecks. The money is then invested into stocks, bonds, mutual funds and other assets. That means the growth of your 401(k) is linked, in part, to stock market performance.
The S&P 500 has risen by about 28% since Trump began his second term in January 2025, which means this specific stock market index hasn’t even doubled since he returned to office. And data shows 401(k)s have grown at an even slower pace.
According to Fidelity, 401(k) — as well as 403(b) and IRA — balances reached record highs in the second quarter of 2026. The average 401(k) balance climbed to $155,800, up 10% compared to the first quarter of this year and up 13% compared to the second quarter of 2025.
That’s the strongest 401(k) quarterly growth since the fourth quarter of 2020, and while that marks a solid boost for Americans, it doesn’t quite support Trump’s claim that 401(k)s have doubled.
It’s also important to note that millions of Americans don’t even have a 401(k) account. While Trump told reporters they “all have 401(k)s,” the reality is much different. According to a study from Gallup, about 60% of Americans have retirement savings accounts such as a 401(k), 403(b) or an IRA.
Why retirement accounts haven’t doubled
The average 401(k)s’ inability to keep up with the stock market is in part due to the mix of investment categories that many include. For example, if only half of a 401(k) is invested in stocks, while the rest is put into other assets, it’s impossible for the entire account to grow in line with the stock market.
