Trump tells White House reporters they’re all twice as wealthy — and their 401(k)s have doubled — thanks to him. Is he right?

0President Trump is making a bold claim about the state of Americans’ retirement funds, telling a group of White House reporters their 401(k)s have doubled — and it’s all thanks to him.

“You all have 401(k)s. I don’t have to know anything about you. Your 401(k) has doubled in a short period of time. It’s doubled,” Trump told reporters in the White House on Sept. 28. “You’re twice as wealthy as you were a short time ago, everyone one of you. And that’s because of me.”

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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.

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.

Read More: Here’s the average income of Americans by age in 2026. Are you keeping up or falling behind?

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.

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.

A 401(k) is also a two-way street, meaning that while many are contributing to these retirement accounts, some are also withdrawing from them. People who take money out of their 401(k) before the age of 59 ½ are typically hit with a 10% early withdrawal penalty and income taxes.

Data also shows this trend is on the rise. According to Vanguard, in 2025, 6% of its clients took a hardship withdrawal, which allows them to access their 401(k) funds before they reach retirement age. That’s up from 5% in 2024. And while that percentage represents a small portion of account holders, it still demonstrates that blanket statements on the growth of 401(k) accounts cannot be applied to all Americans.

Individual contributions and employer matches also play a role in how much money is saved and how fast accounts can grow. For example, if an employer matches employee contributions dollar-for-dollar, up to a certain percentage of salary, that 401(k) account will grow faster. But if an employee doesn’t take full advantage of their employer match, or if the employer uses a tiered match, the employer’s contribution may be lower, depending on the plan’s rules, which can result in slower account growth.

While retirement balances are at record highs and the S&P 500 is performing well, Trump’s claim that 401(k) accounts have doubled is not supported by the data. For 401(k) account holders, the most useful question isn’t whether their account has doubled, it’s whether they’re on track for retirement.

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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.