Trump says 401(k)s 'made people rich,' but most households have no retirement savings

President Donald Trump sat down with CBS's 60 Minutes after the midterm elections, and the interview aired Nov. 8. He offered the stock market as proof the economy is working ². Ross Douthat, the CBS correspondent, told him that poll after poll shows people unhappy with the economy. Trump answered: "We have the highest stock market in history." ²

Douthat then raised a Forbes report that Trump's net worth has grown by about $3 billion since he returned to office ². People magazine reported that the Forbes figure puts his net worth at $6.5 billion ³. Trump replied, "Well, so did everyone--" ². When Douthat said his own net worth had not gone up by $3 billion, the president said, "Well, you should've had stock--" ².

Trump moved on to retirement savings. "401(k)s are at their all-time high by a lot," he said ¹. A 401(k) is a savings plan offered through an employer. Workers put part of each paycheck into it, usually invested in stocks and bonds.

Under other presidents, they were a disaster. 401(k)s have made people rich

Douthat pushed back on that claim.

From Channel GOP60 Minutes presses Trump on missing health planDonald Trump · 30K plays · captioned, with the source named

I mean, not a lot of people have a big 401k.

According to CBS, Trump answered: "But a lot of people do." ¹

What the numbers show

Roughly 40% of Americans lack a retirement savings plan account, People reported, citing Gallup data from 2025 ³. Federal Reserve survey data from 2022 found that about 46% of households had any savings in retirement accounts, according to USAFacts, a nonpartisan data group ⁶. That means more than half had none.

Many people close to retirement have little saved. In 2022, the typical household headed by someone aged 55 to 59 had $24,500 in retirement accounts, USAFacts found ⁶.

For millions of older Americans, Social Security is their whole income, not an extra. The Senior Citizens League (TSCL), a nonpartisan seniors' group, estimated in June that 24.6 million seniors, or 44% of the retirement-age population, rely on Social Security for all of their income ⁸. The estimate is based on the group's survey of 904 seniors. The survey also found that 54% of seniors live on less than $2,000 a month ⁸.

That matters because a record stock market does nothing for a retiree who owns no stock. It also explains why older Americans listen closely when Trump talks about putting Social Security itself into the market.

The receipt: Trump on Social Security and stocks

On Oct. 7, Trump told reporters in the Oval Office that he "wanted to ride with Social Security being fully invested in the stock market in the first month of my first year." ⁴ He said the plan "was met with tremendous criticism by the Democrats and some Republicans" and added, "I wanted to do it so badly." ⁴

On Oct. 20, Trump said the White House was looking at a version of his new children's investment accounts, called Trump Accounts, for grown-ups. "We are looking at something different because it really is somewhat of a different thing having to do with adults," he said ¹⁰.

The Democratic National Committee (DNC) responded to the Oct. 7 remarks the same day.

Trump is openly admitting that he wants to privatize Social Security

The pattern is consistent. When Trump measures how Americans are doing, he points to the stock market. But markets also fall. The S&P 500, an index of large U.S. companies, lost 36.55% in 2008 and 18.04% in 2022, according to New York University figures cited by Money Talks News ⁵. A retiree whose benefits were tied to those markets would have felt each of those drops.

The real deadline

Social Security's retirement trust fund is projected to run out of reserves in the last three months of 2032, Money Talks News reported, citing the Social Security Administration. After that, the program could pay about 78% of scheduled benefits ⁵. The program has paid out more than it took in every year since 2021. Its combined reserves fell $160 billion in 2025, to $2.56 trillion ⁵.

On Nov. 10, TSCL laid out an agenda for the new Congress ⁷. It called for lifting or eliminating the cap on wages subject to the Social Security payroll tax. That cap is $184,500 in 2026, so earnings above it are not taxed for Social Security. The group also called for reversing the Medicare and Medicaid cuts in the One Big Beautiful Bill law, adding dental, vision and hearing coverage to Medicare, and sending seniors a one-time $1,400 payment ⁷.

TSCL noted that Medicare Part A, the hospital insurance fund, faces its own projected shortfall in 2033 ⁷. The group also released its first estimate of the 2028 cost-of-living adjustment (COLA), the yearly raise in benefits: 3.6% ⁷.

It affects all of us, and all of us stand to lose if Congress fails to act to protect America's seniors.

Senators elected this cycle will serve from Jan. 3, 2027, to Jan. 3, 2033, TSCL pointed out. That means the 2032 deadline falls during their terms ⁷.

The Record

1. Oct 7, 2026In the Oval Office, Trump says he wanted Social Security fully invested in the stock market in his first term and wanted to do it 'so badly' ⁴
2. Oct 20, 2026Trump says the White House is looking at a version of Trump Accounts for adults ¹⁰
3. Nov 8, 2026On 60 Minutes, Trump says 401(k)s 'have made people rich' and, when challenged, says 'a lot of people do' have large ones ¹²
4. Nov 10, 2026The Senior Citizens League urges the new Congress to lift the payroll tax cap and reverse Medicare and Medicaid cuts, and estimates a 3.6% COLA for 2028 ⁷

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<h2>Trump says 401(k)s &#39;made people rich,&#39; but most households have no retirement savings</h2> <p><em>By The GOP Files Kitchen-Table Desk. This article first appeared on <a href="https://thegopfiles.com/story/trump-says-401-k-s-made-people-rich-but-most-households-have-no-retirement-savings">The GOP Files</a> on Wednesday, November 11, 2026.</em></p> <p>President Donald Trump sat down with CBS&#39;s 60 Minutes after the midterm elections, and the interview aired Nov. 8. He offered the stock market as proof the economy is working . Ross Douthat, the CBS correspondent, told him that poll after poll shows people unhappy with the economy. Trump answered: &quot;We have the highest stock market in history.&quot;</p> <p>Douthat then raised a Forbes report that Trump&#39;s net worth has grown by about $3 billion since he returned to office . People magazine reported that the Forbes figure puts his net worth at $6.5 billion . Trump replied, &quot;Well, so did everyone--&quot; . When Douthat said his own net worth had not gone up by $3 billion, the president said, &quot;Well, you should&#39;ve had stock--&quot; .</p> <p>Trump moved on to retirement savings. &quot;401(k)s are at their all-time high by a lot,&quot; he said . A 401(k) is a savings plan offered through an employer. Workers put part of each paycheck into it, usually invested in stocks and bonds.</p> <blockquote><p>Under other presidents, they were a disaster. 401(k)s have made people rich</p><p>&mdash; Donald Trump, President of the United States, Republican</p></blockquote> <p>Douthat pushed back on that claim.</p> <blockquote><p>I mean, not a lot of people have a big 401k.</p><p>&mdash; Ross Douthat, 60 Minutes correspondent, CBS News</p></blockquote> <p>According to CBS, Trump answered: &quot;But a lot of people do.&quot;</p> <h2>What the numbers show</h2> <p>Roughly 40% of Americans lack a retirement savings plan account, People reported, citing Gallup data from 2025 . Federal Reserve survey data from 2022 found that about 46% of households had any savings in retirement accounts, according to USAFacts, a nonpartisan data group . That means more than half had none.</p> <p>Many people close to retirement have little saved. In 2022, the typical household headed by someone aged 55 to 59 had $24,500 in retirement accounts, USAFacts found .</p> <p>For millions of older Americans, Social Security is their whole income, not an extra. The Senior Citizens League (TSCL), a nonpartisan seniors&#39; group, estimated in June that 24.6 million seniors, or 44% of the retirement-age population, rely on Social Security for all of their income . The estimate is based on the group&#39;s survey of 904 seniors. The survey also found that 54% of seniors live on less than $2,000 a month .</p> <p>That matters because a record stock market does nothing for a retiree who owns no stock. It also explains why older Americans listen closely when Trump talks about putting Social Security itself into the market.</p> <h2>The receipt: Trump on Social Security and stocks</h2> <p>On Oct. 7, Trump told reporters in the Oval Office that he &quot;wanted to ride with Social Security being fully invested in the stock market in the first month of my first year.&quot; He said the plan &quot;was met with tremendous criticism by the Democrats and some Republicans&quot; and added, &quot;I wanted to do it so badly.&quot;</p> <p>On Oct. 20, Trump said the White House was looking at a version of his new children&#39;s investment accounts, called Trump Accounts, for grown-ups. &quot;We are looking at something different because it really is somewhat of a different thing having to do with adults,&quot; he said .</p> <p>The Democratic National Committee (DNC) responded to the Oct. 7 remarks the same day.</p> <blockquote><p>Trump is openly admitting that he wants to privatize Social Security</p><p>&mdash; Kendall Witmer, Deputy communications director, Democratic National Committee</p></blockquote> <p>The pattern is consistent. When Trump measures how Americans are doing, he points to the stock market. But markets also fall. The S&amp;P 500, an index of large U.S. companies, lost 36.55% in 2008 and 18.04% in 2022, according to New York University figures cited by Money Talks News . A retiree whose benefits were tied to those markets would have felt each of those drops.</p> <h2>The real deadline</h2> <p>Social Security&#39;s retirement trust fund is projected to run out of reserves in the last three months of 2032, Money Talks News reported, citing the Social Security Administration. After that, the program could pay about 78% of scheduled benefits . The program has paid out more than it took in every year since 2021. Its combined reserves fell $160 billion in 2025, to $2.56 trillion .</p> <p>On Nov. 10, TSCL laid out an agenda for the new Congress . It called for lifting or eliminating the cap on wages subject to the Social Security payroll tax. That cap is $184,500 in 2026, so earnings above it are not taxed for Social Security. The group also called for reversing the Medicare and Medicaid cuts in the One Big Beautiful Bill law, adding dental, vision and hearing coverage to Medicare, and sending seniors a one-time $1,400 payment .</p> <p>TSCL noted that Medicare Part A, the hospital insurance fund, faces its own projected shortfall in 2033 . The group also released its first estimate of the 2028 cost-of-living adjustment (COLA), the yearly raise in benefits: 3.6% .</p> <blockquote><p>It affects all of us, and all of us stand to lose if Congress fails to act to protect America&#39;s seniors.</p><p>&mdash; Shannon Benton, Executive director, The Senior Citizens League</p></blockquote> <p>Senators elected this cycle will serve from Jan. 3, 2027, to Jan. 3, 2033, TSCL pointed out. That means the 2032 deadline falls during their terms .</p> <p><em>Read the original, with every source linked, at <a href="https://thegopfiles.com/story/trump-says-401-k-s-made-people-rich-but-most-households-have-no-retirement-savings">thegopfiles.com</a>. Republished under The GOP Files' <a href="https://thegopfiles.com/republish">free republishing terms</a>.</em></p> <img src="https://thegopfiles.com/api/rp/trump-says-401-k-s-made-people-rich-but-most-households-have-no-retirement-savings.gif" alt="" width="1" height="1" style="border:0;width:1px;height:1px">

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Sources

1. CBS News, “10 takeaways from Trump's 60 Minutes interview: Why GOP lost the midterms, what went wrong on immigration and more” (2026-11-08). cbsnews.com/news/10-takeaways-from-trump-60-minutes-intervie
2. CBS News, “60 Minutes Transcript: Donald Trump, the 2026 post-midterm elections interview” (2026-11-08). cbsnews.com/news/donald-trump-2026-post-midterm-elections-in
3. People (via Yahoo News), “Trump, Whose Net Worth Jumped by $3 Billion in Second Term, Tells Americans: 'You Should Have Had Stock'” (2026-11-09). yahoo.com/news/politics/articles/trump-says-everyone-got-wea
4. Common Dreams, “Trump Says He Wanted to Privatize Social Security 'So Badly' During First Term” (2026-10-07). commondreams.org/news/trump-privatize-social-security
5. Money Talks News, “Trump says Social Security should have been fully invested in the stock market. I'm a CPA: Here's the catch” (2026-10-09). moneytalksnews.com/trump-says-social-security-should-have-be
6. USAFacts, “Nearly half of American households have no retirement savings” (2023-11-09). usafacts.org/data-projects/retirement-savings
7. The Senior Citizens League, “Seniors Call on the Next Congress to Prioritize Social Security” (2026-11-10). seniorsleague.org/seniors-call-on-the-next-congress-to-prior
8. The Senior Citizens League, “New TSCL Study Estimates 24.6 Million Seniors Get by On Social Security Alone” (2026-06-10). seniorsleague.org/new-tscl-study-estimates-24-6-million-seni
9. The National News Desk (CBS12), “Trump says White House is exploring Trump Accounts for adults” (2026-10-20). cbs12.com/news/nation-world/trump-says-white-house-is-explor

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