Warren, Wyden Press Trump Officials on Seniors’ Economic Pain As Result of Trump’s Chaotic Tariffs, Social Security Takeover
New Fidelity analysis found average 401(k) balances fell 3%, IRA balances fell 4%, due to market volatility
“The Trump Administration must answer for the damage it is inflicting on America’s seniors.”
Washington, D.C. – U.S. Senators Elizabeth Warren (D-Mass.) and Ron Wyden (D-Ore.), Ranking Member of the Senate Finance Committee, pressed top Trump administration officials on how President Trump’s chaotic tariffs — paired with his efforts to dismantle the Social Security Administration — are harming America’s seniors. The letter follows a new analysis released by Fidelity Investments, the largest provider of 401(k) plans in the U.S., finding that average 401(k) balances fell 3% even as savings rates rose, and the average individual retirement account (IRA) balance fell 4%.
The lawmakers wrote to Commerce Secretary Howard Lutnick, United States Trade Representative (USTR) Jamieson Greer, Treasury Secretary Scott Bessent, and Social Security Administration (SSA) Commissioner Frank Bisignano with their concerns.
“The economic chaos triggered by President Trump’s disastrous tariff policy has the potential to decimate retirees’ savings. Simultaneously, the Trump Administration has taken a wrecking ball to the Social Security Administration, limiting seniors’ access to their hard-earned benefits,” wrote the lawmakers. “In doing this, the Trump Administration is making it harder for seniors across the country to make ends meet.”
President Trump’s trade policy has created economic chaos for Americans. The Department of Commerce recently released data showing that the nation’s economy shrank 0.3% in the first quarter of 2025 — the first decline in over three years. At the same time, Trump’s red-light, green-light approach to tariffs is “rain[ing] volatility on markets.”
“Higher inflation reduces consumers’ purchasing power and reduces the value of Americans’ hard-earned financial savings. Consumers, businesses, and professional economic forecasters are all in agreement that President Trump’s tariffs have the economy teetering on a cliff,” wrote the lawmakers.
America’s seniors are particularly hurt by President Trump’s chaotic economic policy. 77% of the 57 million retirees in the U.S. rely on a combination of their savings and Social Security benefits. Some retirees are reporting that if stock market volatility continues, they “can’t stay retired.” Consumer confidence among Americans 55 years and older has plummeted since the start of the Trump administration.
The Department of Government Efficiency (DOGE) is also hollowing out the Social Security Administration as a backdoor means of cutting benefits. DOGE is closing offices, cutting the workforce, and destroying the IT infrastructure that Americans rely on to access benefits. As a result, wait times have increased on the national 1-800 help number, and Americans have been forced to deal with long service blackouts and glitches.
“More than half of Americans over the age of 50 worry they do not have enough savings to support them in retirement. Further reducing the value of these savings while limiting access to Social Security benefits means putting seniors at risk of having to choose between putting food on the table and paying rent,” concluded the lawmakers. “The Trump Administration must answer for the damage it is inflicting on America’s seniors.”
Senate Dems’ Social Security War Room is a coordinated effort to fight back against the Trump administration’s attack on Americans’ Social Security. The War Room coordinates messaging across the Senate Democratic Caucus and external stakeholders; encourages grassroots engagement by providing opportunities for Americans to share what Social Security means to them; and educates Senate staff, the American public, and stakeholders about Republicans’ agenda and their continued cuts to Americans’ Social Security services and benefits.
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