Have 401(k)s Really Grown $30,000 Since Trump’s Inauguration?

President Donald Trump claimed in his State of the Union address that Americans’ retirement savings have significantly increased since he took office. Specifically, he stated that the typical 401(k) balance has gone up by at least $30,000, attributing this growth to the strong performance of the stock market during his presidency.

However, the White House has not provided a specific source to substantiate this claim. While it is true that 401(k) balances have been on the rise and setting new records, data from financial firm Fidelity suggests a potentially smaller increase than what was mentioned in the president’s speech.

According to Fidelity’s data, the average 401(k) balance was $144,400 at the end of September 2025, showing an increase of approximately $12,700 (or 9.6%) since the end of 2024. This indicates a steady growth in retirement savings, but not as significant as the figure mentioned by President Trump.

Fidelity’s quarterly report on retirement savings trends provides a basis for comparison, showing that 401(k) balances have been steadily increasing over time. It is important to note that the president’s reference to a “typical” 401(k) balance could either be referring to average or median balances, with median balances typically being lower due to many accounts holding modest amounts.

How much have 401(k)s increased since the inauguration?

Since Fidelity’s last data update in September 2025, the stock market has continued to perform well, with the S&P 500 showing a return of about 3.7%. This suggests that 401(k) balances would likely be higher at present.

President Trump also highlighted the stock market’s performance post-election, mentioning 53 all-time record highs and how it has positively impacted pensions, 401(k)s, and retirement accounts. However, the claim of a $30,000 increase in 401(k) balances seems to be exaggerated.

Even with a 14.9% return on the S&P 500 since the inauguration, a 401(k) balance increase of $30,000 would require a higher rate of return than what has been observed. While it is possible that individuals have increased their contributions, Fidelity’s data up to the third quarter of 2025 shows consistent savings rates without significant changes.