Senators Elizabeth Warren from Massachusetts and Ron Wyden from Oregon are urging the Trump administration to consider how the president’s aggressive trade policies are affecting retirees and those nearing retirement.
In a letter to the White House, they stated, “The economic turmoil caused by President Trump’s harmful tariff strategies could jeopardize retirees’ savings.” They also criticized the administration for undermining the Social Security Administration (SSA), making it harder for older adults to access their hard-earned funds.
“This makes it challenging for seniors across the nation to meet their needs,” they added.
Warren, who is 75, serves as a senior member of the Senate Banking Committee, while Wyden, 76, is a prominent Democrat on the Finance Committee.
They addressed their concerns to several officials, including Secretary of Commerce Howard Lutnick, Treasury Secretary Scott Bescent, US Trade Representative Jamieson Greer, and Social Security Commissioner Frank Vignano.
The White House hasn’t provided a response to requests for comments.
This week, Fidelity Investments, the leading provider of 401(k) plans in the U.S., reported a 3% drop in the average 401(k) balance, which now stands at $127,100. Simultaneously, individual retirement account (IRA) balances saw a 4% decline, resting at $121,983.
The financial institution indicated that these decreases were mainly due to “market fluctuations,” largely stemming from the unpredictable tariff adjustments enacted this year by Trump.
In their letter, Warren and Wyden pointed out the economic disruptions resulting from the president’s trade policies, referencing comments from the Federal Reserve Open Market Committee and Chairman Jerome Powell about the nation’s economic situation due to Trump’s tariff strategies.
“Out of the 57 million retirees, 77% depend on savings—which often include 401(k) funds—and Social Security benefits,” they noted in their correspondence.
Notably, they addressed the recent cutbacks at the SSA resulting from the White House’s Government Efficiency initiatives, with numerous Social Security offices expected to close this year as part of the plan.
The senators requested that Trump’s officials provide, by Monday, information on whether any assessments have been conducted regarding the impact of tariff policies on retirees and inflation, as well as the anticipated effects of reductions at the SSA on retirees’ access to benefits. They also inquired if the administration has plans to offer more assistance to seniors on fixed incomes.
Earlier this week, the White House reminded the public that the president seeks to negotiate better trade deals while temporarily suspending certain tariffs.
