Our new UP study by economist EJ Antoni quantifies another Trump victory for workers: the average 401(k) increased by more than $20,000 this year.

During the four years Biden was in office, these accounts lost about that much money:

The study was featured in the New York Post:

After four bruising years in which inflation and declining bond markets slammed Americans’ nest eggs, retirement accounts made a big comeback in 2025 — regaining much of what was lost while feeling how deeply policy shifts can hit workers’ savings.

The average 401(k) balance jumped about $23,200, or 16.9%, from the first quarter through the third quarter of 2025, according to a new study by E.J. Antoni, a senior fellow at the conservative Unleash Prosperity think tank.

The full study is available here, or by clicking below: