An October 2022 study published by the Committee to Unleash Prosperity explained how elevated levels of federal government expenditures and borrowing by the Treasury Department, along with unprecedented action by the Federal Reserve, resulted in 40-year-high inflation, the fastest increase in interest rates in decades, and reduced economic growth. As a result, there were historic losses to Americans’ retirement accounts during the first three quarters of 2022. Since then, the average 401(k) has risen approximately 11.2 percent and pension funds have risen approximately 9.8 percent. However, both remain well below their respective levels from the end of 2021. This study extends the previous analysis from October 2022, examining both the nominal as well as the real1 (inflation-adjusted) change in Americans’ 401(k) retirement plans and pension plans during the Biden administration, from the first quarter of 2021 through the third quarter of 2023.