Tariffs, Side Hustles, and the 401(k) Dilemma

From tariffs threatening to raise prices to Gen X rethinking what “retirement” even means, this week’s headlines are a reminder that financial planning isn’t one-and-done.

We’ve rounded up five of the biggest stories affecting retirees and pre-retirees — from healthcare costs climbing yet again, to parents still financially supporting adult children, to a surprising shift in how Americans view their 401(k)s.

Staying informed won’t erase uncertainty, but it can help you feel more prepared for what’s ahead.

Need a sounding board? Take our free 2-minute quiz and get matched with an advisor who can help map out your next move.

—The Money Pickle Team

Tariffs Could Squeeze Retirement Savings

With new U.S. tariffs set to take effect Aug. 1, higher prices and market volatility may hit retirees particularly hard. The Budget Lab at Yale estimates the average household could face a $2,800 income hit in 2025. Barron’s advises avoiding panic investment decisions by sticking with a diversified portfolio and exploring strategies that can help hedge against inflation.

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Climbing Retiree Healthcare Costs

A 65-year-old retiree today can expect to spend $172,500 on healthcare over their lifetime, according to Fidelity — a 4% jump from last year. Medicare helps, but it doesn’t cover everything, and out-of-pocket expenses can add up fast.

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Gen X Rethinks Retirement

Only 36% of Gen Xers believe they’ll have enough to retire comfortably, and many expect to keep working in some capacity. Some see side hustles or part-time work as both an income source and a way to stay engaged.

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Parents Still Bankrolling Adult Children

Half of parents with adult children provide ongoing financial support, averaging $1,474 a month. Rising housing costs and job uncertainty are driving the trend. Some parents are already saving extra or investing in property now so they’re prepared if family members need a helping hand.

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401(k)s Becoming ‘Rainy Day’ Funds

A record 4.8% of workers took hardship withdrawals from their 401(k)s last year, and nearly one-third cashed out entirely when leaving a job. Early access can ease immediate financial strain, but it risks shrinking long-term retirement savings.

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🥒 Pickle Tip:

When the headlines seem overwhelming, start small. Pick one topic that affects you most and dig deeper before deciding on your next move.

🌟 Final Thought

From tariffs to side hustles, the retirement landscape is always changing. If these headlines have you rethinking your own plans, a quick chat with an advisor in the Money Pickle network could help you see the big picture.

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