Keyword: 401k

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  • Tax Reform Should Encourage More Saving, Not Less

    11/02/2017 5:19:19 PM PDT · by Kaslin · 31 replies
    Townhall.com ^ | November 2, 2017 | Veronique de Rugy
    Republicans want tax reform, but their refusal to cut spending forces them to look into all sorts of revenue raisers. Some are good, such as eliminating the deductions for state and local taxes. Others are counterproductive, such as the threat to significantly decrease the tax deduction on 401(k) accounts, potentially reducing the overall levels of savings for the millions of Americans using them. Instead, they should keep the deduction intact, hence encouraging savings -- and in addition create universal savings accounts. There are rumors that they are considering such a move. First, let me complain about the no-good proposal to...
  • Raiding 401(k)s should not be the solution for sourcing tax cuts

    10/30/2017 1:35:22 AM PDT · by Oshkalaboomboom · 24 replies
    NY Post ^ | October 28, 2017 | Jonathon Trugman
    It’s time to start paying attention, America. Once again, there is a big problem brewing on Capitol Hill, where some politicians still don’t have their priorities straight. The pols are under the disconcerting delusion that raiding workers’ 401(k) plans is a way for them to “pay” for the tax cuts they will grudgingly give us. They would rather reach into your pocket and jeopardize your retirement than make common-sense adjustments elsewhere. They want to change the only well-functioning retirement self-savings plans, which would be a disaster for the American family, the economy and the stock market. Let’s start with the...
  • Rep. Kevin Brady says lawmakers considering raising 401(k) contribution limit

    10/27/2017 12:11:06 PM PDT · by rb22982 · 21 replies
    CNBC ^ | 10/27/2017 | Christine Wang
    ...The chairman of the House Ways and Means Committee, said he has talked to President Donald Trump twice this week about 401(k)s. "He'd like to raise the limits so people can save more in those plans. So do I. I think that's a good start," Brady said....The amount workers can contribute to a 401(k) rises to $18,500 next year, up from $18,000 in 2017. People age 50 and older can tack on a so-called catch-up contribution of $6,000. But lawmakers are now looking at raising that limit to $20,000 or more.
  • Trump says ‘willing to negotiate’ on 401(k) limits

    10/26/2017 5:29:44 AM PDT · by DoodleDawg · 137 replies
    New York Post ^ | 10/25/17 | Kevin Dugan
    President Trump said he “may be willing to negotiate” with Congressional Republicans on lowering how much Americans can contribute to their 401(k) retirement accounts — just two days after promising there will be “no change.” The comments, made on the White House lawn as he was walking to Marine One, came hours after US Rep. Kevin Brady, the majority whip and chair of the House Ways and Means committee, defied Trump’s statement from two days earlier. Republicans are reportedly looking to lower the annual cap on 401(k) contributions to about $2,400 — down from $18,000 for most savers, and $24,000...
  • Republican tax plan could affect 401(k) plans, despite Trump assurances

    10/25/2017 11:11:23 AM PDT · by be-baw · 31 replies
    ABC News ^ | October 25, 2017 | By BENJAMIN SIEGEL
    The top Republican tax writer in the House said the GOP tax proposal that Republicans plan to unveil next week could affect retirement account rules and how Americans save money. The plan could put him at odds with President Trump, who has promised not to touch 401(k) retirement accounts. “We want more Americans to save more, we want them to save earlier in their lives,” House Ways and Means Chairman Kevin Brady, R-Texas, said at a breakfast with reporters Wednesday. *snip* [Trump] reaffirmed his position Wednesday, telling reporters that leaving the retirement savings plans intact is "very important."
  • Trump Says ‘No Change’ to 401(k) Plans Under Forthcoming Tax Proposal

    10/23/2017 9:41:03 AM PDT · by abb · 38 replies
    The Wall Street Journal. ^ | October 23, 2017 | Richard Rubin and Peter Nicholas
    WASHINGTON—President Donald Trump vowed on Monday to protect a popular retirement savings program, pledging to leave it untouched in the forthcoming Republican tax overhaul plan. Mr. Trump, in a tweet, shot down an idea that had been circulating in Washington policy circles and worrying the retirement-savings industry: limiting pretax contributions to retirement accounts. “There will be NO change to your 401(k),” the president wrote on Twitter. “This has always been a great and popular middle class tax break that works, and it stays!” But even a few days of chatter showed the concept’s unpopularity, especially at the $2,400 level. By...
  • President Trump Tweets There Will Be NO Change To Your 401(k)!

    10/23/2017 7:11:58 AM PDT · by davikkm · 105 replies
    IWB ^ | Ruby Henley
    If you are considered a “middle class worker,” you are about to be sucker-punched by a Republican proposal to alter the treatment of 401(k) contributions, which could make it much harder for you to save.” I am happy to report today President Trump just tweeted there will be NO change to the 401(k) Savings and Retirement Plan in his Tax Reform.   “There will be NO change to your 401(k). This has always been a great and popular middle class tax break that works, and it stays!”
  • Wall Street furious over proposal to slash 401(k) limits

    10/21/2017 6:37:10 PM PDT · by Mariner · 125 replies
    The NEw York Post ^ | October 21st, 2017 | By Kevin Dugan
    Wall Street pushed back hard on Friday against a report that congressional Republicans are weighing a plan to severely limit the amount of money Americans can contribute to their 401(k)s. The Capitol Hill lawmakers, searching for ways to pay for President TrumpÂ’s broad proposed tax cuts, are eyeing a $2,400 cap on pre-tax contributions to 401(k) plans, used by millions of US workers to save for retirement. Currently, the pre-tax limit for such contributions is $18,000 a year. Contributions to 401(k)s are tax-deferred, which means that the government wonÂ’t be able to get its cut until retirees start withdrawing money...
  • There’s talk of capping 401(k) contributions at $2,400 per year

    10/20/2017 9:58:58 AM PDT · by C19fan · 177 replies
    Market Watch ^ | October 20, 2017 | Anne Tergesen and Richard Rubin
    Proposals floating around Washington to cap the amount that Americans can contribute before taxes to 401(k) plans and individual retirement accounts are unsettling professionals in the retirement industry. Republicans are looking for ways to generate revenue to support broad reductions in individual tax rates. One idea is to limit the amount of pretax money households can sock away for retirement saving. Such a move would likely generate significant political blowback but it hasn’t been explicitly ruled out, stirring worry among industry lobbyists.
  • There’s talk of capping 401(k) contributions at $2,400 per year

    10/20/2017 12:01:10 PM PDT · by NohSpinZone · 24 replies
    MarketWatch ^ | 10/20/17 | Anne Tergesen
    Proposals floating around Washington to cap the amount that Americans can contribute before taxes to 401(k) plans and individual retirement accounts are unsettling professionals in the retirement industry. Republicans are looking for ways to generate revenue to support broad reductions in individual tax rates. One idea is to limit the amount of pretax money households can sock away for retirement saving. Such a move would likely generate significant political blowback but it hasn’t been explicitly ruled out, stirring worry among industry lobbyists.
  • Hits on federal retirement advance as bill is introduced to fire feds for ‘no cause at all’

    07/21/2017 7:52:09 AM PDT · by freedumb2003 · 68 replies
    Washington ComPost ^ | 7/21/2017 | Joe Davidson
    House Republicans greeted current and future federal employees with two controversial body blows in recent days — one amounts to a pay cut and the other would allow new feds to be fired for “no cause at all.” The House Budget Committee approved a spending plan that would save the government $163.5 billion over 10 years by taking that amount from federal employees. (snip) Republicans call their plan “Building a Better America.” But the Americans now working to build a better country through their federal jobs would be called on to sacrifice again, as they have repeatedly over the years....
  • This professor says it's time to kill your 401(k) (Gov Mandated Retirement)

    01/17/2017 4:56:59 AM PST · by BradtotheBone · 68 replies
    Yahoo News ^ | Sun, Jan 15 7:00 AM PST | Tom Anderson
    Experts, including some pioneers of the 401(k) savings plans , worry that the current retirement system is not working for many Americans. More than half of workers — roughly 55 million — don't have access to a retirement plan on the job and 29 percent of households with members age 55 and older don't have a nest egg or a traditional pension plan. Perhaps a guaranteed mandate would work better, according to an odd couple of retirement system reformers. Teresa Ghilarducci, director of the Schwartz Center for Economic Policy Analysis at the New School, and Hamilton "Tony" James, president and...
  • You have a few days left to dodge this 50 percent tax bill

    12/28/2016 3:01:42 PM PST · by Libloather · 75 replies
    MSN ^ | 12/28/16 | Kelli B. Grant
    Nearly a third of retirees are playing chicken with one of the steepest tax penalties out there — and they are running out of time. IRS rules on so-called required minimum distributions generally kick in once you reach age 70½. For 401(k)s and other defined contribution plans, it's either when you turn 70½. or you retire, whichever is later. If you've inherited an IRA, you might also be subject to RMDs, even if your own retirement is years away. How much you need to take is usually based on the account balance at the end of the previous year, and...
  • The Champions of the 401(k) Lament the Revolution They Started (Teresa Ghilarducci, again)

    01/02/2017 11:45:22 AM PST · by abb · 95 replies
    snip Economist Teresa Ghilarducci, director of the Schwartz Center for Economic Policy Analysis, says she offered assurances at union board meetings and congressional hearings that employees would have enough to retire if they set aside just 3% of their paychecks in a 401(k). That assumed investments would rise by 7% a year. snip Ms. Ghilarducci wants to ditch the 401(k) altogether. She and Blackstone Group President Tony James are recommending a mandated, government-run savings system that would be administered by the Social Security Administration and managed by investment professionals. While both are Democrats, they believe their solution has bipartisan appeal....
  • Financial Industry May Control Retirement Savings In A Clinton Administration

    10/20/2016 5:15:24 AM PDT · by randita · 19 replies
    International Business Times ^ | 10/19/16 | BY DAVID SIROTA AND AVI ASHER-SCHAPIRO
    illary Clinton And Wall Street: Financial Industry May Control Retirement Savings In A Clinton Administration BY DAVID SIROTA @DAVIDSIROTA AND AVI ASHER-SCHAPIRO ON 10/19/16 AT 12:50 AM Blackstone's Tony James: America's Not Great at Saving While Hillary Clinton has spent the presidential campaign saying as little as possible about her ties to Wall Street, the executive who some observers say could be her Treasury Secretary has been openly promoting a plan to give financial firms control of hundreds of billions of dollars in retirement savings. The executive is Tony James, president of the Blackstone Group. The investment colossus is most...
  • Pensions may be cut to 'virtually nothing' for 407,000 people

    05/20/2016 5:05:57 PM PDT · by bkopto · 65 replies
    CNN Money ^ | 5/20/2016 | Katie Lobosco
    The Central States Pension Fund has no new plan to avoid insolvency, fund director Thomas Nyhan said this week. Without government funding, the fund will run out of money in 10 years, he said. At that time, pension benefits for about 407,000 people could be reduced to "virtually nothing," he told workers and retirees in a letter sent Friday. In a last-ditch effort, the Central States Pension Plan sought government approval to partially reduce the pensions of 115,000 retirees and the future benefits for 155,000 current workers. The proposed cuts were steep, as much as 60% for some, but it...
  • Sound the Alarm: New Obama Regulations Will Push Private Retirement Savings Into Government Accounts

    04/09/2016 5:29:50 PM PDT · by Libloather · 104 replies
    Townhall ^ | 4/08/16 | Katie Pavlich
    If you thought Obamacare was terrifying, just wait until you read about what President Obama's regulatory agencies are planning to do with your retirement savings. According to an alarming report in the Wall Street Journal, government regulators at the Labor Department will be implementing new rules at the end of the year that will eventually force private retirement investments into government accounts. How? By making private investment options, specifically IRAs, too burdensome, a liability and expensive. Bolding is mine.
  • Obama to focus on expanding access to retirement accounts

    01/25/2016 9:35:05 PM PST · by Olog-hai · 35 replies
    Associated Press ^ | Jan 26, 2016 12:03 AM EST | Kevin Freking
    President Barack Obama will pitch some new proposals to expand access to retirement savings accounts and revisit some old ones when issuing his budget next month. [...] The White House says Obama's proposals, if enacted, would provide more than 30 million people access to a retirement account. The biggest chunk of that increase would occur through legislation requiring employers that don't offer a retirement plan to automatically enroll their workers in an Individual Retirement Account. The employers that did so would get a tax credit of $3,000 to help them offset the administrative expense. The proposal was also part of...
  • Is the (exempt) Government Trying to Create 'Obamacare for Your 401(k)'?

    12/22/2015 5:01:03 PM PST · by Libloather · 5 replies
    Newsmax ^ | 12/22/15 | Trevor Gerszt
    A battle is shaping up over the soul of your retirement account. On one side are those who say you, the individual buyer, are smart enough to navigate your own investments. Others fear without stronger rules to protect you, you'll be at the mercy of advisers who put their interests ahead of yours. That's the rationale behind a new rule proposed by the Department of Labor (DoL) that requires strict new standards for every retirement investment counselor. Many see this as another government overreach that assumes we're too dense to sensibly navigate our accounts without federal hand-holding, giving rise to...
  • Pushing Aside 401(k)’s for Mandatory Savings Plans

    12/17/2015 1:48:41 PM PST · by QT3.14 · 71 replies
    NYT ^ | December 11, 2015 | Mark Miller
    Tony James and Teresa Ghilarducci are unlikely allies. He is president of Blackstone, the giant private equity firm; she’s a labor economist who has long advocated replacing 401(k)’s with a universal, federally managed saving plan.But the two have teamed up to push what they are calling Guaranteed Retirement Accounts, a government-sponsored plan that would require participation and contributions from any employer without its own 401(k). They both view the 401(k) defined contribution retirement system as a faulty experiment that covers too few workers, generates inadequate savings and replaces too little income in retirement.