As is typical, the process proposed by Biden and the dems is way too complicated for the average person to follow.
As I read it, the nuts and bolts is this: Your deferred compounding of investment in the 401k will be taxed. This means if you are going to be taxed at 15% upon withdrawl, that net tax rate will be significantly higher over the life of your investment.
The 401(k) is the ONLY way that middle class working families will be able to put enough away to have a decent retirement. Now, you will have to work longer to put away the same amount, and due to the lessened real compounding, if you are middle aged...you will NEVER grow at the rate high enough to hit your target.
I guess you can sign up for one of the 7.1 million new age tech jobs to work at night.
The 401(k) is the ONLY way that middle class working families will be able to put enough away to have a decent retirement. Now, you will have to work longer to put away the same amount, and due to the lessened real compounding, if you are middle aged...you will NEVER grow at the rate high enough to hit your target.
Bingo. Also, the elites will have better control over where you work and how you live.
When you have significant 6 or 7 figure IRA’s, their control over you is diminished.
Thanks for the summary... my eyes were starting to glaze over..
Totally SUCKS!
I’ve been wondering when they would come for my 401k money?