Many employers have terminated their traditional pension plans and have turned to 401K matching fund programs, many non-Union shops also offer profit sharing programs that are tax deferred as well. These programs, if folks will utilize them and not touch them during their working years will provide a nice chunk of money for their retirement years. There’s plenty of waste that can be fleshed out if congress would find the courage to do it.
“There’s plenty of waste that can be fleshed out if congress would find the courage to do it.”
Courage? Congress abandoned fiscal responsibility decades ago. The American people are addicted to government transfer payments, subsidies, tax preferences, and spending programs. Runaway government spending and money printing will continue until the dollar collapses and we have hyperinflation.
After many years of no employer retirement plan & no means of saving on my own,I finally was able to get into a 401K plan & be fully vested. Well,I still had nothing to put into it & then found out that company involvement was only going to be about 2 cents on the dollar, so it was then I decided that was no good. So,later on I waited several years later than necessary to retire on S.S. plus what little I could save. Now,I find out that the government has their eyes on the 401K money. I could have potentially lost even what that little scrap would have been. They say S.S. is on the edge of going broke,so future retirees could have saved all their lives & end up with(potentially) nothing at all. What a future all thanks to government negligence!