[Political Junkie Too]

Currently, contributions you make to your traditional 401(k) plan at work are made with pretax dollars. They reduce your taxable income and trim your tax liability. his benefit is currently skewed toward higher-income families, and limited for low- to middle-income workers, said Democratic presidential contender Joe Biden.

What "benefit" is he speaking of?

This is a deferred income plan. That means that for every dollar that I put into a 401(k), that's one dollar I don't have to spend on Starbucks, Nikes, or flat screen televisions today.

It's really a deferred gratification plan, ensuring that I have money for the 25 years after I leave the workforce, saved during the 35 years I was in the workforce. I'm still paying taxes on that money, just after I retire.

-PJ

[fuzzylogic]

As there’s the ~$20K limit on putting into a 401k it’s already structured to benefit the lower incomes. High earners have to do something else...

[meyer]

Overhaul = steal

When it involves democrats, it always means steal.

[Vinnie]

One reason I’ve steered away from Roth IRA.
Just had the feeling the gov. would screw with the tax laws and I’d end up paying tax twice on the money.

With a Biden/’rat plan the IRAs will be negative growth.

[Hattie]

Been saying all along - elect these dems and kiss your 401k’s, 403b’s, and IRA’s, goodbye.

[minnesota_bound]

Democrats are always stealing from everyone.