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Biden retirement proposal
would upend traditional 401(k) plans

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Posted By: Pluperfect, 8/25/2020 4:49:42 AM

A little-noticed feature of Democratic presidential nominee Joe Biden’s tax plan would flip the incentive structure of a retirement system grounded for nearly a century on the tax deductibility of saving. The former vice president’s "drastic" proposal, in the words of one industry lobbyist, would upend existing tax preferences for retirement saving in 401(k)-style plans. The Investment Company Institute, which represents mutual funds, exchange-traded funds and other investment vehicles in the U.S. and abroad, has already promised opposition. Under current law, workers contribute pretax dollars and thereby reduce their annual taxable income, but they pay full freight when funds are eventually withdrawn in retirement.

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Reply 1 - Posted by: George R. 8/25/2020 6:11:54 AM (No. 520016)
FTA; “If I'm in the zero percent tax bracket, and I’m paying payroll taxes, not income taxes, I don't get any real benefit from putting a dollar in the 401(k),” If one is in the zero % tax bracket, chances are he can't afford to put any money in a 401K anyway, but if he could afford it he has his choice of any number of investment vehicles, not only 401ks; therefore, your argument is moot.
5 people like this.

Reply 2 - Posted by: Muguy 8/25/2020 7:17:50 AM (No. 520056)
If you have hard-earned dollars saved away for a rainy day or a retirement nest egg, the demonrat socialists WANT IT-- they think the fruits of YOUR labor belong to THEM to give it away to people who will VOTE for them!! You pay TAXES on your wages when you earn them, then pay TAXES when you buy something with YOUR money, Then pay income TAXES on money that was ALREADY taxed, and pay property TAXES after you were assessed sales TAXES on the property. It's a rigged game, folks. How many times can the fruits of your time working be confiscated from you before we tell the government that it is NOT THEIR MONEY to take from us???
16 people like this.

Reply 3 - Posted by: anniebc 8/25/2020 7:48:37 AM (No. 520083)
Of course it would upend things. Dems only know how to tear up and tear down. They don't fix things or make life better. They're greedy, evil, and should never have power over anything or anyone. They destroy everything they touch.
13 people like this.

Reply 4 - Posted by: RuckusTom 8/25/2020 9:25:09 AM (No. 520191)
Turn over your life savings - cash in the bank, investments, 401(k)s and the government will take care of you. It's coming.
6 people like this.

Reply 5 - Posted by: HotRod 8/25/2020 9:37:41 AM (No. 520212)
Democrats have stolen enough taxpayer money over the years to make most of them millionaires. Yet, they just can't help themselves from wanting to take your money!
8 people like this.

Reply 6 - Posted by: petrichor 8/25/2020 9:43:18 AM (No. 520218)
Dumb. I'm pretty sure that anyone making over $600,000 a year is going to be paying the highest tax rate when they withdraw from their IRAs later. They never talk about how these "rich" people are the ones paying most of America's taxes.
5 people like this.

Reply 7 - Posted by: VAPMAN 8/25/2020 9:45:27 AM (No. 520224)
From my cold dead hands, government.
5 people like this.

Reply 8 - Posted by: lakerman1 8/25/2020 9:59:25 AM (No. 520244)
I used to teach this stuff, and paid close attention to changes. Back around 1994, one of Dollar Bill Clinton's appointees at Treasury, proposed that the federal government should raid pension funds of all kinds, and steal 17 per cent of tax deferred money, to pay off federal debt. That kind of thinking will never go away.
9 people like this.

Reply 9 - Posted by: FL_Absentee_Voter 8/25/2020 11:15:48 AM (No. 520341)
The IRA concept was (and is) win-win. The tax break for workers gives them incentive to save but the real winner is the economy, which benefits (and has since 1986) from the huge private-sector investments. Dems don't think that way, though.
5 people like this.

Reply 10 - Posted by: LadyHen 8/25/2020 11:31:41 AM (No. 520365)
The reason a 401k works for so many is employer contribution. Pensions are gone the way of the dinosaurs for most folks in the private sector. If an employer matches 3+% into your 401k, that is "free money." Anyone who does not take advantage of that matching contribution is a fool in my book. Plus it is an easy button savings tool you don't have to actively manage, we check our a couple times a year. We up our contribution by 1% every year. We don't miss those few extra dollars and it all adds up over time.
4 people like this.

Reply 11 - Posted by: DVC 8/25/2020 12:11:16 PM (No. 520417)
My financial advisor warned me years ago that "eventually the Democrats WILL come for the 401(k)s and the IRAs. There is just too much money there, they won't be able to resist taking it." They are starting. The very best move I did in life, other than marrying my wife, was to start maxing out the 401(k) at work, and funding a separate IRA every year. Some years, coming up with the IRA money was difficult, but we did it every year, and we quickly moved to 25% of both out salaries going into the 401(k)s. We are now financially set beyond our wildest dreams and able to fully fund our grand nieces' and grand nephews' college or other higher educations. Any young folks really need to put aside at least 10% and 25% is better of your income every year, and get a skilled financial advisor early on.
3 people like this.

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