Republicans could fund tax cuts by raiding workers’ 401K savings
by Kate Cox, The Consumerist
Some people with 401(k) retirement plans will put as much money into it as they can, but there are whispers that the tax cuts being drafted by Republicans in Congress could reduce the maximum amount of money you contribute to your retirement savings each year.
The Wall Street Journal reports today that among the many plans being considered on Capitol Hill is one that could leave a lot of hurt in its wake in the long term.
Retirement is complicated… and expensive.
Obviously, the exact amount an individual is supposed to save in order to retire comfortably varies widely. Some parts of the country have drastically higher costs of living than others, just for starters; the variables are seemingly endless, and the math gets complicated.
Tags: tax cuts, tax the rich