Friday, November 2, 2012

Save My 401(k)

In 2013, tax reform will be on the table in Congress.  Everything will be on the table, and one area that is getting serious consideration is cutting the benefits afforded by 401(k) Plans.  This is a very serious threat to the primary way Americans save for Retirement.  I encourage any regular readers or those of you who occasionally stumble upon this blog to contact your congress person and encourage them to "Stay Away from Your 401(k)".

See this website that was set-up for just that purpose.  There's a fun 'Youtube' video that you can link to from this website and places on twitter and facebook that you can link to as well.

Save My 401k Logo


  1. This comment has been removed by a blog administrator.

    1. To Catysmith4,

      You wrote: "You make a very good point and it IS scary! I've already set up a solo 401k and if I wasn't able to have that any more I would be so sad and angry! I think every American citizen deserves to have one! It should be a right of ours."

      Obviously, I echo your thoughts. Did you know that 401(k) Plans currently provide tax incented savings to approximately 60-65m Americans? Harming a system that has been proven effective as one of the "legs of the stool" is very short sighted in my humble opinion. The cuts that have been proposed would harm everyone, not just the wealthy. It would reduce overall savings for those that are covered and it would reduce coverage as fewer employers would offer these plans and many employers who currently offer a plan will consider terminating them.

      Savings is, by far, the most important factor in contributing to adequate retirement income. Anything that disincentivises savings contributes to a future where elderly poverty is common. That's just unacceptable to me.

      Thank you for your contributing to the blog. Please forgive me for removing the actual comment and rewriting it here in my response. We can't have folks embedding links in their comments.