The spending package that is expected to be signed into law this week contains some big changes to 401(k) retirement accounts. In this video, we look at 10 of the most significant changes.
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#401k #retirement #robberger
ABOUT ME
While still working as a trial attorney in the securities field, I started writing about personal finance and investing In 2007. In 2013 I started the Doughroller Money Podcast, which has been downloaded millions of times. Today I’m the Deputy Editor of Forbes Advisor, managing a growing team of editors and writers that produce content to help readers make the most of their money.
I’m also the author of Retire Before Mom and Dad–The Simple Numbers Behind a Lifetime of Financial Freedom (
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If employees are going to be REQUIRED to enroll in a 401k, then someone should be REQUIRED to pay the management fees for the investments. This is just another money grab that makes it seem like it's for the citizen, but all that money is going into stocks, etc, lining corporations pockets. They know the average person won't ask questions and many will not be advised they can opt out.
Soo all these people making min wage working multiple jobs to barely pay the bills are supposed to save all this money how ?!?!?
For the student loan Match, does that help with people who are already contributing to their 401k.
Government is too big.
I think the student loan employer match is a mess that will be nothing but a headache. Employers match your 401k contributions because the money you put into the 401k reduces their social security and medicare match that employers are required to pay. If you are instead paying on a student loan (note: I paid mine off more than a decade ago) then the employer is not benefiting from these social security and medicare savings. It is eventually more expensive for an employer to match on your behalf. Plus they have to deal with you proving your monthly student loan payments so they can properly give the equivalent employer match.
What if your employer doesn’t offer a Roth 401k. How would you do catch up?
who the hell can afford another 15% of their income to 'retirement'?? how much % already comes out in income taxes, insurance, property taxes, social security Ponzi scheme which will collapse before you can collect….etc etc etc…
Am I the only one with 0 faith in long term 401k?? I don't want to contribute to this system any more and don't believe it will be around long enough for me to collect in 30 years.
I wasn't financially free until my 40’s and I’m still in my 40’s, bought my third house already, earn on a monthly through passive income and got 4 out of 5 goals, just hope it encourages someone that it doesn’t matter if you don’t have any of them right now, you can start TODAY regardless your age INVEST and change your future! Investing in the financial market is a grand choice I made. Great video! Thanks for sharing!Very inspiring! I love this
Isn’t the “federal” contribution really a tax payer contribution?
Forcing catch up contribution to be in Roth = reducing your ability to avoid your high-tax bracket now. How very generous of them to pass such helpful and simple new rules… one more step achieved to get rid of that pesky middle class!
When I started my 401k with my employer in 92 the 401k was horrible….We had no ROTH choice's and we only had like 6 things to invest in to pick from and that was it…..I couldn't wait until I retired to roll it over into an IRA which then the investing world was then opened up to me…..The only thing I liked about the 401k was the matching company benefits which was only 50% of up to 6% at that.
Ross doesn’t match?????
145 k is that married filling jointly or individual will it be based on Agi or magi for your income?
Could you explain the 529 roll-over restriction? The maximum roll-over is greater than the maximum annual contribution to a Roth IRA. Does this mean that roll-overs for this process/opportunity need to be conducted over the course of multiple years?
I dont know his age, but This gentleman looks so fit!
Hi, I assume these changes are also for 403(b) plans as well?? Can someone confirm? I work
in non profit, so I have 403(b) and what to be sure of this!
Does the law state the $145k or above for catch up contributions affect Married couples? Are the income limits based on household income or individual income? For example one partner makes $65k and the other makes $150k. Does that apply for both since the income exceeds $145k or does that only apply to the $150k individual? So many confusing changes.
Thanks Rob. Good Job.
Would've been nice if DC had increased HSA limits or at least raised catch up contribution amount from current $1,000. However, I guess I'm not surprised since the Govt wouldn't benefit whatsoever
Just found this channel and really like this guy. Anyone have anymore channels like this one I can check out?
They need to allow those of us on ssdi, WHOM ARE WORKING, to invest in a 401k… along with allowing us to earn, save, and own more without risking us losing insurance and ssdi funding…..
More we make, more economics…
More we own, more "taxation"….
And yes I will guarantee everyone of us working while receiving disability, Medicare/aid, would gladly pay a higher premium, at a fair price, to maintain our coverage….
But I know, our government is full of dumbasses with no common sense…
Another Democrat Giveaway, vote buying scheme…that does NOTHING for me, personally, or most already retired Americans.
I am 72, so the changes in RMD…NADA.
Auto enroll…NADA.
Emergency Savings for $2,500…NADA.
No RMDs for 401K's…meaningless…and NADA.
529 rollover…NADA.
Penalty Free Withdrawals…NADA.
Part time workers participation…NADA.
Student loan BS…I PAID MINE BACK…what a concept…so again…NADA.
Federal Contributions…NADA.
2024 Age 60-63 changes…NADA.
2024 catch up contributions…NADA.
You didn't discuss two provisions that might actually be meaningful to me…and near retirement…The QLAC changes, where the 25% limit is gone and the amount permitted is increased to $200,000. In addition, there is the opportunity to use up to $50,000 into a number of different Charitable Annuity plans.
Your explanation was great, but you can obviously see the subsets of the population that are being targeted by the Democrats for vote buying. For those already retired… NOTHING. Anything done to shore up Social Security? NO!
Merry Christmas Bob!
Sigh the $110,000 pay in cap needs to be ENDLESS. It would fix alot future SS filers.
Very few people are talking about how many illegal immigrants are paying into SS from stolen SS numbers. They can't claim the funds either.
Is it just me or does it seem like you are just putting money into an investment account and the only folks who make money are the investment companies. The average age of death for a white person in the US is about 73. For folks who are not white the average age of death is less. So these changes just get you to never use your money at all. The goal isn't to die rich.
I have terminal aggressive brain cancer, and I can not withdraw from my 401K. They need to change rule now
The Feds suck. They are finding new and quicker ways to completely destroy this once great country. It’s over.
Question about the $145K number, does that income have to be from your employer or does that include your AGI which would include other income?
good morning, rob was watching your video today just wanna share that work lowes part time and it offers good 401k plan with through vanguard. happy holidays
Most rich people stay rich by spending like the poor and investing without stopping then most poor people stay poor by spending like the rich yet not investing like the rich but impressing them
Just imagine Rob is saying "Ketchup" instead of "catch up" and you will have a good time.
The government is stupid, intrusive, rewards the people who don't want to work, over complicates things, and screws things up all the time. Better they stay out of our lives and just do the basic, protect and keep us free leave the rest alone please. They are trying to force saving for retirement but then make it easier to withdraw it early. typical.
Automatic loss they don't pay much, like they use to. Crash is eminent anyhow.
I have to say, the news has done a poor job communicating all of this. Thanks for educating us.
Anything on regard to self direct? I hate having my 401k invested so many limited etfs
Thanks Rob, I am ending employment next week , can I leave my money in the 401k or do I need to move it?
Thanks for the great explanation, Rob! Merry Christmas!
This is NOTHING and will do nothing . This does not help anyone except the RMD. This is NOT significant at all. If they want to do something for people stop taxing social security income.!!!!! Automatic enrollment Please ,we work in California and everyone opts out. Please give an honest assessment of the law, the law is a joke and does nothing.
All these games with the tax code are just ridiculous.