00:00 Intro
00:56 Lost Revenue
01:52 Insufficient Savings
04:09 Traditional v Roth
06:36 The Biggest Problem
08:12 Improvements
09:47 The Proposal
10:28 Wrap-Up
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Recently, there has been a shocking proposal to completely eliminate the 401(k) retirement savings plan in the United States. The proposal has sparked outrage and confusion among many individuals who have been diligently saving for their retirement through this popular investment vehicle.
The idea to dismantle the 401(k) plan comes from a group of policymakers who believe that the current system is not effective in providing retirement security for Americans. They argue that the 401(k) plan, which relies on individual contributions and investment choices, is too risky and unpredictable for long-term financial planning.
Instead of the 401(k), the policymakers are proposing a new retirement savings system that would be managed by the government. Under this new system, workers would be required to contribute a portion of their income to a government-managed retirement account, similar to a traditional pension plan.
While the proposal is still in its early stages, it has already received backlash from individuals who value the flexibility and control that the 401(k) plan provides. Many people are worried about losing the ability to choose their own investments and make decisions about their retirement savings.
It is important for individuals to stay informed about this proposal and understand how it could potentially impact their retirement savings. If the 401(k) plan is eliminated, it could have significant implications for millions of Americans who rely on this savings vehicle to fund their retirement.
In the meantime, it is important to continue saving for retirement through other means, such as individual retirement accounts (IRAs) and other investment options. It is also worth reaching out to policymakers and expressing concerns about the proposal to abolish the 401(k) plan.
Overall, the proposal to destroy the 401(k) plan is a concerning development for anyone who is saving for retirement. It is important to stay informed and advocate for a retirement savings system that works for all Americans.
Just bring tax rates from the 1950's back.
Biden is just looking for ways to get more money for destitute cities like Chicago la and nyc
The 401k is good, because retirement choices determine a lot of things. My parents both spent same number of years in the civil service, but my mom was investing through a wealth manager, and my dad through the 401k. My mom retired with about 4.2 million, but my dad retired with roughly 1.8 million. So it really does.
These authors are morons. When the government “loses” tax revenue, it means both the tax payers and the economy win. If you truly want to fix SS then you need to bump up the contributions. It’s been too low for too long and politicians have used it as a stimulus tool, which is very short sighted. As for removing the cap on SS income for contributions, that is just plain wrong. The rich are already getting a much lower benefit to contribution ratio than the poor, and it’s already too lopsided in the poor person’s favor. People are simply not paying in enough for what they are getting in return. More socialism and redistribution of wealth is not the answer. It’s the cause of the problem.
They just want to find ways to pull more money out of the younger generation to pay for this dying old generation that's currently running our country and when they check out they're going to leave us younger generation with a mountain of debt and an economic hardship