Former Trump economic adviser Steve Moore breaks down the Senate voting to block President Biden’s proposed retirement savings plan on ‘The Evening Edit.’ #FOXBusiness #TheEveningEdit
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The United States has always prided itself on being a nation that values and takes care of its older citizens. The country’s laws and policies have always reflected this, in everything from Social Security to senior discounts at grocery stores.
However, a recent proposal by the Trump administration has raised concerns that this tradition of care for older Americans is being threatened. The proposal involves changes to the rules governing 401(k) retirement plans, and many experts believe that it would place older Americans at a substantial disadvantage.
The proposed policy would allow workers to make after-tax contributions to their 401(k) plan, which would then be converted to a Roth IRA when they retire. The idea behind this change is to allow workers to contribute more to their retirement savings while they are still working, without having to worry about paying taxes on their earnings in retirement.
However, there are serious concerns about how this policy would affect older workers. Under the new rules, older workers would be required to make larger after-tax contributions in order to get the same level of tax savings as younger workers. Since older workers are often closer to retirement and have already accumulated significant savings, this would place a severe strain on their finances.
Additionally, it is also possible that older workers may be more susceptible to financial fraud or abuse, making them more vulnerable to exploitation by unscrupulous financial advisers.
All of these factors have led many experts to conclude that the proposed policy would take advantage of older Americans. They argue that the policy, as written, would discriminate against older workers and would disproportionately benefit younger workers.
In conclusion, it is clear that the proposed changes to the rules governing 401(k) retirement plans would have a significant impact on older Americans. While the policy’s proponents argue that it would benefit all workers, there is mounting evidence that the opposite is true. As the debate continues, it is important to keep a close eye on how these changes could affect our country’s older citizens, and to ensure that they are not left behind in the rush to implement new retirement policies.
It's not him. It's the foreign enemy who wants us all ☠☠☠
Say no to Dementia Joe
I’m so glad I didn’t trust wrong set of hacking teams, Maskoffweb didn’t waste much time getting me over $6000
FJB
Stop that idiot!
Takes 34 states of representatives to stop this corrupt administration!!!
Evil is in our House.
The new policy takes advantage of everyone except the wealthy and Wall Street. They purposely made it convoluted and messy. It shouldn’t be so complicated.
I’m glad I have been dealing with Maskoffaid I just got another hacker generated worth of BTC indeed mask they are the best you can thing of
During Trump's tenure, the US economy contracted 3.5% – the fastest rate since 1946. GDP growth was the worst since the Great Depression. The national debt increased 39 percent. The annual deficit under Trump ranks as the second highest of any president in history. Trump was the worst jobs president in recorded history. The Dow had the largest single-day stock market drops in the history of Dow Jones. Since 1933, the US economy has grown at an annual average rate of 4.6% under Democratic presidents and 2.4% under Republicans.
I am new to the stock market. Every stock that I bought so far, I was out of luck because I bought them when they were expensive. I feel I missed out on all the stock opportunities so far for the tech stocks.I believe having 175K yearly income would be a good investment so I want to plug all my savings into the stock market. I know this sounds a bit dull but I would like to know if I should learn investing or let somebody else (more capable like a FA) do it for me? Please share your thoughts. I am kind of tired of searching for a good stock to buy and losing all the good opportunities
Wow betide a government that effs about with retirement funds! The peasants will REVOLT! FJB
King Biden must be stopped. This is theft.
I can't believe people still defend this fkn clown….well, they're democrats, so I guess I shouldn't be surprised….
<Thanks bud for keepin us financially Educated! Regardless of how bad it gets on the economy, I still make over $22,000 every single week.>
The Federal Government needs to stay totally out of retirement fund.
The LEFT loves their President now. He is getting into their pocketbook now lol lol. LET'S GO BRANDON FJB AND HIS ADMINISTRATION TOO…..
BIDEN IS ANTI-DEMOCRACY AND MUST BITE THE DUST.
Seem as if we the people need to stop put our money in 401k my husband put money in the and lost ever dime they toke a bunch of people money and there was unthink anyone could do
More of president Biden and the Democrat socialism
Of course it would, they've got the most money.
Some black market stock funds will pop up shorting the green new deal stocks, and it will be The Big Short II
Brandon: ruin your career n send your clients bankrupt to make me look good!!