In their tax plan, House Republicans are pushing for a lower the cap on annual 401(k) contributions to $2,400 per year. After 40 years of work and maximum 401k savings, you would have contributed a total of about $100,000, and with decent returns you may have twice that amount. But that is on 20% of what is needed in today's dollars to retire on your own assets at the fringe of poverty. And that assumes no inflation. However, with normal inflation and in the value of dollars in 40 years (assuming this economy keeps going on as it has for the past 40 years, -which it can't) it would be about $50,000 to $80,000 in today's buying power which, alone, would guarantee a retirement in dire poverty at an income of about $3,500/year in today's buying power. And they want you to believe they are all about "better conditions for all Americans".
Once your retirement savings is gone you can go on Supplemental Security Income (SSI). It's for the elderly poor too.
If it cuts any bills the federal government has to pay, I say it is just the tip of the iceberg for the cuts we need to make to get government spending under control.
While in hindsight I could have done much better, except for 2009 I have experienced double digit growth every year, with a 5.6% return for the first 2 quarters of the current year.
but of course one can save outside of a 401 plan!!! and of course ones ability to do so it greatly increased with so many not taking huge deductions for their 401k's. You have to look at the whole plan before you make a judgement. A liberal will not realize that.
