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All about 401k plans
Maurie Backman discusses 401k plans in depth in this piece. Since Social Security replaces only about 40 percent of pre-retirement income, and traditional pensions have largely gone the way of the do-do bird, 401k plans have become a crucial pillar for retirement savings. Why start one? Simple. You get an immediate tax break with a traditional 401k. If you contribute $10,000 this year and you fall into the 24% marginal tax bracket, you’ll shave $2,400 off your 2019 IRS bill. You will, however, pay taxes on those funds and their returns when you withdraw them in retirement. Backman also covers Roth 401k plans and solo 401k plans for the self-employed. Full piece here.
The Association of Mature American Citizens (AMAC) has developed a bipartisan compromise bill, titled “The Social Security Guarantee Act”. One of its several components is Social Security PLUS, a new yet voluntary early retirement plan that would allow all earners to have more income available at retirement. This component is intended to appeal especially to younger workers. Learn more about AMAC’s Social Security Guarantee here…
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