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If Trump wants to help, increase the max we can put in since 18,5 is too low. How about 8k more? Yes I know about catch up contributions, but more is needed on top of that.
If Trump wants to help, increase the max we can put in since 18,5 is too low. How about 8k more? Yes I know about catch up contributions, but more is needed on top of that.
“A lot of baby boomers still are still working at 70-and-a-half. You’re going to pay your regular tax on your income and then you’re going to pay a fortune on the money that’s had to come out of your 401(k) And your IRA. Varney said if Trump raises the age to between 72 and 75, older retirees will be able to save more money and it will send out a ripple effect to the 55 million Americans with 401(k)’s and the 30 million people who have an IRA.
At the moment 401(k)’s are pretty much restricted to major corporations, big companies. The President wants to extend that to groups of small companies. Another very good move,” Varney said. “Extending pension planning and pension money to a larger group of people.”
I worked for a company with 25 employees and my employer had a 401K plan with matching, so what is this about small businesses not offering 401K plans.
Second, I agree with the poster above: they should lift the cap on what you can put into the account as tax deferred. I already do the max plus the catch up but I could do more. Since I'm not allowed to open another Roth or retirement account, I am just shoving money in lower interest places. It'd be nice if I could add more to the 401K.
At the moment 401(k)’s are pretty much restricted to major corporations, big companies. The President wants to extend that to groups of small companies. Another very good move,” Varney said. “Extending pension planning and pension money to a larger group of people.”
Nah, I had 401K, even when I was a 1-man company, and the max contribution limit was $54K.
The executive order doesn't make any change. It's to "look at changing" the rules.
Really doesn't make a difference. If you haven't saved enough by then, you're not going to. If you're still working and have a big 401k, you're doing so because you like working.
Presidents no longer want to put out the effort to actually pass things they support. They simply want to talk EO's which as we see are not worth anything after they leave. Trump will be no different if he even does anything.
The thread title states this like it is something he has done. It is not. Trump is very good on being on television. He is lousy at leading.
Speaking of SBA , I look at small businesses for sale and have noticed recently a lot more say SBA loans are available on them . Before it was rare .
Definitely seems a lot more since Trump became President
As with any deregulation -- some praise and some criticism.
For me -- this roll back (which was as close to bi-partisan as we will ever see these days) combined with an economy that has been doing well for 8 years create a healthy climate for banks to loan to smaller businesses.
“A lot of baby boomers still are still working at 70-and-a-half. You’re going to pay your regular tax on your income and then you’re going to pay a fortune on the money that’s had to come out of your 401(k) And your IRA. Varney said if Trump raises the age to between 72 and 75, older retirees will be able to save more money and it will send out a ripple effect to the 55 million Americans with 401(k)’s and the 30 million people who have an IRA.
At the moment 401(k)’s are pretty much restricted to major corporations, big companies. The President wants to extend that to groups of small companies. Another very good move,” Varney said. “Extending pension planning and pension money to a larger group of people.”
Helping out smaller companies to provide 401K was part of a bi-partisan bill from 2016. It was stalled because they ran out of time. Sure has taken along time to get back on track but here it is.
one thing about the baby boomers was, in the 60,70 and early 80, alot of companys had great pension plans, now its pretty much just teachers, police/fire and government workers that get paid till they die. The big companies plans are gone. beside everybody needs a new 50k pickup every two years
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