10 min
Joe Biden Wants to Make Changes to Your 401(k) - How Will this Impact You? Your Investment Attorney
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- Investing
If you have a traditional 401(k), the contributions you make to it are tax deferred and tax deductible. But Joe Biden wants to convert that deductibility to a 26% refundable tax credit. That would benefit low-income workers, but it would penalize higher-income workers. Investing strategist Matthew Sommer tells CNBC that such a change would make Roth retirement accounts more attractive. That’s great for young people – but what about those of us who already have 20- or 30-years’ worth of contributions in a traditional account? Would we benefit from converting that money to a Roth?
Contact Rod and his team today for a Complimentary Portfolio Review! This is a great time to make sure you're on the right track with your financial planning, creating that income plan, filling those buckets of money and correcting any mistakes that may be found. Call today!
If you have a traditional 401(k), the contributions you make to it are tax deferred and tax deductible. But Joe Biden wants to convert that deductibility to a 26% refundable tax credit. That would benefit low-income workers, but it would penalize higher-income workers. Investing strategist Matthew Sommer tells CNBC that such a change would make Roth retirement accounts more attractive. That’s great for young people – but what about those of us who already have 20- or 30-years’ worth of contributions in a traditional account? Would we benefit from converting that money to a Roth?
Contact Rod and his team today for a Complimentary Portfolio Review! This is a great time to make sure you're on the right track with your financial planning, creating that income plan, filling those buckets of money and correcting any mistakes that may be found. Call today!
10 min