I’m only surprised that it has taken this long start seriously talking about it. I saw this coming back in 2008. It just too big a pile of money for them to keep their mitts off of…
What people get today when they put money into a 401K is a great write off. Wife puts many into a 401K at the same time, x2.
At 70 1/2 the bill comes due and if you invested well and were able to put in money every year, the TAX bill comes due when the minimum required distributions begin. And yes you will pay Federal Income Tax on SS distributions as well as the distribution lift your boat.
Sigh, I am one of the people that will pay taxes plus taxes on SS if it’s still around.
I see the next move by congress and a president in the near future to begin eliminating SS benefits from those they deem not in need even though they paid in the maximum amount. Look for larger premiums for Medicare from the same people as government deems them able to afford it. The medicare premiums will not be chump change.
It’s inevitable as spending on both programs top over half on all Federal Government spending.
p.s. Look for an end to the Roth program.
Did anyone tell the dems ? They keep telling anyone that will listen , the tax cuts will reduce your 401K contributions !