(01-13-2021 09:05 PM)maximus Wrote:  

(01-13-2021 08:19 PM)U_of_Elvis Wrote:  

(01-13-2021 08:05 PM)mptnstr@44 Wrote:  

(01-13-2021 03:10 PM)U_of_Elvis Wrote:  

(01-13-2021 03:02 PM)Attackcoog Wrote:  But it wont, because you as well as Biden dont understand basic economics. If you cant afford rent or a $400 unexpected expense----you arent failing to contribute to your 401K because the tax credit is too low. Your not contributing because you cant afford to contribute--and if you did come into a little bit of extra money---its not very likely the first option would be to place the extra money into an account you cannot access until 30 to 40 years in the future. Its a naked money grab---and thats all it is--plain and simple.

I know a lot of people who make enough to contribute to their 401k, but they spent their money on a nicer truck payment. Hopefully this will encourage savings in some of these people.

This legislation isn't going to change someone's priorities. If they want to spend money on the bigger truck rather than saving it no new 401K rules are going to change that. People either save or they don't. Government incentivizing behaviors that it prefers generally does not work.

The entire concept of a 401k is the government encouraging retirement savings through tax deductions. It obviously works, plenty of people on this thread are talking about contributing, and are mad about their tax deduction potentially changing.

Biden’s plan is just changing the formula the obviously worked to incentivize behaviors and targeting the biggest benefit at a lower income bracket.

Go right ahead and voluntarily do it then

No thanks. The absolute gall to say, its just a little yada yada. Dude, again I dont work my dick off to have it taken from me....no matter the increment.

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