Headline: Tax bill leaves your 401(k) unchanged — for now
Publication: CNBC
Article Date: Nov 2, 2017
Members of Congress were considering proposing significant reductions to the amount of money workers could annually put into tax-deferred retirement accounts such as 401(k)s. The move would have sought to collect more taxes upfront on retirement savings in order to balance other planned tax cuts. But the recently unveiled tax bill leaves 401(k) savings alone. Many experts worry that lower limits would further deter people from saving for retirement, and worsen the U.S. retirement crisis. Read article…
(For more background, here is a previous article from the New York Times on Oct 28, 2017: Limit on 401(k) Savings? It’s About Paying for Tax Cuts)