US. How to out-fox Congress when it comes to retirement savings
There’s plenty of stressful news these days, and by and large I’m used to hearing or reading about unpleasant developments.
But I was particularly alarmed by a report this fall that Congress was considering drastic cutbacks in the contribution limits to 401(k) and similar retirement plans.
Currently, the maximum annual contribution to such plans is $18,500 ($24,500 for workers age 50 and older). These contributions are tax-deferred, meaning the money isn’t taxed until it is withdrawn, presumably after retirement when workers may be in lower tax brackets.
Read more @MarketWatch
