Biden’s Proposed Changes to 401(k) Plans
https://money.usnews.com/money/retirement/401ks/articles/president-bidens-proposed-changes-to-401-k-plans
President Joe Biden has proposed changes to 401(k) retirement savings plans that will have a big impact on the tax break provided to 401(k) participants. If the Biden 401(k) plan were to become law, the tax deduction for contributing to a 401(k) would be replaced with a tax credit. This 401(k) change would likely result in high earners getting less of a tax break on their 401(k) savings and low and middle earners getting a bigger tax benefit.
Here's a look at Biden's proposed 401(k) changes:
The 401(k) tax deduction would disappear.
Workers would instead get a tax credit for 401(k) contributions.
The tax advantage of contributing to a 401(k) would be reduced for higher earners and increase for low and middle earners.
The creation of an automatic 401(k) for workers without access to a workplace retirement account.
Allowing caregivers to make catch-up contributions to retirement accounts.
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