Did you know that Congressional Democrats are contemplating the elimination of the tax breaks on your 401k? It's true. Democrats invited Teresa Ghilarducci to "inform" them of her idea. In a nut shell;
1) corporations would no longer get tax breaks for matching your contributions
2) 5% of your income would be taken and placed in an account (with an additional $600 from the government) that would buy government bonds making only 3% interest per year, and,
3) your current 401k growth would be considered taxable income every year.
Just to demonstrate how much this could cost you, a person making $30,000 per year every year for 35 years would have all of $133,000 in the government retirement account, compared to having $310,000 by putting the same amount in a 50% matched 401k making 7% per year.
Is that (D) really worth $177,000 of your retirement?
Well, is it?