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The GOP tax proposal doesn’t touch 401(k) plans, but maybe it doesn’t matter

By Ali Malito

With a lower limit employees would be left to figure out how to save above and beyond that amount, according to Garrett Oakley, a financial adviser at Betterment, a New York-based robo-adviser. Even though so few people save more than $2,500, “the term ‘maxing out’ can insinuate you are saving enough, which for most employees, saving $2,400 is not enough to meet your retirement goals,” he said. Not reducing the amount also means people can stash away more money that is tax-deferred, where it is taxed at withdrawal but grows tax-free.

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This article originally published November 3rd, 2017 on MarketWatch


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