GOP Wants to Kill the 401(K). Trump Says No.

President Trump has tweeted out this morning that the GOP will not touch 401(K) plans. This comes as the GOP serious considers scuttling them.

We live in a world where social security is more and more likely to go away. It is a ponzi scheme and no one should bank…

Right now, you can add a good bit of money to your 401(K) and have that money deducted from your gross income. That benefits you now because it lowers your income for tax purposes right now and allows that money to grow. It'll then be taxed later in life when it comes out of the 401(K) and the odds are that you will be at a lower tax rate.