Big Changes to your 401k are Coming

The Government is changing the 401k, 457, 403b, and other retirement programs. So, it will affect you! The changes may sound good by the way they spin the words. But are they?

The key changes are in: how the tax deductions will work. Many people, not just the wealthy; those average middle-class workers could be adversely affected.

People like Tradespeople, Nurses, and Firefighters. This will result from receiving less of a tax break. The tax deduction for contributing to a 401k will be replaced with a tax credit. Some of the changes will be good. However, be warned as other financial gurus, major media sources, and court rulings have been saying for years that 401k’s are in trouble.

Sources like 60 Minutes, Time magazine, Barons, Forbes, the Center of Retirement Research at Boston College, and so forth, have told us you will face significant problems. We have been warned that the poor investment choices, investment risks, high fees are causing retirement funds to shrink each year and not grow. Even with generous matches, you may lose more money than you would have put in. But there is even a bigger problem that is being heightened by the recent government changes; the TPA.

Ask yourself this:

Who handles your money for your 401k or other retirement accounts? 98% of the time, it is not your HR department; rather a TPA. That is a third-party administrator. It is supposed to be the sole benefit of the employee, but as so many court cases have sown, they are not. Your accounts are not actually watched, they are placed in high-risk mutual funds.

Do you think you are okay for retirement?

Well, that depends. 90% of the time there are in junk funds, and you will lose a significant amount if not all of your money! Perhaps you are a lucky one that will not. You may also win big in Las Vegas too. So, do you want to gamble with your retirement savings, or do you want something that is bulletproof that will not lose your money?

The 401k was never intended as a standalone retirement account; rather, it was built for tax advantages for corporations and for Wall Street to make more money.

Find out how your IRA is performing:

You can check out the rating and productivity of your 401k, IRA, and other retirement accounts. Those from your current workplace and companies you no longer work at. Then you can see how it is performing: www.brightscope.com

Do you want the government or a TPA to control your future or would you like to have your future in a safe secured high growth account where you control it!

Let us help you today!

We are Brokerage house that sets up 401k’s and other types of retirement accounts. We have plans that are guaranteed not to lose your money! We represent 100 top-rated companies, from A to A+++ and we will listen to your needs and then search for the absolute best solutions, so you can grow your and your employee’s money, if you have a business, and not lose it!

https://money.usnews.com/money/retirement/401ks/articles/president-bidens-proposed-changes-to-401-k-plans

https://www.fool.com/retirement/2018/12/11/3-major-problems-with-401k-plans/

https://www.cnbc.com/2015/03/20/l-it-the-401k-is-a-failure.html

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