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Reply to "Proposal to cap 401k and other tax accounts once you reach a certain amount, what do you think?"
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[quote=Anonymous][quote=Anonymous]Can someone explain this? Does this mean that once you reach a certain amount of savings you are not allowed to save anymore? Or do you just lose the ability to save pre-tax? [/quote] It just means that you couldnt contribute to your 401K after a certain point. Similar to how 529 plans are capped. I wouldnt worry about it, it wont pass. For starters it adds complexity, second, it does nothing tangible to our debt, and third, it doesn't make a meaningful dent in most retirement plans anyway. And like everything else, there's a way around it anyway. For instance, at my firm you get access to a deferred comp plan in addition to 401k, so I could simply contribute whatever my 401k allows then just make up the balance in deferred comp, which also offers tax deferred growth in nearly an identical way as the 401k. [/quote]
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