Reply to Should 401ks be phased out?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]I will use my firm as an example.

We do 401k with a 6 percent match. We also for VP and up have a 457 (b)

Someone who is a single VP over 50 making 300k a year can put in 30k into 401k with a 18k match and 30k in 457 (b) including match

So they can put in 78k a year.

Now a single person  over 50 in operations might make 50k a year, she can only afford to do 6 percent and gets 6 percent match so she is putting in 6k a year.

78k a year even with zero percent gains between 50 and 67 is $936,000 and 6k a year between 50-67 is $72,000.

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tl;dr - people who make more money are able to save more money.  Not exactly man bites dog news.  [/quote]

But they don't think it's fair that someone who makes more than them gets a better "tax break".  Completely forgetting that person is paying 37% fed, 1.45% medicare and whatever their state tax is.  So yeah, they are paying a lot and this is one of the few "tax breaks" they actually get to take advantage of
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