Tax proposals could cut 401(k) contributions 65%

12/6/2012 | AdvisorOne

Limits on tax expenditures being discussed as a way of averting the "fiscal cliff" could end up driving down contributions to 401(k) retirement plans by 65%, says Brett Goldstein, director of retirement planning for American Investment Planners. One proposal being talked about would cap employee 401(k) contributions to the lesser of $20,000 a year or 20% of pay, he said.

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