Editorial Why the 401k is the best plan we’ve got
If you want to show us some real innovation, try rethinking the American retirement system.
The defined-benefit pension plans of yesteryear are not practical in a modern economy, where workers change jobs every few years, and they are not cost effective for employers, either. And if you want to hear some tales of darkness and horror, you dont have to wait until
The closest thing we have to a sensible solution is the 401(k), which provides real tax incentives for American workers to put money away for the future. Its still not enough, as study after study shows just how imbecilic Americans are about their retirement savings plans. But with most workers able to sock away
Tell that to congressional
To be fair, Trump shot down the idea on Twitter last week; to also be fair, Trump changes his mind by the hour, so were not yet ready to call this one dead and buried. Until some innovator figures out a way to get people to think about retirement at a younger age, and incentivize people for doing so, the 401(k) is the only vehicle weve got left. Slash contributions to the levels being discussed, and the best retirement advice will be to stock up on cat food, which offers some of the nutritional benefits of people food at significant savings. Weve heard good things about Fancy Feast.
For both businesses and their employees, this is an easy area to find agreement. The importance of the 401(k) is perhaps best shown by the popularity of catch-up rules that allow the over-50 set to contribute up to
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