Former Trump economic adviser Steve Moore breaks down the Senate voting to block President Biden's proposed retirement savings plan on 'The Evening Edit.' #FOXBusiness #TheEveningEdit Subscribe to Fox Business! Watch more Fox Business Video: Watch Fox Business Network Live: FOX Business Network (FBN) is a financial news channel delivering real-time information across all platforms that impact both Main Street and Wall Street. Headquartered in New York — the business capital of the world — FBN launched in October 2007 and is one of the leading business networks on television, having topped CNBC in Business Day viewers for the second consecutive year in 2018. The network is available in nearly 80 million homes in all markets across the United States. Owned by FOX Corporation, FBN is a unit of FOX News Media and has bureaus in Chicago, Los Angeles, and Washington, D.C. Follow Fox Business on Facebook: Follow Fox Business on Twitter: Follow Fox Business on Instagram: ...(read more)
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The United States has always prided itself on being a nation that values and takes care of its older citizens. The country's laws and policies have always reflected this, in everything from Social Security to senior discounts at grocery stores. However, a recent proposal by the Trump administration has raised concerns that this tradition of care for older Americans is being threatened. The proposal involves changes to the rules governing 401(k) retirement plans, and many experts believe that it would place older Americans at a substantial disadvantage. The proposed policy would allow workers to make after-tax contributions to their 401(k) plan, which would then be converted to a Roth IRA when they retire. The idea behind this change is to allow workers to contribute more to their retirement savings while they are still working, without having to worry about paying taxes on their earnings in retirement. However, there are serious concerns about how this policy would affect older workers. Under the new rules, older workers would be required to make larger after-tax contributions in order to get the same level of tax savings as younger workers. Since older workers are often closer to retirement and have already accumulated significant savings, this would place a severe strain on their finances. Additionally, it is also possible that older workers may be more susceptible to financial fraud or abuse, making them more vulnerable to exploitation by unscrupulous financial advisers. All of these factors have led many experts to conclude that the proposed policy would take advantage of older Americans. They argue that the policy, as written, would discriminate against older workers and would disproportionately benefit younger workers. In conclusion, it is clear that the proposed changes to the rules governing 401(k) retirement plans would have a significant impact on older Americans. While the policy's proponents argue that it would benefit all workers, there is mounting evidence that the opposite is true. As the debate continues, it is important to keep a close eye on how these changes could affect our country's older citizens, and to ensure that they are not left behind in the rush to implement new retirement policies. https://inflationprotection.org/would-this-new-401k-policy-take-advantage-of-older-americans/?feed_id=77197&_unique_id=640c6e81ccd70 #Inflation #Retirement #GoldIRA #Wealth #Investing #401k #401kcrisis #401kwithdrawal #biden #biden401kpolicy #bideneconomy #bidennews #bidenveto #elderamericans #elderly #eveningedit #fbn #firstveto #foxbiz #FoxBusiness #FoxBusinessNetwork #JoeBiden #lizmacdonald #lizmacdonaldtonight #olderamericans #olderamericansbiden #PresidentBiden #presidentbidensenate #Retirement #retirementsavings #senate #senateblocksbiden #SENIORCITIZENS #seniors #theeveningedit #theeveningedittonight #vetopower #401k #401k #401kcrisis #401kwithdrawal #biden #biden401kpolicy #bideneconomy #bidennews #bidenveto #elderamericans #elderly #eveningedit #fbn #firstveto #foxbiz #FoxBusiness #FoxBusinessNetwork #JoeBiden #lizmacdonald #lizmacdonaldtonight #olderamericans #olderamericansbiden #PresidentBiden #presidentbidensenate #Retirement #retirementsavings #senate #senateblocksbiden #SENIORCITIZENS #seniors #theeveningedit #theeveningedittonight #vetopower
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