AFP via Getty ImagesBe that as it may, defined contribution retirement plans have become nearly sacred in America’s financial heart. The Substance of the Biden 401(k) ProposalUnfortunately, details on the Biden retirement plan proposal are scarce. Biden’s 401(k) Plan is Not Without MeritAdmittedly, the initial reaction of millions of Americans to the possibility of losing the hallowed retirement plan contribution tax deduction is unsettling, to say the least. The Shear Size of Defined Contribution Retirement PlansAs of 2020, there is approximately $32.7 trillion sitting in retirement assets in the US. Of this total, $11 trillion is in IRA accounts, $6.2 trillion in 401(k) plans, and $2.7 trillion in other defined contribution plans.

Source: Forbes September 04, 2020 14:37 UTC