Act Fast – Your 401K Benefits May Be Slashed Next Year

If you haven’t been paying close attention, you may have missed the recent news that 401K tax deductions are possibly on the chopping block as part of the Trump/Republican tax cut plan – a plan that would give 80% of the tax cut value to the top 1% of income earners. The maximum 401K contribution deduction is currently set at $18,000 for 2017 and $18,500 for 2018. According to reports, the deductible amount could be cut as low as $2,400 per individual. What kind of an impact would this have? An individual making $60,000 per year (25% tax bracket) that Act Fast – Your 401K...

[Read the rest of the story at 20somethingfinance.com]