401K rules-Biden administration

[Jones]

401k also has Roth option. In 2023 can put $22,500 in and if your 50 (or will have 50th BDay in 2023) can put in a total of $30,000.

Yes, it’s impossible to know the future. Seems a stretch that congress would reach back and undo the promise of Roth funds being forever tax free once initial income tax paid at time of earning the money but, look what President Biden is trying to do with student loans. Elections have consequences, surely.

But I’m not going to not take advantage of current Roth rules just based on fear of “what ifs” down the road.

I'm not convinced they will actually make any changes but even if they do it will be to future contributions and everything already invested will be grandfathered under the current rules so yeah, it's smart to max it out now.

 

[AKCoverMan]

I'm not convinced they will actually make any changes but even if they do it will be to future contributions and everything already invested will be grandfathered under the current rules so yeah, it's smart to max it out now.

Agreed.. taking away ability to shelter future contributions seem more likely than clawing back on past contributions,