jeffw@lemmy.world to politics @lemmy.world · 7 months ago‘The 401(k) industry owns Congress’: How lawmakers quietly passed a $300 billion windfall to the wealthywww.politico.comexternal-linkmessage-square18fedilinkarrow-up1149cross-posted to: news@lemmy.world
arrow-up1149external-link‘The 401(k) industry owns Congress’: How lawmakers quietly passed a $300 billion windfall to the wealthywww.politico.comjeffw@lemmy.world to politics @lemmy.world · 7 months agomessage-square18fedilinkcross-posted to: news@lemmy.world
minus-squaredie444die@lemmy.worldlinkfedilinkEnglisharrow-up2·7 months ago23k is the max annual contribution. The money is taxed upon withdrawal. It’s not “hidden”.
minus-squarejeffw@lemmy.worldOPlinkfedilinkarrow-up2·7 months agoIn a 401k? Yes. But if you read the article: Today, wealthy taxpayers can protect up to $452,500 per year in tax-advantaged accounts in a single year, saving up to $203,600 on their taxes. And they can keep their money in tax-advantaged accounts far longer. There are many types of tax-advantaged accounts. https://www.investopedia.com/terms/t/tax-advantaged.asp
minus-squareBeautifulMind ♾️@lemmy.worldlinkfedilinkEnglisharrow-up1·7 months ago 23k is the max annual contribution If you’re over 50, you can put $30,500 in your 401k, the extra $7500 per year is called a ‘catch-up contribution’
23k is the max annual contribution. The money is taxed upon withdrawal. It’s not “hidden”.
In a 401k? Yes. But if you read the article:
There are many types of tax-advantaged accounts.
https://www.investopedia.com/terms/t/tax-advantaged.asp
If you’re over 50, you can put $30,500 in your 401k, the extra $7500 per year is called a ‘catch-up contribution’