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401(k) plans may be sacrificed to avoid fiscal cliff

As the government reaches for more revenue to avert the fiscal cliff, new limits on tax expenditures could reduce potential 401(k) contributions by 65 percent.

By Gil Weinreich | Updated on December 06, 2012

As the government reaches for more revenue to avert the fiscal cliff, new limits on tax expenditures currently under discussion could have the effect of reducing potential 401(k) contributions by 65 percent.

That conclusion is a matter of arithmetic, though the numbers vary with a person’s income, according to Brett Goldstein, director of retirement planning for American Investment Planners, a Jericho, N.Y., financial advisory firm.

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