While the House and Senate tax bills were taking shape, lawmakers floated some changes to 401(k) contributions. A survey conducted around that time shows just how deeply those changes would have affected savers.
Three-quarters of nonretired investors in a new Wells Fargo/Gallup poll had a 401(k) plan, and a third cited tax deferral on the money they contribute as their plan's most valued feature.
And what if their plan's tax-deferred status were eliminated? Forty-six percent of respondents said they would save less or just stop saving, and 42% would save about the same amount.
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Michael S. Fischer
Michael S. Fischer is a longtime contributing writer for ThinkAdvisor. He previously reported on trade and intellectual property topics for the Economist Intelligence Unit and covered the hedge fund industry for MARHedge and Reuters News Service.
