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Tax changes would slash 401(k) savings

If their 401(k) plans tax-deferred status were eliminated, 46% of respondents to a Wells Fargo survey said they would save less or just stop saving.

By Michael S. Fischer | Updated on December 13, 2017
If their 401(k) plan’s tax-deferred status were eliminated, 46% of respondents to a Wells Fargo survey said they would save less or just stop saving. (Photo: Shutterstock)

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.

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