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Voices/CBS News/Millions to lose popular 401(k) tax break

CBS News

@CBSNews·7M subscribers·153.5K videos

Millions to lose popular 401(k) tax break

Posted

July 18, 2023

Views

80,471

Likes

126

Comments

61

Engagement

0.23%

Millions to lose popular 401(k) tax break · CBS News · Sentinel

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YouTube Description

as posted by the channel

The loss of a popular tax deduction next year could reshape how millions of Americans save for retirement. Currently, people ages 50 and older are allowed to place "catch-up contributions" totaling up to $30,000 in their 401(k) accounts. But beginning in 2024, these funds will be funneled only into "after-tax" Roth accounts for people who made more than $145,000 the previous year. For more on this, CBS News was joined by Pratik Patel, head of family wealth strategies for integrated wealth management provider BMO Family Office.

#news #retirement #taxes

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