OPINION: It is insane that our tax-deferred retirement plans depend on our employers. U.S. workers are likely to lose out on $60 billion in retirement savings because companies are slashing their 401(k) matching contributions.
It is insane that our tax-deferred retirement plans depend on our employers, and we’ve got yet more reasons to prove it.That’s how many dollars that U.S. workers are likely to lose out of their retirement savings because companies are slashing their 401 matching contributions.The calculations come from MagnifyMoney.com, and they aren’t a stretch.
And when you look at the ages of workers, and apply a typical annual return of 6% on investments, that comes to a $59 billion hole in retirement savings. They’re also not counting any cost to long-term economic growth from the pandemic, the lockdowns and the aftermath. It is depressingly predictable that many companies will use the pandemic as an excuse to cut matching contributions, just as many will use it as an excuse to fire older workers.
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