Over 60 million American workers are covered by a 401k plan, or similar plans called 403b or 457b plans. 80% of 401k participants come from households making less than $100,000 in income.
The single most important factor in determining if a worker is saving for retirement is whether or not there is a plan at work.
Participation Rates by Moderate Income ($30,000–$50,000) Workers IRA only vs Employer Plan
An Employee Benefit Research Institute analysis of the 2010 Survey of Consumer Finances shows that for families with a retirement savings account, almost two-thirds of the families total financial assets are in these accounts.
Congress needs to reduce the deficit, and part of deficit reduction will most likely be "tax reform" that increases tax revenue.
83% of all households
oppose reducing 401k contributions.
last time Congress made major changes to the tax code, they cut 401k contributions by
more than 70%
