• In The News:
    Share This:

    Will GOP Kill 401(K) Tax Deduction Video NBC Nightly News

    GOP 401(K) Tax Deduction Financial Planner LA David Rae

    Is the GOP Killing 401(K) Tax Deduction?  What will this mean for your financial security in retirement?


    By David Rae Certified Financial Planner™, Accredited Investment Fiduciary™


    Update 11/2/2017 THE GOP RELEASE THEIR LATEST TAX PROPOSAL WHICH DOES NOT CUT 401(K) CONTRIBUTION- but be away your taxes may still go up.  Tax Reform is still in progress and other changes may come to your retirement options. Stay Tuned.

    The latest GOP Tax Proposal is threatening to limit tax-deductible 401k contributions to just $2,400 each year.  This is an 87% decrease from the previously announced 2018 401(K) contribution limit of $18,500, per year, for those under 50.  It is still not clear whether this will apply to just pre-tax 401(K) contributions or also to Traditional IRAs and other retirement accounts.

    I had the pleasure of speaking with NBC Nightly News and appearing in their above segment with Stephanie Ruhle.  My fabulous client, Eric Rosen, joined me and shared his concerns about what this change would mean for him, and others like him.

    TRUMP on GOP Killing 401(K) Tax Deduction

    UPDATE: Trump has contradicted his tweet below and said your 401(K) is at risk of the reform. 10/26/2017

    Today, President Donald Trump sent a tweet in which he promised there will be “no change” to tax incentives for the popular 401(k) retirement programs.


    Trump Tweet 401(K) Tax Deduction Safe
    Will Trump Tweet come true? Middle Class needs the 401(k) tax deduction for any chance of a secure retirement.

    As a Certified Financial Planner, I’m here to help my clients reach their financial goals regardless of who is in the Oval Office, or what tax laws are thrown at us.  For the sake of the middle class, I hope the proposed changes aren’t passed.  People are not saving enough as it is and removing the tax incentive will only exacerbate this problem.

    While this may help the government bring in more tax dollars in the short term, it is unlikely to do so in the years ahead.  Whatever the outcome, my team and I are here to help our clients make the necessary plans to stay on track for their financial goals.

    Financial Planner David Rae at the Tom Brokaw NBC News Studios
    Financial Planner David Rae at the NBC News Tom Brokaw center helping sort our what the 401(K) could mean for the average American.


    I’m sure we’ll hear more about this tax debate in the coming days and weeks.  Hopefully hard working folks, like you, won’t lose some of their retirement security in order to fund a big corporate tax break.

    Live for Today Plan for Tomorrow.


    DAVID RAE, CFP®, AIF® is a Los Angeles-retirement planning specialist with DRM Wealth Management.  He has been helping friends of the LGBT community reach their financial goals for over a decade.  He is a regular contributor to the Advocate Magazine, Investopedia and Huffington Post. As well as the author of the Financial Planner Los Angeles Blog.  Follow him on Facebook or via his website www.davidraefp.com


    NBC Nightly News video originally appeared live on National TV 10-21/2017.


    You may also enjoy:


    What If We All Paid No Taxes Like Donald Trump Nightline Video


    Connect With David Rae, Financial Planner LA

    David Rae, CFP® AIF®

    President / Founder DRM Wealth Management LLC

    1(323) 905-4380


    "Will GOP Kill 401(K) Tax Deduction Video NBC Nightly News"

    © Copyright 2018


    Leave a Reply

    Your email address will not be published. Required fields are marked *

    © 2018 Financial Planner Los Angeles


    This site has been published for residents of California (Insurance License # OE10562), Arizona, Ohio, Florida, and Colorado. All information herein has been prepared solely for informational purposes, and it is not an offer to buy or sell, or a solicitation of an offer to buy or sell any security investment or instrument or to participate in any particular trading strategy. Securities and investment advisory services offered through DRM Wealth Management LLC a Registered Investment Adviser. The videos, articles and other content maintained on this site as well as the opinions voiced in this material are resources for educational and general informational purposes only and are not intended to provide specific advice or recommendations for any individual. No information on this site constitutes financial advice and should not take the place of consulting with a certified financial planner and tax, legal or other financial advisor. To determine which investment(s) may be appropriate for you, consult your financial advisor prior to investing.