@gwraigty said in 401K Contributions Limit Increases for 2018...But...:
@skh12 said in 401K Contributions Limit Increases for 2018...But...:
this should have ZERO impact, on your personal responsibility for your own savings and planning for your future.
Agree. I’ve never understood people who say that because their company doesn’t offer a 401K, that they can’t save for retirement. IRAs and any other savings vehicle are available. It’s just that not all of them are tax-advantaged.
But that isn’t really the point here.
It’s the way people are. I’m a believer in traditional pensions, but that isn’t going to happen for almost all of us.
Using myself as an example, my first job at 18 was working at Taco Bell. No 401k there at the time. The last thing on my mind was to contribute to my own IRA from my poverty wages at the time, so I didn’t. At least with a 401k, your contribution is taken out of your pay. To withdraw money early there are penalties and paperwork. This structure is needed, otherwise many will blow this money on beer and hookers rather than save for retirement that may be decades away.
