https://www.nbcnews.com/business/co...anges-who-is-eligible-spending-bill-rcna62751
Why do I have a sneaky suspicion that this has been pushed by the financial advisory industry coupled with the drive to privatize Social Security? Given the constant drumbeat concerning the impending cuts in SS benefits and numerous attempts to take SS private, this seems like the first step in that direction. It reminds me of the overhaul of pensions that turned into 401k's. Most of my friends have no clue what's going on with(in) those, even if the have them.
If the goal is to help workers have more retirement income, why not reform Social Security in such a way that would insure just that. With mandatory contributions to 401k, the big winners will be funds managers and barely regulated advisors. What do you think?
This is more government overreach. Why should “daddy” tell people what to do with their money? Big daddy already takes plenty of their money through taxes. Maybe an employee wants to invest in a Roth or Traditional IRA instead. Maybe they want to invest in a brokerage account. Or maybe has other priorities for their money. It’s the employees money and what they do with it is his/ hers personal choice and no one else’s business.
401ks should be opt in only.