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Originally Posted by blueash
Firstly, the claim in his article about needing to make changes to increase the amount collected for Soc Sec is completely bogus. Money deferred into a 401K or IRA does not avoid FICA in the year it is earned.
Secondly, not clearly covered in the article. There are bipartisan efforts do to away with retirement plans that involve the workplace or at least make plans available to those not tied to an employer. A large number of small businesses and all gig workers have no option to save money other than the personal IRA which is limited.
So, there are those who want to make a 401K style option for individuals that you would open once and it would move with you from workplace to workplace. No more vesting and rolling over. You open it and you use it for employer and self earned income.
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Keogh plans have been around for decades for the self-employed. More work to keep up, but much higher limits than a SEP or one-participant 401(k). I don't see 401k, 403b, etc. going away since they are a perk companies use to attract people offering matches, etc. What they really need is a low maintenance Keogh or lift the limits on IRAs, etc. While the 401k isn't portable, you can keep what you have, roll it into a new one, roll it into an IRA, etc. I like these plans because the come with financial advisors whose job is to keep an eye on things; something I haven't always been able to do.... and paid the price for it.