401k savings are under attack. The attitude from some is that “allowing people to shelter their retirement money from taxes is a policy that largely favors the well-heeled.”*
Alicia Munnell, an assistant treasury secretary under President Clinton, argues for rolling back the federal tax expenditure for retirement plan contributions and redirecting the savings to Social Security. Full repeal would fix three-fourths of Social Security’s long-term funding gap.
I feel that if the Social Security Fund were used for the purposes originally stated when it was started, and enforcement against those who are abusing the system are taken off the Social Security rolls, the trust fund could heal itself. Another change to Social Security that could help extend the life of the fund would be to credit those who delay 5% vs the current 8% increase in benefits. A little saving could go a long way to help the Social Security Trust Fund.

*USAToday3/21/24

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