QOTD: Vanguard in Defense of 401(k)s

Of all the misguided, ridiculous items being discussed in preparation for the GOP’s tax reform push, the capping of pre-tax 401(k) contributions has to be the single most obviously misguided and ridiculous. If this capping nonsense makes it into the bill they release, it’s prima facie evidence that these people are out of their f***ing minds.

Vanguard released the following statement:

“The 401(k) plan is the cornerstone of the future retirement security of millions of Americans. As such, Vanguard is greatly concerned over any legislation that would negatively impact investors’ ability or incentive to save for retirement. Proposals that mandate contributions be made after tax should be carefully reviewed to take into account their impact on incentives to save.”

Yes, Vanguard has a dog in this fight. However, it is also the most respected advocate for the individual investor and consumer of financial services in America. No person, firm or organization has done more to help the 100 million households in this country prepare for retirement. No one has done more to even the scales and tilt the balance in favor of everyday people and away from the orcs of Wall Street.

The idea that disincentivizing working people from saving a portion of their paychecks is a worthwhile tradeoff so that the 1,100 households with a net worth above $11 million can be relieved of the estate tax is worse than any sort of elitism you’ve seen from Hillary or Nancy Pelosi on their worst day. No reasonable person in either party could possibly adopt this position as being something that’s good for the middle class. Anyone saying otherwise is a soulless liar or embarrassingly uninformed.

Let’s hope reason prevails.

Source:

 

This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment.

The commentary in this “post” (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Ritholtz Wealth Management employees providing such comments, and should not be regarded the views of Ritholtz Wealth Management LLC. or its respective affiliates or as a description of advisory services provided by Ritholtz Wealth Management or performance returns of any Ritholtz Wealth Management Investments client.

References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others.

Wealthcast Media, an affiliate of Ritholtz Wealth Management, receives payment from various entities for advertisements in affiliated podcasts, blogs and emails. Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. Investments in securities involve the risk of loss. For additional advertisement disclaimers see here: https://www.ritholtzwealth.com/advertising-disclaimers

Please see disclosures here.

What's been said:

Discussions found on the web
  1. custom diamond painting commented on Sep 18

    … [Trackback]

    […] Find More Info here to that Topic: thereformedbroker.com/2017/10/30/qotd-vanguard-in-defense-of-401ks/ […]

  2. td bank login commented on Oct 14

    … [Trackback]

    […] Information on that Topic: thereformedbroker.com/2017/10/30/qotd-vanguard-in-defense-of-401ks/ […]

  3. tangerine savings account log-in commented on Nov 17

    … [Trackback]

    […] Information to that Topic: thereformedbroker.com/2017/10/30/qotd-vanguard-in-defense-of-401ks/ […]

  4. Intelligent automation commented on Nov 28

    … [Trackback]

    […] Here you can find 42572 more Info on that Topic: thereformedbroker.com/2017/10/30/qotd-vanguard-in-defense-of-401ks/ […]

  5. software regression commented on Dec 01

    … [Trackback]

    […] Read More here to that Topic: thereformedbroker.com/2017/10/30/qotd-vanguard-in-defense-of-401ks/ […]

  6. togel hk commented on Dec 01

    … [Trackback]

    […] Find More Info here to that Topic: thereformedbroker.com/2017/10/30/qotd-vanguard-in-defense-of-401ks/ […]

  7. hotel monteleone commented on Dec 15

    … [Trackback]

    […] Read More Info here to that Topic: thereformedbroker.com/2017/10/30/qotd-vanguard-in-defense-of-401ks/ […]

  8. DevOps companies commented on Dec 16

    … [Trackback]

    […] Here you can find 17226 more Info on that Topic: thereformedbroker.com/2017/10/30/qotd-vanguard-in-defense-of-401ks/ […]

  9. DevSecOps Services commented on Dec 21

    … [Trackback]

    […] Here you can find 62655 more Information to that Topic: thereformedbroker.com/2017/10/30/qotd-vanguard-in-defense-of-401ks/ […]

  10. what is dumps dumps commented on Dec 23

    … [Trackback]

    […] Read More to that Topic: thereformedbroker.com/2017/10/30/qotd-vanguard-in-defense-of-401ks/ […]

  11. HCG Triumph commented on Dec 26

    … [Trackback]

    […] Read More to that Topic: thereformedbroker.com/2017/10/30/qotd-vanguard-in-defense-of-401ks/ […]

  12. Software Testing company commented on Jan 11

    … [Trackback]

    […] Information to that Topic: thereformedbroker.com/2017/10/30/qotd-vanguard-in-defense-of-401ks/ […]

  13. Digital Transformation Company commented on Feb 05

    … [Trackback]

    […] Read More on to that Topic: thereformedbroker.com/2017/10/30/qotd-vanguard-in-defense-of-401ks/ […]