And regardless of who won, some people would fare better than others.
Higher tax brackets receive higher benefits and vice versa.
Bidens goal with this plan is to address the inequality in retirement benefits.
This will allow lower-and-middle-income workers to benefit from the tax breaks given when they contribute to their retirement.
But it will lower the tax benefits that people in higher tax brackets currently enjoy.
Probably not as good as youd like.
It always seems like an uphill battle to build (and keep) a decent amount in savings.
But what if your car breaks down, or you have a sudden medical bill?
Under Bidens proposed plan, they would get $1,080 in tax credit.
With Bidens proposal, they would get a lower tax credit of $5,200.
Keep contributing to your 401(k) as much as your budget will allow.
If your budget needs some breathing room to accommodate your retirement contributions, consider cutting unnecessary costs.
An easy place to start is with your car insurance.
A free website calledSavvywill help you find the best rates in just 30 seconds.
In fact, it saves people an average of $826/year.
Itll even help you cancel your old policy and get you a refund from your current insurer.
Best yet: This is totally free.
(Can you sense my millennial sarcasm there?)
You know which ones were talking about: rent, utilities, cell phone bill, insurance, groceries…
