Many of us baby boomers have strayed a bit off the road to retirement readiness. We have become distracted, indulged ourselves and have forgotten to contribute. This Christmas, our Uncle Sam ought to consider improving our 401(k) plans, gifting us with:
Unlimited Roth 401(k) contributions. Many baby boomers are hundreds of thousands of dollars behind in making 401(k) contributions. Current catch-up contributions of $5,500 annually will never allow us to catch-up. Our elected officials should consider allowing unlimited Roth 401(k) after-tax contributions. No issues with state or federal revenue loss here since these unlimited contributions would be after-tax.
