With a COVID vaccine on the horizon and the stock market in recovery, many companies are thinking about restarting their 401(k) match contributions.
Many Americans are hoping to put more money in retirement plans in 2021. However, some are worried a Joe Biden administration may impose new taxes or end tax breaks that will make it difficult for businesses to match contributions. Financial expert Derrick Kinney says that's a legitimate concern, but it shouldn't impact your retirement strategy right now.
“Only base your decisions on what the current tax law is right now,” Kinney told KTRH. “So let’s say there were to be a change, it may not take effect until 2022 or beyond, to give people time to adjust to that.”
Kinney predicts more companies in the New Year will restore their 401(k) company match, as they'll want to retain quality employees.