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Private equity wants a piece of your 401(k) — and hopes Trump can make it happen
(finance.yahoo.com)
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this post was submitted on 09 Jan 2025
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Full disclosure: I have no idea what I'm talking about when it comes to "big money"
Would, say, transferring my 401(k) to a Roth IRA safeguard it against this kind of crap? "Roth IRAs are better" is something I've heard people with money say lol.
You're safeguarded anyway. What these assholes are proposing wouldn't force you to give them your money, it would however let you make the bad decision for you to give them your money. In short, they haven't gotten your money and even if they get the rule change they want, its still your choice to give it to them.
Roth is better if you are making less money now than you expect you will be when you retire. 401K and normal IRA are generally better otherwise.
Roth means the money is taxed before it goes in, then grows and can be taken out for retirement tax free.
It's the reverse of a normal 401k or IRA, where you don't pay taxes on the money going in, but do when it comes out.
Because the tax rules are opposite you can't transfer from one to the other generally. There may be some way. It it'll probably mean a bunch of taxes need to be paid at the time.