Spencer Jakab
speaker
981 appearances
14 recordings
1 series
first heard Jul 2017
last heard Jun 2021
Spencer Jakab’s voice in public audio — every appearance, attributed to the second.
Trend
recordings per month · last 12 monthsNo recordings in the last 12 months.Older appearances are listed below; set an alert to hear about the next one.
Appearances
are going to not contribute as much.
They're not really going to see a reason to do it.
And the companies that own the mutual funds and sell annuities and things like that will see less money.
And the lion's share of money in these plans comes from people who are upper middle class and above.
There's $17 trillion in these plans, but the median amount is only $7,800 per account.
Whereas if you get up to the 90th percentile of accounts, it's $320,000.
So it's very, very top loaded in terms of those people.
If they don't see the attraction in doing it and they're the most tax savvy, then they'll put less money in and that's less money for those companies.
So I don't think that the plan by itself would make a huge difference.
I think it would at the margin.
You know, giving companies subsidies to start 401k plans would be good.
But there are a couple of things that you would have to to tack on to really make it a game changer.
You know, one is auto enrolling people.
Another that is not mentioned in his plan, but there's no reason for the industry to oppose, is to make 401ks portable.
Because basically when people go from job to job, and a lot of people have five, six, seven, eight jobs during their career, their old 401k doesn't go with them.
And then rolling it over, you have to have a brokerage account to roll it over into an IRA.
And a lot of people...
just basically take the money out, which is the worst thing you can do because you pay a tax penalty and then you don't get all those years of compounding.
You basically start from zero.
And so if you made it portable, if you auto-enrolled people and you made them universal, that would really go a long way towards helping people with lower incomes stave off a very nasty situation in retirement that a lot of them are headed for.
Showing 241–260 of 981 · page 13 of 50
← Previous
Next →