There have been 101 reader comments so far on the retirement planning blog that I wrote last week about Congress considering ways to reduce the tax deductions associated with 40(k)s and other tax-advantaged retirement savings plans in order to reduce the deficit.
Most of the people who posted have similar opinions: They want Congress to keep its mitts off these plans and continue to give people who work hard and save their money a break on their taxes.
Here are a few of the most thoughtful of these responses:
EON59 -- "Why not try a novel concept of allowing the economy to grow and the tax base to grow. At this time tax revenue is down over 500 billion a year because of lost jobs and businesses. Imagine the additional revenue if even 5 million of the 14 plus million people would be back to work. The key is the return of the private construction industry."
Tina Thompson -- "(4)01k's were meant to be a supplement for pensions, not a substitute. Unfortunately, they were implemented as such and if you think a bubble in stocks burst a while back, wait until the Baby Boomers are retiring in earnest with underfunded 401k's that they will sell the stocks and bonds out of to fund their last few years."
Steve -- "At the end of World War II, 2 or 3 percent of the population owned 90 percent of stocks held. Today 75 percent to 80 percent of the population owns stock, I think that matters."
fillzee -- "This is a great idea. It should be implemented as soon as all Federal and State Employees and politicians give up their defined retirement plans. Then, they could enjoy the benefits of the 401k system and be subjected to the same market risk and political whims as the rest of us."
mikes -- "$600B over five years is nothing in terms of the budget, especially when you consider they'll negotiate it to a fraction of that by limiting the impact. It's clearly not worth the fight, and the very real risk of being voted out. I wonder what the real agenda is here?"
Anne Douglass -- "Dear Uncle Sam, get your money-grubbing hands out of my pockets."
These are just a few of the opinions offered up. The comments are still open. If you see it differently, don't hesitate to share your thoughts.