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To save Social Security, they may come for your 401(k)

It looks like we had better ramp up our 401(k) and IRA contributions to the absolute max while we still can, folks.

That means a full $30,000 this year, and more if you’re 50 or older: The 401(k) maximum for 2024 is $23,000 and the IRA maximum is $7,000, and savers who are 50 or older can make additional contributions. It may also mean converting your traditional pretax IRA to a post-tax Roth IRA in order to maximize the after-tax amount in your shelters.

The reason? There is talk in policy circles of getting rid of these plans entirely — or at least ending the tax breaks, which pretty much amounts to the same thing. That would be a political shock and a financial earthquake, especially for the middle class.