President Joe Biden is threatening the returns of 401(k) savings accounts, risking millions of workers’ comfortable retirements.
If you put money into a 401(k), beware. Until now, the law always required fund managers entrusted with your savings to invest the money where it’s expected to get the top profit for you. Period. But late last month, Biden’s Labor Department announced a rule change that goes into effect at the end of January. It will allow fund managers to invest your money in the stocks of companies that favor left-wing policies, even if they earn a lower return.
It’s legalized theft. The future earnings on your retirement nest egg are being sacrificed to advance a woke agenda.
A lower return means you’ll have to work more years before retiring or start putting more into your 401(k) — or settle for a lesser standard of living in the final years of your life.