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Retirement Missing From First Presidential Debate

Secure Retirement
The White House

Last week, President Joe Biden and former President Donald Trump held their first debate ahead of the 2024 election. While we know retirement is an incredibly important issue for Americans, it was curiously missing from the candidates’ verbal sparring match. 

Sure, both candidates briefly mentioned Social Security. But there was zero talk of 401(k)s or individual retirement accounts (IRAs)—the other pillars of retirement savings that help Americans secure their financial futures. 

401(k)s and similar employer-sponsored retirement plans are an essential part of anyone’s portfolio. These plans allow you to set aside and invest a percentage of your wages each paycheck—up to IRS annual dollar amount limits—to grow your retirement savings over time. They typically come with employer-matching contributions, giving you an extra push toward retirement and, theoretically, a 100% return on that match.

Along with 401(k)-style retirement plans, two types of IRAs can help you reach your retirement goals. Traditional IRAs offer tax-deferred growth, allowing your contributions and investment returns to grow untouched by taxes until withdrawal. Roth IRAs, on the other hand, let you invest money after it’s been taxed, allowing contributions and investment returns grow tax-free to create a tax-efficient income source in retirement.

Together, these two pillars of retirement have delivered for Americans, climbing from less than $6 trillion in assets in 2000 to more than $25 trillion in assets earlier this year. But despite their success and growing importance to Americans’ retirement journey, there was no mention of them in the debate that was supposed to deliver hope to voters. That’s especially concerning because some politicians and thought leaders have recently proposed eliminating the tax advantages of these plans. Others have even suggested that we do away with these retirement plans altogether.

At Secure Financial Future, we’ll continue to urge politicians to prioritize you and your retirement journey. We’ll stand by your side as we call on our political leaders at every level to step up and do what it takes to help you secure your financial future. We have one more debate to go in September, so hopefully we’ll hear promises about protecting your retirement.

Until then, encourage your friends and family to join our grassroots advocacy network to help us fight for a better financial future for all Americans!