Election Day 2020 and Your Money: Trump vs. Biden on 401(k)s, Taxes and Other Key Issues
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While there’s a lot we don’t know about this week's election, one thing is clear: Whoever wins the presidency will have the Herculean task of guiding Americans through a recovery from one of the worst recessions in history.
It's no surprise that President Donald Trump and challenger Joe Biden have very different ideas about how, exactly, to do that.
As we wait for election results to roll in, here are seven quick summaries of the candidates’ stances on key money issues. Check them out, then read our in-depth reporting at the links below.
401(k)s
Biden: On his website, Biden vows to “call for widespread adoption of workplace savings plans and offer tax credits to small businesses to offset much of the costs.” Specifically, nearly all employees without a 401(k)-type plan or pension would be able to access an automatic 401(k). He’d also equalize tax benefits for retirement savings accounts by shifting more of the benefits of tax deferral in traditional retirement accounts toward lower- and middle-income earners.
Trump: The president often boasts about the nation’s economic success. Indeed, according to Fidelity Investments, the average 401(k) balance in the second quarter was $104,400 — a rebound from the $91,400 it was after the first quarter of 2020. Trump suggested in a debate that “401(k)s will go to hell” under Biden.
Read more:
- What Joe Biden's Tax Proposal Could Mean for Your 401(k)
- Coronavirus Is Surging in the U.S. — Could the Pandemic Crush Your 401(k) Again?
- The CARES Act Makes It Easier To Withdraw from Your 401(k). Here's What to Know Before You Do
