"For higher-earning employees, using the traditional 401(k) will give an immediate tax benefit of lowering taxable income, while others will benefit from paying taxes today at lower rates and allowing the investments to grow tax-free," said Rob Burnette, investment advisor representative at Outlook Financial Center in Troy, Ohio, in an email.
“As Social Security looks at your top 35 earnings years to calculate your monthly benefit, your peak earning years have the biggest impact on your PIA,” explained Lori Gross, a financial and investment advisor at Outlook Financial Center.
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Having private investments in 401(k)s and other defined-contribution plans would require greater education for plan participants and put a greater burden on plan sponsors to provide such training, said Rob Burnette, financial adviser and CEO of Outlook Financial Center.
“Yes, we can build customized plans for each person,” said Rob Burnette, investment adviser at Outlook Financial Center in Troy, Ohio.