At many of these companies a sizeable percentage of workers, in some cases as much as half, had no money in their 401(k)s – report
The top five executives at the US’s largest companies have amassed close to $9bn in tax-free retirement saving accounts while many of their employees have struggled to set aside any funds for retirement, according to a new report released on Thursday.
The report, A Tale of Two Retirements, from the Institute for Policy Studies and Jobs With Justice found the top five executives at S&P 500 firms held a combined $8.9bn in special tax-deferred accounts at the end of 2021. Income taxes will be due on this compensation when they withdraw the funds, but in the meantime, they benefit from the tax-free compounding of investment returns.
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