Callahan. And Douglas Fisher from the American Retirement association talks about 401 k plans and other Retirement Savings programs that could be defected by the tax efforts in congress. Host good morning. Today is the expected day Robert Mueller will reveal his first indictment into the investigation into the 2016 election. Rex tillerson and jim mattis will be before congress to give their views in the authorization for the use of military force. On capitol hill, republicans are set to unveil their plans for tax reform. A key group against it already. What will happen to Retirement Savings plans, like 401ks . We want to hear from you about retirement and how you are set. When do you expect to retire. We have divided the lines differently. Under the age of 42, 202 7488000. 2 to 65, 202 7488001 if you are over 65, 202 7488002. Ou can post on Facebook Gallup took a poll of people about retirement issues and if they plan to work after retirement. Here is one of the results. Say they will continue working past the retirement age. In 2017, 11 that they would, compared to 2013 of 15 . In 2017, who would continue working parttime, 63 . Only 25 said they would stop working altogether once they hit retirement age. There is a lot of hoopla surrounding trumps tax plan. This comes as the tax plan is set to be unveiled. There will be significant changes and we will show you what a key republican leader has to say about it. If you want to give your thought about when you expect to retire, your thoughts about the tax plan , give us a call, 202 7488000 under 40. Between 41 and 65. If youre under the age of 65, 202 7488002. Kevin mccarthy is a leader on capitol hill. He talked about the tax plan and what might happen to 401 k plans under that. Here is he had to say yesterday area [video clip] we are going to raise the amount you can put in. The more individuals can invest their money, the better we are. They have more capital, they have they can protect themselves in the future. Talking about a budget half 1 trillion overspending. Mucheed to look for as money as possible to pay for these cuts. Are you going to get sizable money by doing things to change 401 k s . Miracle inly one this world, the time value of money. If you can do it and not be taxed later, there is a way to make americans more selfinsured, have greater resources. We will expand the amount you can invest and give you an be taxed later in life and not to have that tax burden hovering over you but have a greater income in the future. That is what might happen when the tax plan is revealed. On twitter, please add the category never, so she can vote. Your thoughts have been registered. We have divided the lines differently. If you want to tell us about your Retirement Plans and youre under 40, 202 7488000. 65,ou are between 41 and and you want to give us your thoughts, 202 7488001. If you are over 65 and you have retired or plan to retire, or dont plan to retire, give us a call 202 7488002. First. P category, under 40. From illinois. Thank you for taking my call. I am on my way to my hour commute. You talked about retirement and the lady said never. That is what i told the lady on the phone. Ice that never. My i said never. They have already pushed the retirement for Social Security up to 67 and that is a question. That is a big question. Will never below me be able to retire and we will have to work until we are dead. That,on the other side of how are you set for Retirement Savings . Anything put away yet . Caller unfortunately, with the amount of taxes and Health Insurance that is taken the home that is taken out of my paycheck, i only bring home 48 . I fortunate my Company Offers me profitsharing. Away as athat cushion. Other than that, we need to get these taxes done, get the Health Insurance costs lowered so people my age can put away and take care of our families. Mych is why i announced candidacy to run for congress. A normal guy needs to go in and get things done. Robert, columbia, south carolina. Caller i dont think the economy will last long enough for most people to retire, if the country even lasts. We are coming close to dangerous things. There is almost a fatal, not fatal, non lack of a point to this. Host you foresee a collapse of the economy . Caller big enough, like the last Republican Administration brought in. Host how does that do you not only with retirement, but what you have saved . Even if you think you have the end of the world coming, you have to keep living. I live below my means, i save. I will try to invest. There does not seem to be a big glimmer of hope at the end. Off of twitter i will never retire. He will die working. It is what they want. They get to keep the Social Security money. Retired. Am i lost all of my stock when gm went bankrupt. We were doing good until 2008. Many investments went over niagara falls. We had so many other responsibilities. Two kids who are professionals lost their jobs. I love what im doing. Save forpposed to Health Savings accounts, childrens education, retirement. We would have very little left to put away for retirement. People should be saving for this and that. If we save the way we are we would have little left to live on. Ie thing i am suggesting, have done taxes for years. If you do last years tax return, read do it according to what the proposals are, the middle class will pay a lot more in taxes. Deductionhe standard does not make up for losing your medicalto deduct excess bills, if you have more than two children and so on. What any thoughts on potentially might happen with 401k plans if it does not include a restructuring of those plans . You can putnt mean away more or less without having to pay taxes on it . If they reduce the amount you will bein, that avoiding taxes. Currently, it is going to affect the amount people put away in a downward way. Socalled tax userm, i wish they would. He correct adjective the middle class is going to be adversely affected. Far, thatve heard so is not going to work. Kenny is up next in tennessee. Once. i retired i plan on retiring at 62. There will not be any money available. Congress has. I am a middleclass worker and i support my country. Fore should be something may when i retire, but it will not be there. They keep changing the rules. Host how have you root how have you prepared to retire at 62 . I have saved with my 401 k , i have worked since i have been out of the military. I plan to retire at 62. Spending to retire and time with my grandkids, but there will not be any money. I want the same thing Congress Gets including the medical and the prevention they get from the Insider Trading that they get that they dont tell everyone else they can get. In our category under 40,. Scott innd maryland. Caller i am a heavy saver. I hope to retire before 40. From personal perspective, i would like to see them not cut increased. I can see how it could offset some of the tax reduction on the wealthy. The most likely to take advantage of the 401 k discounts. Like the push for going all raw. That is shortsighted on the government side. Her moneyrying to get up front. It will create a wave from when we transition to 401 k s which will be taxed when money is pulled out, to all raw retirement funds. Doing is trying to get their money up front. In the long term, they will not pull in as much money as people retire. Put away 4250 y 40 to 50 of my salary. That is scott, giving us his thoughts on retirement and when do you expect to retire. This comes as we unveil a tax plan this week. You can continue to give us your thoughts in one of many ways. You can call us. Tell us about your plans for retirement. If youre under 40, call 202 7488000. 41 and 65, 202 7488001. If you are over the age of 65 and want to share, 202 7488002. Post on twitter and facebook and give your thoughts that way. About issues concerning tax plans and retirement, information when it comes to russia and their involvement in campaign 2016, this as bob miller ceiling Robert Mueller sealing documents. Can you tell us how the white house reacted from fridays announcement . They didnt expect it. They were taken by surprise, trying to figure out what is going on. They have a big week, anyway. They have been trying to turn attention to other things. Until they know more details. The big tax plan is out this week. That is huge. Trump is leaving for a trip on friday. He has promised to name a chairman of the federal reserve. He had a lot on his plate anyway. The president also sent , talking about other issues. Give us the nature of those. To try totends distract with his tweets. He talked about Hillary Clinton, not surprising, talking about how she is the one who should be under investigation. Health care,ut which congress is not taking up at this moment. He tries to distract. He also responds. We are waiting to see if he is going to respond to what is going to happen today. Host was there anymore talk leading up to the funding of the special counsels office and what to do with it overall . As any of that surfaced since the announcement friday . Guest not really. People say he is going to fire Robert Mueller now, but we have not the nanny indication of that. We have no idea. They have scheduled a briefing as normal today. Normalve proceeded on as. What they say is what they have been saying all along. Many of the questions have to be answered. Host the president plans to travel to asia. What does he plan to accomplish . Gone thishas never long before. It is 12 days, five countries. 12 to 14 hours ahead depending on where he is. China. Gest part of it is he will visit at a time when north korea is dangerous now. They have had missile launches, missile tests. The president will need to talk about what to do. The white house is telling us the push will be trump asking that the chinese president do north korea. Il this is normal. Y tell eacht the other. He has to figure out a way to get them on board and get them to do more. He has a variety of other meetings. Andill talk about trade economics. It is surprising he is going this long to this many places. You mentioned the announcement of a fed chair. One of those people could be jerome powell. What have you heard . We hear different names. A handful of people. It is interesting because we have not heard from the white house officially. Trump said i will make this decision before friday, before i leave. We have not heard too much timing. Most of what we have seen is the president preparing for this big trip. Host thank you for your time today. Back to your calls on your plans for retirement. You can call in on the age bracket that best represents you. Victor, go ahead. Aller i remember watching cartoon, the act and the grasshopper. The grasshopper starved because he played all summer long and the and saved and survived the winter. Could when i was working and after my divorce, i was able to find a good stockbroker and i played the stock market like gomez adams on the adams family like gomez addams family, so i am set. Dont buy every fancy item that comes out. Save. You never know. You could be in a situation where you are going to have to wonthat money and you have to borrow money from your friends and relatives to get through the month. Given the stock market, it is doing well currently, but there have been times where it has taken a dive. Do those things that bother you . When the marker went down, i asked my broker what was on sale and i would buy stocks when it was down. When it was up, that is when i would sell part of my portfolio and i would have the cash when the market went down again. I would buy more stocks. On twitter, the cutera to retirement,ey save until it hurts and save more. Toerty saying, when you want retire and the reality of when you can are two different things. Anthony, staten island, new york. Hello. I retired in 2004. I sustained injuries. My pension was there. It was 3500 a month. They push through the 2015 omnibus bill, my pension went from 3400 to 1000 a month. You want to say who robbed it once the government came in and said we are here to help, that is when we lost our pension money. As far as a 401 k , they are a scam. You want to leave to your kids, when they finished taking out their portion, they get about one third of it. What is the point of saving anything . So the government can deal it from you . Host you will be able to contribute an extra 5,000 to your 401 k next year. Add it is a good way to save for retirement because your money goes taxfree. Youe is a limit on how much can say and when you can withdraw the funds. Theres also a restriction on who can use a roth ira based on income. There is still a savings crisis. The bottom line, we still need Social Security. Rich, jacksonville, florida. Caller we need Social Security. Was peopley who had savings, lost all of this money, the common sense of saving, tied into the stock market, this goes up and down and people can lose their finances through the stock , the last housing debacle, we had regulations in place that were supposed to stop that. Because of deregulation, it larceny to go on that created the situation, where billions of dollars. The housing market, it was your boughthat was supposedly for 300,000 was worth 1000 100,000. That is where a big part of it goes to. It is this common sense stuff people dont have. How are you supposed to save . Stuff, how ishis it going to be there in time . Thet is only as good as people you are trusting. That could be gone in a heartbeat. People dont respect that how they are supposed to. Host and, springfield, virginia. Caller the reason i raise money iras, there is less. 401 k s take so much money out of the plan. As a Small Business owner, a simple ira plan works more favorably for myself and my small number of fibers ask staff that participate. There is no indication whether a as ae ira will also remain deductible and that is of grave concern. Month to 800 or 1000 a month with a simple ira provides a cushion after 15 years. A type of Small Business saving plan that seems to be ignored, but has a more toective availability protect your savings and not to lose it to percentages or whatever. Withnal comment has to do what happens to the ira when a is deceased. Do beneficiaries get the full amount . Onound out the beneficiaries ofira get to keep the amount the ira and it is wonderfully sheltered from continuing taxes. These are plans which benefit and people should participate with. We will continue with this topic, taking a look at when you expect to retire. You can give us a call. Those under 40, 202 7488000. 1 to 65, 202 7488001 over the age of 65, 202 7488002. Other stories, including what happens in the senate seat after jeff flake announced he is going to retire. The New York Times takes a look at its front page, saying establishment democrats have high hopes for kyrsten sinema. She teaches a bipartisan spend class in the house gem and has broken ranks with her party on vote. Who voted to seven create a select committee to investigate the 2012 attack on the United States diplomatic compound in benghazi, libya. Those impulses towards bipartisanship have soured arizona progressives against the cy of a woman who rose to prominence on a biography that included time as a homeless child and an identity that includes being the first open bisexual in congress. Republicans are finds grimly to find a replacement for mr. Flake. New york, deeann, youre next. I told the woman on the phone i doubt i would be able to retire. I am a farmer, i have invested everything into the farm thinking i would make it back. Gotcompany i am with, they money they have taken from me over the years. They say i can get that when i am 67. They were stealing money from the farmers for 10 to 12 years. They will probably steal it from me, too. Host are you thinking about selling the land . About i was inking selling it for development, but the town is trying to stop that from happening. They want to have the lot so big , workingnary people middle class people, by five to 10 acres for 20,000 more, they are not going to buy it. You have to hope someone wealthy comes along to buy 20 or 30 acres of land. They wont want to pay 20,000 and anchor. Acre. ,000 an reporters and cameras are waiting to see what happens when it comes to the indictment we told you about earlier. Up. Is josh, the sun coming tv crews, no action. Topic, one of many talked about on the shows yesterday. Democrats in california asked if the president was under investigation by Robert Mueller. Here is what he had to say. Comment on that. I cannot answer that. Dont know if Robert Mueller is investigating the president . I cannot comment on that. Pressare two people from reporting that it is likely to be mike flynn or Paul Manafort. We have not been informed who it is. It would not be appropriate for paul for Robert Mueller to tell a spirit if it is Paul Manafort, it may help us answer one question we know the russian government was reaching the Trump Campaign managers and offering information on Hillary Clinton they thought would help the theTrump Campaign. The campaign was willing and accepted that idea. From the Washington Post reporting, Paul Manafort is reaching out in the other direction. The question is, who gave what to whom as a result . Of these requests are moving in opposite directions, what information would manner for have two up would Paul Manafort have to offer . If it is him, it may help us answer those russians. Addingashington times another aspect of this story. The Intelligence Committee is poised to gain ground in its probe of the use of intelligence dossier on trump, developed firms a private research. The committee will have access to bank records that could s