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Fox Report With Jon Scott

jon: changes are coming some retirement deductions next to the could be a major hit on tap for many of americans. foxbusiness gerry willis has that story. >> millions of americans are set to take a hit when changes to a much use retirement deduction kicks in next year. right now it workers over the age of 50 are able to make catch-up contributions to their 4o the 401(k) worth up to $7500 each year. the annual cap on all contributions, 30,000 dollars. but because of new rules congress passed beginning next year, people earning more than $145,000 will no longer be able to put those payments into a traditional 401(k). instead the money will be funneled into a roth ira. that means workers catch up contributions fully made with after-tax dollars rather than

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