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Retirement [7/7 Series Pt. 1]

The WealthAbility Show with Tom Wheelwright, CPA

CHAPTER

The History of a 401K

In 1875, there was a company called American Express. They had the first pension in the United States. In 1972, Ford signed something called ERISA that gave some insurance to pensions. A congressman wanted to create a loophole where they could defer bonuses and take them out of tax. And so he hired a young lawyer who was 24 years old named Richard Stanger right out of college.

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