Clark Predicts Traditional 401(k)s, IRAs Will Cease To Exist Within a Decade Boston 25 News [Video]

Money expert Clark Howard predicts that traditional 401(k) and traditional IRA accounts will go extinct in the next 10 years.

That’s quite the prediction. But Clark isn’t alone in his assertion and is well-read on the subject. In fact, a recent Bloomberg opinion column ran with this headline: “Your 401(k) Will Be Gone Within a Decade.”

It’s no secret that Social Security and Medicare aren’t sustainable on the current trajectory. What will the United States do with taxes in the future, as well as all huge government-related programs?

As of now, traditional 401(k) and traditional IRA retirement vehicles allow tax-deferred investments. You can put money into a traditional workplace 401(k) in your early 20s, reduce your taxable income and not pay any taxes until you pull out the money in retirement perhaps four decades or more later.

That’s a long time for Uncle Sam to wait to wet its beak in the form of taxes. …