Republicans in Congress are considering changes to 401ks

Lawmakers are looking for ways to fund Trump's tax plan.
1:49 | 10/22/17

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Transcript for Republicans in Congress are considering changes to 401ks
??? And that's the sound. Some Republicans are considering major changes to your 401(k). Rebecca Jr. Voice, my good friend, is here. Good to see you. Lawmakers Aring looing for ways to pay the president's tax plan. This gets to the 401(k). Can you walk us through what a 401(k) Is and does. It's the easiest way to save for retirement. You tell your employer what percent of your paycheck you want to go in there. They deduct it before taxes. You don't pay taxes on that money. It can grow over time sflp and a hot of people don't think about this until they're approaching retirement. They should think about a lot sooner. What are the changes being considered right now. Today, you can put up to $18,000 a year into that. If you're over 50, you can put $4,000 in. Those changes would reduce that amount to $2400. A huge reduction in the amount peechl could put into the plans. Already some pushback from Wall Street. What would this mean for save sngs. The biggest issue is people are not saving enough for retirement. We know this. We hear it all the time. 4 out of 5 Americans have access to these plans. A tiny percentage are actually using them. You want to be using it. You still can. The changes haven't taken effect. They might not. The most important thing you can do is put money into that 401(k). Give hr a call and tell them you want to do it. If you can't get access, go to an Ira plan through a brokerage company. Never too early so taif. I learned that from you. Good to see you.

This transcript has been automatically generated and may not be 100% accurate.

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