Your 401(k) might retire before you do

That tasty tax break won't be around forever. [Bloomberg]( This is Bloomberg Opinion Today, a favorable tax treatment of Bloomberg Opinion’s opinions. [Sign up here](. Today’s Agenda - Say [goodbye]( to your 401(k). - [Chocolate]( prices run away. - [Ukraine’s forces]( start to decay. - Capital One did [a deal]( Monday. RIP, 401(k) Photo via Netflix/Everett Collection Allison Schrager has [some bad news]( for you: Your 401(k) will be gone in 10 years, and not because [some dude at a bar]( is going to con you into [draining]( your retirement savings. The funds you’ve tucked away will still be safe and sound, thankfully. But your retirement plan itself will cease to exist. Much like [Donald Trump]( — who is peddling [gold sneakers]( and [$99 perfume]( to help pay his [legal tab]( — the government is [scrambling]( for money. We’ve got entitlement programs that need funding and a national debt that’s collecting interest. Allison says it’s only a matter of time until your precious [tax-advantaged]( retirement account gets put on the chopping block. “There are good policy reasons to end it,” she argues. “Eliminating the favorable tax treatment of the 401(k) is much less painful politically than increasing taxes directly.” But it raises some questions: Without a 401(k), will Americans still save for retirement? And without retirees, what will happen to [Florida’s]( black market for [erectile dysfunction drugs](? The Sunshine State, for one, will almost certainly be fine thanks to the [Jeff Bezos-led pilgrimage]( of ultrawealthy taxbirds. And plenty of Americans will still save for retirement, even without the special tax treatment. In the future, Allison says savers will use [employer-sponsored liquid accounts:](“Like a retirement account, it is funded by payroll deductions, but unlike a 401(k), it allows employees to withdraw money without a penalty when needed.” She points to [Denmark]( and [Canada]( as evidence that workers need not tether their fortunes to tax-advantaged retirement accounts to save up for their golden years. Although the 2.7 million people who recently took advantage of the [“great retirement”]( wave probably feel pretty smug right about now, there are still plenty of reasons for us to collect a nest egg — even if it ends up getting a little cracked. Read [the whole thing]( (for free!). Bonus Retirement Reading: If your pension-savings strategy [involves bond funds](, you may want to reconsider. — Stuart Trow Chocolate Mystery When I was in elementary school, my mom found dozens of chocolate wrappers stuffed in our recliner. At first, she tried to blame me and my sister. We swore it wasn’t us, but my mom would dig all the crinkled-up foil out of the crevices only for it to magically reappear days later. Turns out, it was our babysitter! I was reminded of the whole ordeal when reading Javier Blas’s column on the new [chocolate crisis](, which is much more dire than the one of my childhood. With prices like this, babysitters should get paid in chocolate: “For the third consecutive crop season, global consumption in 2023-24 will meaningfully surpass production – something unseen since the early 1960s,” Javier writes. Almost three-quarters of the world’s cocoa is produced in a handful of countries: Ivory Coast, Ghana, Cameroon and Nigeria. With demand outstripping output, the industry is running on empty. “What’s happening in West Africa will soon be felt in supermarkets around the world,” Javier warns. But it’s not just Hershey that’s scrambling to manage high prices. In the world of fast food, Bobby Ghosh [says]( McDonald’s is also struggling to keep prices in check. In Darien, Connecticut, a Big Mac combo meal went viral for[ costing around $18](. Post Falls, Idaho, had its own viral moment when a smoky double quarter pounder BLT, a large fries and a large Sprite [came out to $16](. While the prices of these meals vary widely, Bobby says “we should pay attention when Americans get all hot and bothered about the rising cost of eating our favorite dish at their favorite place.” Bonus I’m-Paying-Too-Much Reading: When Amazon said Prime Video would be “unlimited” and “commercial-free,” customers expected the streaming service to stay that way. Now [they feel swindled](, and rightly so. — Dave Lee The Price of War Speaking of the rising cost of eating out, I couldn’t help but chuckle when reading [this Guardian story]( about the Nusr-Et steakhouse in London: It may charge nearly £700 for its most expensive steak but even the flamboyant condiment-sprinkling chef Salt Bae’s [London]( restaurant has been forced to turn off the heating amid soaring energy bills. I’m sorry, but if I am paying $850 to eat a wagyu striploin, you better have paid your heating bill! Who wants to chow down on a jumbo tomahawk steak while wearing a parka and gloves?? I’m mostly joking. But it shows how European businesses — even the most frivolous ones — are struggling to contend with the ongoing war in Ukraine. “After two years of wasting money and lives on a bloody stalemate, and sweeping attempts at [sanctions by the West](, Russia’s economy isn’t looking so bad, while the cost being paid by Europe seems if anything to be higher,” John Authers [writes](. The war is on everyone’s mind after the [shocking death]( of [Alexey Nalvany]( last week. The likely murder of the Russian opposition leader occurred just as America’s debate on Ukraine aid approached its climax: “If Washington doesn’t provide the aid that keeps Ukrainian forces fighting, the fallout will be grave and global, and it will undermine US policy for years to come,” Hal Brands [writes](. Just this weekend, Ukraine was forced to [abandon]( Avdiivka because of [severe]( artillery shortages. “Within months — or sooner — a shell-starved Ukraine would face agonizing decisions about how to deploy its dwindling military resources,” he notes. Without American money, there’s no path to victory. There’s no hope of economic prosperity. Ukraine’s future will be determined at the point of Russian guns. Francis Wilkinson [says]( MAGA politicians are essentially “[aiding]( the vicious Russian assault against a European nation seeking to resist 21st century fascism.” If that assault succeeds, heating bills will be the least of our concerns. Bonus Russia Reading: As we approach the third year of the war in Ukraine, [Moscow’s brain drain]( could be the West’s gain. — Lionel Laurent Telltale Charts I knew credit cards were expensive — especially the platinum, fairy-dusted ones that can [send you to space]( — but $35 billion?! No amount of free miles, intergalactic or otherwise, is gonna entice me to sign up for that. But Capital One didn’t just buy a single credit card with that multi billion-dollar sum — it bought an entire credit card brand. And a rival one, at that. Its [takeover]( of Discover “reinforces the impression that corporate leaders are willing to take risks on big M&A again,” Chris Hughes [explains](. Don’t be surprised when Capital One becomes the largest issuer of credit card loans in the US. This is going to sound ridiculously simple, but the next time you find yourself sick, take the day off! Your boss isn’t going to guilt-trip you into joining a Zoom call while you’ve got a 101 degree fever and a mountain of snotty tissues next to your bed. And if they do, send them [this column]( by Sarah Green Carmichael. “More employees are taking sick days than before the Covid pandemic — and most managers support them,” she writes. The [sick-shaming]( trend, where attendance-taking bosses tell you to suck it up, is actually pretty overblown. Most bosses say it’s reasonable to take sick days for physical and mental health. But workers — I’m looking at you, cough, cough — don’t always know that. Telltale Photo For obvious reasons, I have to show you [this photo]( of Sam Bankman-Fried in jail. He looks like the guy with the stretched-out T-shirt in [this Downy commercial](, but if he starred in [Lost](: It’s the nervous hand clasp for me. Source: [Tiffany Fong]( on X We haven’t seen SBF in a long time. We knew he [got a haircut](, but there was no concrete evidence of the new coiffure, only suspiciously generous [courtroom renderings](. Until [crypto influencer]( Tiffany Fong got this image from [a former fellow inmate]( of his who goes by G Lock, that is. The photo was taken in mid-December — over a month after his guilty verdict. During the trial, I [wondered]( how he got into court without paparazzi photos: “Maybe he’s having a [janitor]( secretly cart him around to avoid the cameras à la Taylor Swift?” It sure seems like that’s what happened. And now he’s [living in a jail cell]( — a far cry from a $35 million [crypto frat house]( in the Bahamas. Kinda wild! Further Reading An [exodus of students]( has districts considering closing low-performing schools. — Bloomberg’s editorial board If you take Bill Ackman’s [approach to stocks](, you don’t have to do much. — Matt Levine Softbank’s shares doubled on [AI excitement](, but its core tech isn’t driving that boom. — Parmy Olson The 3-point [shooting contest]( between the WNBA and the NBA won’t fix sexism on the court. — Adam Minter Which is more deadly: the snakes, [spiders and sharks]( of Australia, or the guns of America? — Betsey Stevenson After the Kansas City parade shooting, the NFL’s [piecemeal approach]( to gun control won’t cut it. — J.A. Adande The influence of Latin America's [vibrant art scene]( is expanding beyond the region. — Juan Pablo Spinetto The Fed’s plane [hasn’t landed yet]( — the economy is still a challenge. — Bill Dudley ICYMI Russia may put [a nuclear weapon]( in space. WeightWatchers sponsored an [Ozempic hype house](. Tinder is [expanding]( ID checks to prevent AI scams. Kickers Mezcal [might not survive]( your spicy margarita fixation. Who wants to [play tennis]( next to Penn Station? Starbucks is serving [a pork-flavored latte]( for Chinese New Year. People are using TikTok for [looong-form storytelling](. Babe wake up, new [Barry Keoghan pics]( just dropped. Notes: Please send pork belly lattes and feedback to Jessica Karl at jkarl9@bloomberg.net. [Sign up here]( and follow us on [Threads](, [TikTok](, [Twitter](, [Instagram]( and [Facebook](. Follow Us Like getting this newsletter? [Subscribe to Bloomberg.com]( for unlimited access to trusted, data-driven journalism and subscriber-only insights. 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