 how to systematically get rid of that debt before you increase what's going into your 401 . Another reason not to have a 401 is if you're worried about future tax increases. Like I said, tax deferred is not tax free. So picture yourself with a handful of corn seed, the tax man comes and he says, okay, you owe me taxes on that handful of corn seed. And you say, oh no, I don't want to pay taxes on my corn seed.