The US government wants to limit how much money you can save across your tax-advantaged retirement accounts (401k,IRA, Roth IRA…). President Obama released his budget plan the other day and one specific proposal really caught my attention. In the name of raising $9 billion in new revenue for the government, the President wants to limit the amount you can save in your retirement accounts to $3 million. The reasoning for the $3,000,000 limit is that it’s about equal to an annuity that would pay out $205,000 per year. A “reasonable retirement” in their terms. My initial reaction to the plan was some combination of shock and anger. “How dare they tell us how much we can save in our retirement accounts!” However, after taking the time to sit down and think about it some more, I can see both side of the argument. Not many people are affected, at all. Currently 0.3% … Continue reading
Get the Discover IT Card. No Annual Fee & Up To 5% Cash Back!
Join Over 10,000 Monthly Readers!
Free Wealth Management. Manage All Your Investments From One Place.
Personal Capital is the ultimate tool for managing your investments: Read My Personal Capital Review
Most Popular posts
- Should I Contribute to a 401(k) With No Match?
- Saving Half of My Income – Can It Be Done?
- How To Invest Without A Lot Of Money
- Saving Half of My Income – A Progress Report
- Finding Your Financial Tipping Point
- Conducting A Job Search While Still Employed
- Buying An Engagement Ring Online – My Blue Nile Experience
- Which Is Better – Spending Less or Earning More?
- Do You Really Need A Financial Advisor?
- How You Could Have Turned $1000 into $264 Billion This Year
Switch To Straight Talk For Unlimited Talk, Text & Data for $45/mo.
Read my post about making the switch: How To Save $700 By Switching To A Prepaid Smartphone
Tax Season is Here! Prepare Your Federal Return For FREE with Turbo Tax.