Obama’s Plan to Limit Your Retirement Savings
By: Mark Hyman
You’ve worked hard your entire life. Started a business. Worked seven days a week. No time off. No vacations. No extravagant purchases. You drove used cars. And lived in a house that was a bit cramped for the entire family.
Your business eventually became a success. You took a modest paycheck. But saved as much money as possible in your 401(k) account. And in IRAs. Your goal was to retire comfortably. Payback time. And upon your death you’d leave some money for your children.
Not so fast says the president. Barack Obama has proposed limiting the amount of money people can save in tax-preferred savings accounts such as IRAs, Roth IRAs, 401(k) and defined benefit plans at $3 million. Obama has declared some retirement accounts have “substantially more than is needed to fund reasonable levels of retirement saving.”
He’s also proposed the government take more of your inheritance so your kids don’t get it.
And he wants people involuntarily enrolled in a government-mandated retirement program.
This is all laid-out in his 2014 budget.
Such proposals were once unthinkable. In this country, anyway.
His presidential retirement, already worth $5 million, could grow without restrictions.
Mark Hyman hosts "Behind the Headlines," a commentary program for Sinclair Broadcast Group.