Impact of Obama's retirement savings account cap proposal

June 2013
Benefits Selling;Jun2013, Vol. 11 Issue 6, p18
The article reports that U.S. President Barack Obama's fiscal 2014 budget proposal includes the prohibition of individuals from accumulating more than 3 million U.S. dollars in individual retirement accounts (IRAs) and 401(k) plans. If the budget gets the approval of Congress, 0.03% of the approximately 20.6 million accounts will be affected and that 1.2% of those aged 26-35 would feel the effects of the adjusted 3 million U.S. dollars cap by the time they reach age 65.


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