Industry opposes Obama retirement limits
April 11, 2013 by Arthur D. Postal
April 10, 2013 •
A budget deficit-cutting proposal from President Obama released today that calls for capping the value of individual retirement accounts at $3 million would significantly impact the growth of the retirement market in coming years, according to an analysis by Employee Benefit Research Institute.
Robert Smith, president of the National Association of Insurance and Financial Advisors, added another concern.
“The current tax code already has contribution limits to retirement savings programs, including IRAs, and, therefore, limits on account balances is detrimental to conscientious taxpayers who have made current sacrifices for future security.” Click here to read more…