President Obama Thinks Your IRA Is Too Big
A proposal in the Obama Administration's fiscal 2014 budget seeks to set a cap on tax-advantaged retirement savings for wealthy individuals. The plan would set the capped amount individuals can amass in tax-preferred retirement accounts at $3.4 million. Many financial planners and tax professionals are concerned with the complexity of trying to make the proposal work and the potential consequences it could cause.
"I think it's going to be an administrative nightmare," said Wealth Planning and Preservation Partner David Scott Sloan. "Take the typical college graduate who during his or her career will work for seven to 10 employers. Try following the bouncing ball on that one."