IRA and 401(k) Expansion
All Americans should be given every opportunity to save for their retirement. Yet current rules needlessly restrict contributions to retirement accounts like Individual Retirement Accounts (IRAs) and 401(k)s.
Why Is This?
IRAs and 401(k)s shield retirement savings from the multiple layers of double taxation present in ordinary investing.
In 2001, Congress approved President Bush’s plan to increase the amount people could contribute to these plans. However, there are still far too many restrictions that need to be lifted.
Preparing for retirement means saving as much as possible throughout life. IRAs and 401(k)s need to be expanded to allow more Americans to do just that.
IRAs and 401(k)s Should Be Expanded By:
- Making the 2001 expansion of the plans permanent
- The gradual phase-in of IRA and 401(k) contributions should be accelerated to this year
- Not forcing older Americans to distribute assets from IRAs and 401(k)s before they are ready