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That’s the message in President Obama’s budget for fiscal 2014, which for the first time proposes to cap the amount Americans can save in these tax-sheltered investment vehicles. The White House explanation is that some people have accumulated “substantially more than is needed to fund reasonable levels of retirement saving.” So Mr. Obama proposes to “limit an individual’s total balance across tax-preferred accounts to an amount sufficient to finance an annuity of not more than $205,000 per year in retirement, or about $3 million for someone retiring in 2013.”
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Interesting.
When the big IRA / 401k accounts are thought about logically, are they not converting “capital gains” into “ordinary income”?
Would they be better off making investments in taxable accounts?
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Reinke Faces Life 