The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:WSJ Defends 401ks From President Obama Not Rated 0.0 Email Routing List Email & Route  Print Print
Friday, April 12, 2013

WSJ Defends 401ks From President Obama

News summary by MFWire's editors

Fundsters interested in the 401(k) channel, take heed. U.S. President Barack Obama just proposed two new limits on the retirement savings plans and on IRAs.

On Wednesday the White House released its fiscal 2014 budget proposal for the federal government, complete with two proposed restrictions on 401(k)s and other retirement savings accounts. The Wall Street Journal and the ICI, among others, have rushed to defend 401(k)s and question the proposals.

One proposal would cap an individual's total retirement savings account balance (across all accounts) to the amount needed to buy a $205,000 per year annuity, which currently costs about $3 million. The other idea would cap all itemized deductions (which includes retirement plan contributions as well as mortgage interest payments, charitable contributions, and employer sponsored health insurance, among others) to 28 percent of income for high earners.

"Amazingly, Mr. Obama has surveyed the economic landscape and somehow decided that it's time to discourage savings if you make more than he thinks is 'reasonable,'" the WSJ retorted.

For more on the proposals, see our sister publication, 401kWire

Edited by: Neil Anderson, Managing Editor

Stay ahead of the news ... Sign up for our email alerts now

 Do You Recommend This Story?

Return to Top
 News Archives
2020: Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Add to My Yahoo!
follow us in feedly

©All rights reserved to InvestmentWires, Inc. 1997-2020
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use