Leave it to a bunch of know-it-all liberals to decide for you when you’ve saved enough. What Wile E. Obama and the ACME Economic Destruction Co. want is the taxes; more fuel to throw into the giant insatiable maw of leviathan.
Sets limits on tax-preferred retirement accounts for millionaires and billionaires: The budget will also show how we can provide targeted tax relief to strengthen the economy, help middle class families and small businesses and pay for it by eliminating tax loopholes and make the tax system more fair. The budget will include a new proposal that prohibits individuals from accumulating over $3 million in IRAs and other tax-preferred retirement accounts. Under current rules, some wealthy individuals are able to accumulate many millions of dollars in these accounts, substantially more than is needed to fund reasonable levels of retirement saving. The budget would 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 in 2013. This proposal would raise $9 billion over 10 years.
That $9 billion represents such an infinitesimally small portion of the federal budget deficit as to be laughable. The only reason for this is to punish savers. Cypress, anyone?