Does Obama Want To Cap Retirement Savings?

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   Jim Winkler

   CEO/Owner, Winkler Financial Group, Houston, Texas

   That is an excellent question! Unless you have more than $3 million in your annuity, you won't have to worry about it. ( if you are, you own one or more of the .03% of the nearly 21 million accounts that do, according to the Employee Benefit Research Institute) The idea presented in the latest budget proposal was meant to keep the super rich from being able to put huge sums into tax sheltered vehicles ( Romney's $100 million account was mentioned, as I recall). President Obama is trying to narrow the gap between the haves and the have nots, by closing or narrowing the loopholes that are being used. Will he succeed? Most likely not, since the majority of politicians are millionaires, and won't vote to cut their own profit generating schemes. According to the ERBI, only slightly over 1% of Americans over 60 possess this kind of wealth, so I feel safe in saying that you won't have your retirement fund capped. ( Even if it were to pass) Thanks for asking!

   Answered on June 7, 2014

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