Skip to comments.With Budget Proposal Obama Tells Us What Is A ‘Reasonable’ Amount To Have In Retirement Accounts
Posted on 04/06/2013 12:51:50 PM PDT by smoothsailing
With his budget proposal, President Obama has told us what he believes is a “reasonable” amount to have in a retirement account. $3 million is the number he chose.
According to a White House statement, the Obama administration believes the current rules allow some wealthy individuals “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 individuals 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,” the statement said. “This proposal would raise $9 billion over 10 years.”
Brian Graff, executive director and chief executive officer of the American Society of Pension Professionals and Actuaries, told Bloomberg News his group intends to “vigorously oppose” the proposal. (Read More)
Progressives have had their eyes on Americans’ retirement accounts for quite some time. I guess Obama sees this as a good place to start. Or maybe it’s just a major jab at Mitt Romney.
President Obamas budget, to be released next week, will limit how much wealthy individuals like Mitt Romney can keep in IRAs and other retirement accounts. …
Romney, Obamas 2012 opponent, had an IRA several to many times that amount, leading to questions about how the former Massachusetts governor was able to squirrel away so much money in that sort of retirement account. (Read More)
Yassa Massa, I’se sure y’all knows what’s bestest fo me and my kin.
While he is taking for himself the majority of it.
[[$3 million is the number he chose.]]
What a moroon- MOST people lvie SS check to SS check because they SACRIFICED their wholel ives so their kids could have a chance at life- and are left with NOTHING i nthe savigns when they retire and have to live off of as little as $800 or so dolalrs a month-
3 million? What drug is he inhaling?
I once tried to reach a government class the facts you just related. They.most of them anyway, didnt want to believe it. That was because their parents believed it. The whole course of their economic lives would have to change if the stopped believing that they might not get a social security check when they got old. Having them read the two cases you cite did not persuade them. They thought they OUGHT to get those checks.
“Where does he get those rates of return?”
Remember, he’s taking into account that your retirement can’t be that long. You’ll be lucky to get 15 years, then the death panel will usher you off to the suicide booth.
Worth saying again...that was my first thought, too...WTF?? (pardon my language) Hello? this is America?!
Not that I have millions of dollars to invest in retirement accounts (would that it were so, but alas, not) but nevertheless, I will defend anyone's right to do with their WELL-begotten gains whatever they choose to! It's not (necessarily) a crime to be rich (or is it?)?!! SHEESH!
Could be that their parents believed it because that is how SS was sold to the public by the Feds. And is still being sold. Very few people care, or know, about these court decisions.
If SS/Medicare deductions are added to Fed withholding deductions people might actually go into sticker shock over the amount of current taxation.
I predict the same thing will eventually happen with OCare.
Who in the He## died and left him ghod?
Less than a billion dollars a year? What’s the point?
This is so infuriating. And of course, if you are a union ized public employee you can still ejoy your fat retirement. A lot of them in CA get more than $205K a year, and the taxpayers made all or most of the contributions.
I have pointed these facts out to people that think their SS contributions are secure, unlike “greedy wallstreet investors”. They are usually shocked.
I forgot where I read it but supposedly total for all accounts. 3 million sounds like a lot of money to people but when your talking about living comfortably middle class on it for 30+ years it’s not. But when the Republicans squak about it, it will be one more thing he can tell that they are sticking up for the rich. And the hypocritical public employee unions that have better pensions will be saying it too.
And to top it off the unused money in those plans can be passed on to heirs. They can’t have that!
But he prefers to tax it.
I'm stealing that...
“On the other hand, I don’t think proposal is going to go anywhere. The U.S. investment banking industry is probably gearing up its lobbying machine to quash it before it ever sees the light of day in Congress.’
Most Americans have no where near $3 million in IRA’s and 401K’s. To the average American a $3 million cap is going to seem extremely reasonable. When it fails to even get a vote in Congress, Obama and the press will portray its failure as one more example of mean spirited Republicans protecting the wealthy. This is all part of the PR campaign to spend and tax more.
This has about as much chance of passing as a monkey has of learning table manners.
It’s just more fodder for the base, the Lo-fos and the envious.