All of your working life you have been told to save for your retirement. You have taken advantage of your corporate plan, and IRA, a Roth IRA, and any other retirement savings plan that has come your way. You have also done all of this under the appropriate tax laws now and in the past. Well, Uncle Sam thinks you have now done too much. Here are some proposals directed towards retirement savings:
Cap retirement account savings. Granted, the cap is large, it can always be lowered once you open that door. The proposal is to cap accounts at $3.4 million through either contributions or growth of the accounts.
Eliminate the ability to do a Roth rollover. Currently, if your AGI is too high, you cannot contribute to a Roth IRA. You can rollover a Traditional IRA to a Roth, manage when you pay the tax through the rollover, and then allow the funds to grow with Tax-free withdrawals. This would be eliminated under the current proposal.

Eliminate the Stretch provision for IRA accounts. Currently, when one inherits an IRA from someone other than their spouse, you can choose to cash the account out at once or tax payments over your lifetime. Stretching out the payments also stretches out the tax you owe, not good in the eyes of the government.

Pay attention to these proposals. They can have a great impact on your retirement planning.

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