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Old 04-12-2013, 04:31 PM   Topic Starter
Taco John Taco John is offline
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Obama budget caps individual retirement accounts at $3 million

Obama seeks to cap retirement accounts so that no individual saves “more than is needed”

Obama’s budget plan, to be unveiled April 10, would prohibit taxpayers from accumulating more than $3 million in an individual retirement account. That proposal would generate $9 billion in revenue for the Treasury over the next decade, according to a White House statement released today.

“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 statement said.

http://www.businessweek.com/news/201...ney-sized-iras
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Old 04-12-2013, 04:32 PM   #2
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Personally, I want a helicopter hot tub as part of my retirement, and I think I'm going to need more than $3 million to get it built and keep it operating.
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Old 04-12-2013, 04:35 PM   #3
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Old 04-12-2013, 04:35 PM   #4
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Old 04-12-2013, 04:38 PM   #5
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Old 04-12-2013, 04:56 PM   #6
Loneiguana Loneiguana is offline
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First Lets look at whats effected. IRA and 401K

Second, Let's look at two facts:
401k has a $17,500 limit. IRA has a $5000 Limit.

Third, Let's do some math.

40 years of max donation, with constant 5% annual growth, would get you $2,717,994. NOTE: Inflation means the limits were much lower 40 years ago, so this number should be lower. However, assuming the limit changes roughly matched inflation, this result is similar to 8% annual growth if you assume 3% annual inflation, or 9% annual growth if you assume 4% annual inflation.

Fourth, answer this question:
How does an account that you can only contribute $5000 annually, get to $3 million?

Legally, I mean

/one answer is stocks
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Old 04-12-2013, 04:59 PM   #7
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Quote:
Originally Posted by Loneiguana View Post
First Lets look at whats effected. IRA and 401K

Second, Let's look at two facts:
401k has a $17,500 limit. IRA has a $5000 Limit.

Third, Let's do some math.

40 years of max donation, with constant 5% annual growth, would get you $2,717,994. NOTE: Inflation means the limits were much lower 40 years ago, so this number should be lower. However, assuming the limit changes roughly matched inflation, this result is similar to 8% annual growth if you assume 3% annual inflation, or 9% annual growth if you assume 4% annual inflation.

Fourth, answer this question:
How does an account that you can only contribute $5000 annually, get to $3 million?

Legally, I mean

/one answer is stocks
nice start but you are missing stuff that is perfectly legal. For example, at the age of 50, people can also add an additional $5,500 per year to 401K's and 5% annual growth average is pretty low as well. Doesn't take into account company matching funds either...Especially if you utilize well run funds. I have averaged 10.5% over the past 13 years. Bottom line is: who the ____ does the govenment (Obama) think they are to tell us how much is enough for our retirement?
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Old 04-12-2013, 05:16 PM   #8
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Quote:
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Especially if you utilize well run funds. I have averaged 10.5% over the past 13 years. Bottom line is: who the ____ does the govenment (Obama) think they are to tell us how much is enough for our retirement?
That's what a commie fascist does to people. Obama's arrogance is astounding.
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Old 04-12-2013, 06:14 PM   #9
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nice start but you are missing stuff that is perfectly legal. For example, at the age of 50, people can also add an additional $5,500 per year to 401K's and 5% annual growth average is pretty low as well. Doesn't take into account company matching funds either...Especially if you utilize well run funds. I have averaged 10.5% over the past 13 years. Bottom line is: who the ____ does the govenment (Obama) think they are to tell us how much is enough for our retirement?
Why wouldn't you be able to save as much as you want?
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Old 04-12-2013, 07:04 PM   #10
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Bottom line is: who the ____ does the govenment (Obama) think they are to tell us how much is enough for our retirement?
The government has the right to decide tax breaks or deferrments.

I'm sure you can save however much you want. But, the government will only allow you $3 million in tax deferred $ until you are ready to pull the money out.

Don't see the outrage here. A $3 million tax deferred nest egg is damn generous. I thought we were broke?
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Old 04-13-2013, 12:01 AM   #11
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The government has the right to decide tax breaks or deferrments.

I'm sure you can save however much you want. But, the government will only allow you $3 million in tax deferred $ until you are ready to pull the money out.

Don't see the outrage here. A $3 million tax deferred nest egg is damn generous. I thought we were broke?
Are you ****ing kidding me? Giving the government 1/3 of my earnings is pretty damn generous. The government doesn't own all of my income and generously allow me to keep some of it.
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Old 04-13-2013, 08:51 AM   #12
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Quote:
Originally Posted by BigRedChief View Post
The government has the right to decide tax breaks or deferrments.

I'm sure you can save however much you want. But, the government will only allow you $3 million in tax deferred $ until you are ready to pull the money out.

Don't see the outrage here. A $3 million tax deferred nest egg is damn generous. I thought we were broke?
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Old 04-13-2013, 08:01 AM   #13
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Originally Posted by KC Dan View Post
nice start but you are missing stuff that is perfectly legal. For example, at the age of 50, people can also add an additional $5,500 per year to 401K's and 5% annual growth average is pretty low as well. Doesn't take into account company matching funds either...Especially if you utilize well run funds. I have averaged 10.5% over the past 13 years. Bottom line is: who the ____ does the govenment (Obama) think they are to tell us how much is enough for our retirement?


Exactly.
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Old 04-12-2013, 05:40 PM   #14
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Old 04-12-2013, 05:43 PM   #15
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