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The White House Wants to Cap Your Retirement Savings

President Obama’s new budget proposal includes a cap that would limit the amount people could save in tax-preferred retirement accounts to $3 million in assets.

According to the White House, “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.”

In other words, [insert sarcastic voice] some of you Americans are saving too much money! Stop that! When you save all that money, that’s fewer dollars Washington can get its hands on.

Whether or not you think you’ll ever have $3 million dollars saved in your retirement account is not the point. The point is that Washington is attempting to dictate how much money you can save. This coming from a city that has never met a debt it didn’t like.

In the words of Gandalf from The Lord of the Rings, let’s hope this budget “shall not pass!”

What do you think about this proposal?

Ramsey Solutions

About the author

Ramsey Solutions

Ramsey Solutions has been committed to helping people regain control of their money, build wealth, grow their leadership skills, and enhance their lives through personal development since 1992. Millions of people have used our financial advice through 22 books (including 12 national bestsellers) published by Ramsey Press, as well as two syndicated radio shows and 10 podcasts, which have over 17 million weekly listeners.

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