Htown Harry
Thinks s/he gets paid by the post
- Joined
- May 13, 2007
- Messages
- 1,525
Eight ways to fix the U.S. retirement crisis Robert Powell - MarketWatch
The story starts with this bit of understatement :
I briefly read through the section of the report covering these retirement issues. While I didn't find every recommendation to my personal benefit, most of the ideas make sense. For example, #1. There's little logic to the fact that my wife and I have IRA, inherited IRA, Roth IRA, 401(a), 401(b), and 457(b) accounts, all with slightly different rules for contributions, withdrawals and tax treatment.
Full report here:
http://www.whitehouse.gov/sites/default/files/microsites/PERAB_Tax_Reform_Report.pdf
There are other sections on capital gains taxes, corporate taxes and other hot-button topics if you're inclined.
Prediction: there's little chance any of it will be read, much less implemented.
The story starts with this bit of understatement :
BOSTON (MarketWatch) -- Paul Volcker and his troupe, the President's Economic Recovery Advisory Board, are unlikely to appear on the "America's Got Talent" stage any time soon.....
Soon enough, though the author gets to the eight bullet points in the Volcker report related to Simplifying Savings and Retirement Incentives:
- Consolidate Retirement Accounts and Harmonize Statutory Requirements
- Integrate IRA and 401(k)-type Contribution Limits and Disallow Nondeductible Contributions
- Consolidate and Segregate Non-Retirement Savings
- Clarify and Improve Saving Incentives
- Make the Saver’s Credit a Match
- Expand Automatic Enrollment in Retirement Savings Plans
- Reduce Retirement Account Leakage
- Simplify Rules for Employers Sponsoring Plans
- Simplify Disbursements
- Simplify Taxation of Social Security Benefits
I briefly read through the section of the report covering these retirement issues. While I didn't find every recommendation to my personal benefit, most of the ideas make sense. For example, #1. There's little logic to the fact that my wife and I have IRA, inherited IRA, Roth IRA, 401(a), 401(b), and 457(b) accounts, all with slightly different rules for contributions, withdrawals and tax treatment.
Full report here:
http://www.whitehouse.gov/sites/default/files/microsites/PERAB_Tax_Reform_Report.pdf
There are other sections on capital gains taxes, corporate taxes and other hot-button topics if you're inclined.
Prediction: there's little chance any of it will be read, much less implemented.