IRA cap would be "detrimental" to retirement savers, Smith says

04/10/2013 | National Underwriter Life & Health

The Obama administration's proposal to limit IRAs to $3 million would be "detrimental to conscientious taxpayers who have made current sacrifices for future security," NAIFA President Robert Smith says. "... There should be no limit on the need that life insurance and annuities will address, so how can you limit the vehicles you use [such as IRAs] to address those needs?" Younger workers would be hit especially hard by the cap, according to an analysis by the Employee Benefit Research Institute.

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