Financial advisers dismayed by proposal to limit retirement savings

Financial advisers do not approve of the proposal in the White House's fiscal year 2014 budget that would put a lifetime cap on tax-deferred retirement accounts so that they provide no more than $205,000 in annual retirement income [approximately $3 million for someone retiring today]. One fear is that this measure could lead to more taxes and limitations on retirement savings accounts. Younger workers would be hurt the most by a lifetime cap on tax-preferred retirement savings, advisers say.

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