Thursday, April 11, 2013

At Some Point You Have Saved Too Much

Oh really?

If you buy into the Obama mania I suppose this makes sense. Just like El Presidente's comment that at some point you have earned enough.

So we have someone transitioning from deciding what is a "fair wage" to suggesting we should limit how much we save for retirement.

According to advance reports, the administration's budget due out on Wednesday will propose a cap limiting the amount of annual return a retirement account can create to $205,000. If that proposal were enacted today, that would mean retirement accounts would be limited to $3 million in assets. The White House estimates that caps on the tax-preferred accounts would generate $9 billion over 10 years.
"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 White House told Politico last week.
I will admit that I do not have $3M in assets. That may come as a shock to some folks, but yes, by these standards, I am poor.
But that does not mean that I, or anyone else should be told by the government when to stop saving for retirement.
At what point do we become a nation of citizens that have lost our freedom of choice?
Insanity is voting for the same people over again and expecting different results.
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