Suzanne Woolley discusses a new 146 page report from the Bipartisan Policy Center that came out recently, proposing a plan to strengthen the retirement security and personal savings of Americans.
One of the report’s many proposals would raise the taxable level of Social Security earnings to $195,000 from the current $118,500 by 2020, part of a broader plan to “renew the promise of a comfortable retirement, across the income spectrum, for current and future generations of Americans.”
The report also includes revamps of everything from 401(k) plans to reverse mortgages to tax credits that encourage savings. And it recommends that any company with at least 50 employees that doesn’t offer a retirement plan meeting certain standards have to enroll workers in a new type of savings plan proposed in the report or in an enhanced myRA that the report envisions.
Some of the report’s proposals that could impact the wealthy include limiting tax-deductibility of mortgage interest, shrinking Social Security benefits for the wealthy, capping total assets in tax-advantaged savings accounts, and closing the ‘stretch’ IRA estate-planning loophole.
Find the rest of the article here: High Earners Are Going to Hate These Retirement Proposals
Posted by Allison Trupp, Associate Editor, Wealth Strategies Journal