Is A $3 Million IRA Sufficient For Retirement?

In the President’s latest budget, he proposes a cap on tax-preferred retirement accounts which include traditional IRAs, Roth IRAs, 401 (k) plans and defined contribution plans. An individual’s sum balance in all of these plans could not accumulate over $3 million. This article from Forbes explains this proposal in detail and explains why the President’s assumption that an individual does not need more than $3 million to fund their retirement might be flawed. Also, why will many government employees and the President, himself, be exempt                                                                from this cap? Continue reading.