Federal Government Looking for Ways to Get to Retirement Funds

Wooden,Figurine,And,Many,Piggy,Banks.,Concept,Of,Choosing,Savings

Just when you thought your retirement account was safe from the federal government, think again. That’s’ because according to the Government Accountability Office, there are around 9,000 U.S. taxpayers who have a minimum of $5 million in an individual retirement account.

Now some lawmakers are taking a closer look at these accounts because as Senate Finance Committee Chairman Ron Wyden of Oregon puts it: “The IRA was never intended to be a tax shelter for millionaires.” According to the GAO report, these accounts are only possible for someone who has access to investments that are not available to most people or who has an aggressive investment strategy.

Meantime, there were an estimated 1,100 taxpayers that had more than $10 million in their IRAs as of 2001, according to the GAO report. Of those, 314 people had more than $25 million. On the other hand, that means that close to 99 percent of all people who have IRAs have less than $1 million in their accounts.

So what, if anything, is the government trying to do about these types of accounts? For starters, last year, President Obama introduced a proposal that would put limits on these kinds of accounts. Under his proposal no one would be able to add tax-favored contributions after their total account balances accumulated about 3.2 million. However, so far, the president’s proposal has not moved forward in Congress. It remains to be seen if other lawmakers will push harder for changes.

Posted in ,

Successful Entrepreneurs Share 9 Essential Qualities

Successful Entrepreneurs Share Unique Qualities In the dynamic landscape of business, entrepreneurship stands as a beacon of innovation and change. Behind every successful venture lies an individual with a unique blend of qualities that propel them toward success. Whether it’s a tech startup disrupting an industry or a small local business thriving in a competitive…

Tom Wheelwright Talks Tax Free Wealth

Tom Wheelwright Talks Tax Free Wealth

Tom Wheelwright sits down with Alan Olsen, Host of the American Dreams show to discuss tax free wealth. Transcript: Alan Olsen Welcome to America Dreams. My guest today is Tom wheelwright CPA, Tom, welcome to today’s show. Tom Wheelwright Thanks, Alan. It’s really always good to be with you. Alan Olsen I am really excited…

5 Best and Worst States for Wealthy Retirees

5 Best and Worst States for Wealthy Retirees

Determining The Best & Worst States for Wealthy Retirees Can be Subjective Retirement marks a significant phase in life, offering a new world of opportunities and choices. One critical decision for affluent retirees is selecting the right state to enjoy their golden years. In this post, we’ll explore the 5 best and worst states for…

Building Extraordinary Family Legacy 101

Family Legacy 101

The family “Legacy Builder” conference was a huge success!  The next conference will be in mid-May… This was the inaugural “how to” strategically build a family legacy event. On January 25, 2024, single and multi-family offices and high-net-worth individuals from around the world learned how to create a family legacy. Legacy Builder guests shared examples…