On the recordApril 10, 2013
The President's budget proposal reportedly would cap the amount of money people could save in individual retirement accounts. This is a very bad idea. More than a third of people aged 55 and older are not saving for their retirements. Three-quarters have saved much less than they will need to retire comfortably. We should be encouraging people to save. We need to encourage people to take more responsibility for their future well-beings instead of discouraging sound financial planning. We need to incentivize self- reliance instead of government dependence. This proposal fails on all of these fronts. Rest assured, Mr. Speaker, the White House has said that the savings cap will allow ``substantially more than is needed to fund reasonable levels of retirement saving.'' My constituents don't need the President deciding what is reasonable for them in their retirements. They don't need him deciding anything else for them either. We need sensible reform. ____________________
