More than half of U.S. savers with taxable individual retirement accounts won’t convert to a tax- free Roth type because they aren’t convinced about the tax savings, according to a Putnam Investments LLC survey.
A cap that President Barack Obama has proposed on the size of tax-advantaged retirement accounts is seen as potentially pushing savers to another product that limits payments to the government: life insurance.
Here's welcome news on the retirement savings front, courtesy of Fidelity Investments. Average balances on IRA saving accounts Fidelity administers reached over $81,000 at the end of 2012, a 53 percent increase from the end of 2008. Fidelity is the top provider of IRAs to U.S. investors, according to a Cerulli Associates survey.
President Barack Obama’s latest plan to raise tax revenue from wealthy individuals would pinch tax- favored retirement accounts of some private-equity executives and self-employed professionals by capping them at $3 million.
Look at your kids and you'll likely think of education, marriage or career, not retirement. Now, though, when kids are relatively young, is the smart time to set them up with a Roth IRA for their retirement.
President Barack Obama wants to prevent people from accumulating too much money in their tax- advantaged retirement accounts or trusts for heirs, adding to pressure on the wealthy after raising tax rates in January.