, Columnist
We Don't Have to Be Broke in Retirement
Revising out-of-date rules would make it easier for people to set aside more for the golden years.
We'll all be there one day.
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Of the many proposed legislative changes that might occur during the presidency of Donald Trump, the one with the highest probability of actually becoming law is a reduction in corporate tax rates. While we are considering making changes to the tax laws, I have a modest, related proposal that won’t cost very much and has enormous potential benefits: Raising the ceiling on contributions to individual retirement accounts (IRAs), 401(k)s and other tax-deferred retirement-savings accounts.
At a minimum the IRA contribution ceiling should be tripled to $15,000 a year, and indexed to inflation, and the 401(k) limit should be doubled to $36,000 a year.
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