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President’s Budget Would Cap Retirement Accounts

Friday, 12 April 2013

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President Obama's budget proposal would cap multimillion-dollar tax-favored retirement accounts. The budget plan would prohibit tax payers from accumulating more than $3 million over all IRA accounts. The proposal would generate $9 billion in revenue for the Treasury over the next decade.

According to Ed Slott, an IRA specialist and certified public accountant, IRAs have evolved from a retirement-planning technique into an estate-planning tool for some wealthy families because tax laws allow the accounts to be passed onto heirs. The cap would apply to the total of all of an individual's tax-favored retirement accounts.

The plan was unveiled on April 10 as part of the proposed budget for 2014.

About the author

Sandra Field, MBA, CFP®

Sandra Field, founder, of Asset Planning Inc. (API), is a Certified Financial Planner and has been an active professional in the financial services industry for over 23 years. She is recently named as one of nation's leading wealth mangers by Bloomberg "Wealth Manager" magazine.

A Southern California native, Sandra graduated from California State University Long Beach with a Bachelor of Science in Finance and from University of Southern California with a Masters in Business Administration.

Sandra is a member of NAPFA (National Association of Personal Financial Advisors) and the Financial Planning Association. Sandra has served on the board of directors for the Orange County Chapter of FPA. Well respected in the industry, she is a featured financial advisor for the LA Times "Money Makeovers" as well as for the "One On One" column in the Orange County Register. In addition, Sandra serves on the Mutual Fund Panel of Experts for the Orange County Register Newspaper. She is also an active member of the community, serving as past President of the Seal Beach Chamber of Commerce, past Vice President of Finance on the Board of Directors for the American Cancer Society, and past Business Advisor to the City of Seal Beach.

Last but not least, she is a featured speaker at many public and private functions such as AAII (American Association of Individual Investors), Cal State Univ. Long Beach, EWGA and USC. She recently spoke at the WISE (Women In Securities & Education) conference, conducting a live money makeover before 400 women.

Whether she is assisting clients to reach their retirement goals or selecting the right investments for clients, education is at the core of Sandra's philosophy. She emphasizes the importance of developing a relationship with and educating clients, placing the utmost importance on helping them reach their goals, whatever they may be.

Asset Planning, Inc Blog

President’s Budget Would Cap Retirement Accounts

About the author

Sandra Field, MBA, CFP®

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