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bishop · Oct 8, 2006, 01:43 pm

given all of the problems our country faces with social security and medicare, should the government either eliminate the annual caps on IRA contributions, raise them, leave them as-is or lower them?

right now, individuals are allowed to contribute no more than $4k a year (or $8k for married couples)... i'm already contributing the max, and will contribute the $8k amount whenever i finally get married... but, i'd like to be able to contribute more - even if the contributions were to go solely into a roth IRA account, rather than the pre-tax traditional IRA account. i live well within my means, and would like to be able to store away as much as possible before we start having kids... (it'd be nice to retire when i'm 55.)

a related article, talking about why the cap shouldn't be increased:

http://www.cbpp.org/4-2-01tax2-sum.p...on%20limits%22

Mia · Oct 8, 2006, 04:41 pm

I'm with you on this. We have SS for people who won't or can't save for retirement. Why not give more incentives TO save, that would be cheaper.

I'm for higher limits and bigger breaks to save.

Do you not have a 401K? They did raise the max on that.

There is a new-ish one for people who run their own business or are contract labor that can put away 50%.

Oct 8, 2006, 01:43 pm	#1 (permalink) (top)
bishop moderat-e/o-r Location: boston Posts: 11,184	should IRA contribution limits be increased? given all of the problems our country faces with social security and medicare, should the government either eliminate the annual caps on IRA contributions, raise them, leave them as-is or lower them? right now, individuals are allowed to contribute no more than $4k a year (or $8k for married couples)... i'm already contributing the max, and will contribute the $8k amount whenever i finally get married... but, i'd like to be able to contribute more - even if the contributions were to go solely into a roth IRA account, rather than the pre-tax traditional IRA account. i live well within my means, and would like to be able to store away as much as possible before we start having kids... (it'd be nice to retire when i'm 55.) a related article, talking about why the cap shouldn't be increased: http://www.cbpp.org/4-2-01tax2-sum.p...on%20limits%22 hope for america... http://www.ronpaul2008.com/

Oct 8, 2006, 04:41 pm	#2 (permalink) (top)
Mia Retired Posts: 7,312	I'm with you on this. We have SS for people who won't or can't save for retirement. Why not give more incentives TO save, that would be cheaper. I'm for higher limits and bigger breaks to save. Do you not have a 401K? They did raise the max on that. There is a new-ish one for people who run their own business or are contract labor that can put away 50%. "...with like-minded people one cannot discuss. With like-minded people one can only participate in a church service, and you know how I feel about church services." Ayaan Hirsi Ali