Filed Under:Life Insurance, Life Planning Strategies

Americans oppose changing tax rules for retirement savings

Ninety-five percent of Americans who have a 401(k)-like retirement plan believe retirement savings should be
Ninety-five percent of Americans who have a 401(k)-like retirement plan believe retirement savings should be "off limits."

Americans overwhelmingly – by a margin of 4 to 1 – oppose changing tax rules for retirement savings, according to a new survey released today by the Coalition to Protect Retirement, a group of America's leading supporters of retirement savings plans. 

The research shows widespread support across political parties for maintaining the current tax treatment for retirement savings vehicles, such as 401(k) plans, 403(b) plans, and traditional IRAs. According to the survey, which was conducted in mid-October, 87 percent of all Americans and 95 percent of those who have a tax-deferred 401(k)-like retirement plan accounts believe retirement savings should be "off limits" to Congress and not a source of new revenue for the government. 

Today's release of the survey coincides with the Coalition's launch of a national education and advocacy campaign to preserve the current tax incentives for retirement savings. The campaign will raise awareness about how current tax deferral rules are helping millions of Americans prepare for their own retirement, and will urge workers and their employers to tell Congress not to change or limit these incentives to save. Visitors to the Coalition's website will be able to send letters to their elected officials and follow developments in Congress.

Retirement savings incentives play an essential role in encouraging Americans to save and employers to sponsor retirement plans," said Hank Jackson, president and CEO of the Society for Human Resource Management (SHRM) on behalf of the Coalition. "This isn't just smart tax policy — it's proven good sense."

Read the full article here.



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