Democrats are backing a plan that will limit how much you can put into your IRA and REQUIRE you to take money from your IRA even before you want to. Bob Carlstrom, of the Association of Mature American Citizens explains: "Because the government DIDN'T tax you when you put your money into your IRA, they want to REQUIRE you to withdraw your money starting at a certain age so they can tax that income." Democrats want to require you to take money out of your IRA in order to raise taxes to fund their 3 and a half trillion dollar budget resolution. Carlstrom says his members say that's just wrong. "They should be able to control when their money is distributed and to what degree. It's wrong for the government to impose a required minimum distributions in an effort another part of the budget. It's essentially to increase taxes!"
The plan will also limit the size of IRAs over $5mil. Says Carlstrom, "Eliminating the size of your IRA is like trying to punish success!" Middle class families will have fewer dollars when they need it at retirement. AMAC members want their IRAs to continue to accrue returns as long as possible to ensure top dollar at retirement.
Photo:GettyImages
money taken out of an IRA is taxedPhoto: Getty Images North America