Good Morning, Fellow FOOLS!!!I'm wondering if I heard it correctly!!!I thought I heard on the radio yesterday that the House is thinking on increasing the annual IRA contributions from the present $2000/year to $5000/year. Is this true???I also heard they are going to do the same thing with 401Ks---to increase the annual contributions to $15000/year. Since I am a City Government worker I'm with a 457 (if I'm not mistaken)---if this is true I sure hope it will pass down to us as well.Please let me know if anyone hears or knows anything about this matter.Thanks--- Geza (DarwinDNA)
The House did pass a bill increasing IRAs to $5000 and 401(k)s to $15000. If enacted, it will be phased in over a period of 3 years. This means the maximum that can be contributed will increase each year.The bill still has to go through the Senate and then to the Pres. It has some opposition from the Democrats, however. They are saying it will only help the rich because the poor and lower-middle class cannot reach the current limit.Write your Congressman.
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