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It is as bad and worse than I thought.

The WSJ article does say it is ALL retirement accounts totaled. Not just IRAs.

But here is a bigger kick in the a$$.

The danger for rank-and-file workers, whose account balances typically fall under the proposed cap, is that the people who would be among the most affected by it—business owners and other successful investors—could disband 401(k) plans for all employees and move money into other tax-sheltered tools, retirement-industry experts say.

So work for a successful small business that has a 401k, but the owner of that small business has hit the "magic" number, he could disband the company 401k and "YOYO" (You're On Your Own).

No, I don't see anything bad happening here.

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