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Obama’s budget calls for big changes to 401(k)s, IRAs

President Obama has proposed a number of tax and other reforms that would mean big changes in how retirement is financed.

By Paula Aven Gladych | Updated on September 27, 2013
Storm clouds hang over Capitol Hill in Washington Friday as Congress struggles over how to fund the government and prevent a possible shutdown. (AP Photo/J. Scott Applewhite)

Set aside for a moment the fight in Washington, D.C., over stopgap spending legislation. In his budget blueprint for 2014, President Obama has proposed a number of tax and other reforms that would mean big changes in how retirement is financed.

What Congress does over the next couple of days could either avoid or trigger a government shutdown. Either way, at some point after the crisis is resolved, the House and Senate are likely take up the following proposals, all of which would have lasting effects on anyone saving for retirement.

Automatic enrollment in IRAs

The president’s 2014 budget would require employers in business for at least two years that have more than 10 employees to offer an automatic IRA option to employees.

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