The tax incentives for saving in qualified retirement accounts are reportedly under threat as the Trump administration and Congressional Republicans look to move on longstanding promises to reform and simplify the tax code.
Early indications are that lawmakers are tinkering with proposals that favor the Roth, or after-tax contribution structure of savings vehicles.
Another idea that emerged from House Republicans’ blueprint for tax reform was Universal Savings Accounts, which would incentivize increased savings rates by not taxing investment growth on deferrals made on an after-tax basis. The accounts would be patterned on Roth IRAs, with one major distinction: withdrawals could be made at any time before retirement without a tax penalty.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
