ADVERTISEMENT
IN ROLL CALL
(17 July 2000)
Why $2K Is Still A Problem
The contribution limit on Individual Retirement
Accounts (IRA) has been stuck at $2,000 since 1981.
Had the contribution limit been adjusted for
inflation since IRAs were created in 1974, Americans would now be able to contribute
$5,000 per year.
A critical component of a financially secure
retirement, IRAs have proven to be the most effective incentive for promoting personal
savings. At a time when Americans are living longer and therefore spending more time
in retirement, the need for more savings is essential. Studies have shown that
Americans, particularly Baby Boomers, are not saving enough for retirement.
Uncapping the IRA contribution limmit would provide American's with an opportunity to set
aside a more meaningful next egg.
With 76 million Americans beginning to retire
within the next 15 years, members of the Savings Coalition of Americ, representating the
interests of tens of millions of American savers, urge Congress to:
"Uncap the IRA"
The Savings Coalition
of America
Aetna
Retirement Services
A.G. Edwards, Inc.
America's Community Bankers
American Association of Engineering Societies
American Bankers Association
American Century Investments
American Council for Capital Formation
American Council on Education
American Express Financial Advisors
American League of Financial Institutions
American Nurses Association
Americans for Tax Reform
Association of Jesuit Colleges and Universities
Bank of America
Bankers Pension Services
Charles Schwab Corporation
Chase Manhattan Bank
Citigroup
Citizens for a Sound Economy
Coalition for Equitable Regulation and Taxation
College Savings Bank
Countrywide Credit Industry
Credit Union National Association
Edward D. Jones & Company
Fidelity Investments
Financial Network Investment Corporation
Financial Planning Association
Financial Services Roundtable/
First Trust Corporation
G.E. Capital
Gold & Silver Institutes
HD Vest Financial Services
Household International
Independent Community Bankers of America
Independent Insurance Agents of America |
Institute
for Research on
the Economics of Taxation
Institute of Electrical & Electronics Engineers - United States of America
Investment Company Institute
Lincoln Trust Company
Merrill Lynch & Company, Inc.
Morgan Stanley Dean Witter
Mortgage Bankers Assocation of American
NASDAQ Stock Market
National Association for the Self-Employed
National Association of Enrolled Agents
National Association of Federal Credit Unions
National Association of Home Builders
National Association of Independent
Colleges and Universities
National Association of Realtors
National Association of Uniformed Services
National Rural Electric Cooperative Association
National Taxpayers Union
PaineWebber, Inc.
Platinum Guild International (USA), Inc.
Prudential Securities, Inc.
Resources Trust Company
Retirement Industry Trust Association
Retirement Accounts, Inc.
Savers & Investors League
Scudder Kemper Investments
Securities Industry Association
Sterling Trust Company
Trust Star Retirement Services
USAA
United Seniors Association
United States Chamber of Commerce
Wheat First Union |
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Last Update 17 July 2000
Staff Contact: Vin O'Neill, v.oneill@ieee.org
Copyright © 2000, The
Institute of Electrical and Electronics Engineers, Inc.
Permission to copy IEEE-USA policy communications is granted for non-commercial uses with
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