Simplified Saving (The Automatic IRA Act of 2007)

[sweeps]

WASHINGTON (MarketWatch) -- The 75 million U.S. workers who lack access to an employer-sponsored savings plan will get a helping hand with their retirement planning under bipartisan legislation introduced Thursday.

The Automatic IRA Act of 2007 would require companies that are at least two-years-old and have more than 10 employees, but don't offer a retirement plan, to enable workers to have wages sent to an individual retirement account.

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[baking23]

That's wonderful! I'll have to take advantage of that if I ever go back to places I used to work!

[tabbycat31]

The only objection that I have to this is that the limits on employer plans (401k, etc) are so much higher than the limits on IRAs.