I think these initiatives are great! Anything that will allow people to put more into their retirement plans and save on current taxes is a good idea in my opinion.
A recent article outlined President Obama’s initiatives to help people increase their savings:
- Make it easier for small businesses to automatically enroll workers in a 401(k) or IRA.
- Gradually increasing automatic worker contributions over time.
- Allow taxpayers to check a box on their tax return to have their refunds sent to them as savings bonds.
- Make it possible for employees to put payments for unused vacation or sick days into their retirement plan.
Read the full article posted by Web CPA
By Tom Beisner, CPA, The Whitlock Company
