More and more people are concerned about having enough money to retire. With the cost of living increasing, it would be a good thing to allow people to save more money without being taxed for it. This move would encourage more people to take advantage of such an offer and thus work harder at securing their future.
Yes, in my opinion contribution limits for tax-deffered retirement accounts should increase. The government should not be putting a limit on how much you can save for your future. Each person only has about 20 good years where they are able to maximize their income, and if they are willing to do less now to be secure for the future they should be allowed without penalty.
Every year, the cost of living increases. Every year, more and more people of eligible retirement age are unable to retire because they have not been able to meet their goals, or their reasonable projected requirements, for retirement savings. Increasing caps for tax-deferred retirement savings is one way to allow more people the freedom to retire.
Absolutely this should happen. We need to strike some type of balance between spending and continuing to boost the economy but we also need to teach people to save and reward them for saving. Also if people are able to save more money a year as young working adults it may provide some relief for social security being drained.