Restricting the amount of money that an individual can put aside in tax-deferred retirement savings is both necessary and is a responsible action. The amount of money one can put in such a savings is generous, and in fact most Americans don't even have that amount of money to put in, so as a check on the rich in our society, who need fewer, not more financial breaks, it's the responsible thing to do.
The reason we should restrict the amount an individual can put aside in tax-deferred retirement savings is because we, realistically, need to raise taxes in this country. We need more revenue. Especially from the richest Americans. We have the 5th lowers tax rate in the industrialized world. We wage wars. We operate an empire. We need tax revenue.
Of course not! When has it ever been the governments place to tell us how much money we can or can't have? Its absolutely preposterous that Obama is proposing that that he should be able to tell us "okay, that's enough." Next thing you know the feds will just be walking around saying "no! That drink's too big!" or "no! There's WAAYY to much money in that savings account!"
Our nation was founded on the principles of individual liberty and individual responsibility. When an American earns money, he or she pays taxes on it. The more money earned, the higher the amount of tax revenue the government takes. The amount Americans put aside in tax-deferred retirement savings is hard-earned money that belongs to them and not to the government.
Obama needs to go run a think tank. You are not leading this great nation - you are destroying it, along with the independent, free spirits of its great citizens. He is choosing campaigning over leadership, blaming conservatives for his failures. The person in charge creates the failure - accept your responsibility!
How dare Obama tell me how much money I will need in retirement! How dare he banish my belief that hard work equals personal success - a lesson taught me by my father. Are he and Congress exempt, as is usual! Shame on him - our rights are being eroded!
People should be able to save for their retirement without eventually paying taxes on that income twice. The richest of the rich simply aren't using the same kinds of savings techniques and accounts as the working person who needs that retirement income. In general, I do not believe that there should be restrictions, though the person who needs that safety net is probably not going to be able to save more than $25,000 a year; I'd find a relatively high cap to be reasonable if one had to be in place.