Statement from NAIFA President John Nichols, on President Obama's call for a new type of retirement savings account:
"NAIFA supports the President’s goals of achieving financial security for all Americans, but urges modifications to approaches that would make saving for retirement more difficult or expensive.
"The President’s State of the Union address repeated past calls to change tax policy for high-income earners and called for a new type of retirement savings account for workers whose jobs don’t offer such a savings plan. NAIFA will continue to explain how current tax rules governing life insurance, annuities and employer-provided benefits promote individual and family financial security and to urge the continuation of laws designed to encourage people to prioritize funds for long term financial security."
The priorities described by the President are expected to be fleshed out in greater detail in his budget proposal, which will be released in early March. Watch the NAIFA Blog, naifa.org and GovCommunications for future developments.